LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

Leased Malls• The main reason stated for visiting IP was its comfortable atmosphere followed by its proximity fromhome and accessibility;• Personal transport (motorcycle, car) was the main form of transport used to visit the centre;• Overall satisfaction level at the centre was relatively high;• As with all centres in the portfolio, IP is primarily a weekend destination mall;• Peak trading hours tend to be between 12:00 and 17:00;• IP’s main competition, based on other malls visited by survey respondents, was BIP (Bandung IndahPlaza). Paris van Java and Bandung Supermal are also frequently visited by a significant proportion ofthose surveyed.The trade area for IP has been defined based on the findings of customer origin from the market researchsurvey, the strength of the subject site, the location and relative strength of competing retail facilities andaccessibility to the centre, including the road network, public transport and physical barriers.Based on these considerations, the centre’s PTA has been defined to cover a number of areas. Accordingto the market research survey, the areas where the level of market penetration is highest for IP are thenorthern and western suburbs of Bandung. Sub-districts within the PTA include Cicendo, Sukasari,Sukajadi, Coblong, Andir, Cimahi, Cimahi Selatan, Soreang, Sumur Bandung, Cidadap and BandungKulon.The secondary catchment includes areas where IP attracts visitors from, however the level of customerdraw (market share penetration) is below the level achieved in the PTA. Areas considered to fall within theSTA include Cimahi Utara, Cimahi Tengah, Batununggal, Regol and Cicadas.The trade area, including major competing centres within the trade area, is illustrated in the below map.Figure 4.4.3: Istana Plaza trade area1. Bandung Indah Plaza2. Bandung Trade Center3. Bandung Supermall4. Ciwalk (Cihampelas Walk)5. Dago Plaza6. Paris Van Java7. Riau JunctionN3 Km6245713Source: Jones Lang LaSalle Research and Consulting & RUTR Kota Bnadung (Pemkot Bandung)As at 2005, the PTA included a population of 389,000 persons while the STA included a further480,000 persons. Based on recent population trends in the area, the primary and STAs are forecast togrow by 1.0% per annum between 2007 and 2011, increasing to an indicative forecast population of412,000 (PTA) and 509,000 (STA).The target market for IP is middle and upper income households, which represent 92% of all households inthe PTA and 83% of households in the STA. Centre management indicated that the PTA has a particularlyF-79