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Leased MallsOpportunitiesWhile the tenancy mix is generally very good, anopportunity exists to improve the entertainment/lifestyleoffering by removing the skating rink. The centre managerhas indicated that an improved F&B offering is plannedThere is potential to introduce cinemas to Level 3 if such afacility was deemed feasible. However, generated incomefrom such a use is likely to be lower than specialty retailersImprovements to parking and access will help maintaincustomer loyaltySource: Jones Lang LaSalle Research and ConsultingThreatsParis Van Java is very close, has anabundance of parking, strong anchortenants, outdoor dining as well asBandung’s only Blitz Cinema complex.Once fully functional and established, itposes strong competitionOther potential new competition maydirectly compete for customers,particularly in the core northern andwestern Bandung trade areas4.4.8 Future outlookIP faces considerable competition from centres that provide a strong entertainment and lifestyle offer, suchas Bandung Supermal, Bandung Indah Plaza, Paris van Java and Cihampelas Walk. Improvements to theF&B offering through the redevelopment of the under-utilised skating rink should improve theentertainment offering and also help increase the average length of stay per visit and average spendper customer.The centre is well established and has consistently achieved a very high occupancy rate with significantenquiry from new tenants looking to establish themselves at the centre. The high level of lease expiries in2007 provides considerable upside for the centre to build on its already strong tenancy mix, target newtenants with destinational appeal and grow rental income.The lack of parking space within the centre remains an issue. However, centre management hasnegotiated with an adjoining land owner to gain access to additional parking spaces. This hasalleviated congestion at the centre, particularly on weekends.As indicated below, the current rental positioning for anchor tenants, majors and specialty tenants are allconsidered to be on the low side of the market rentals and, specifically, considerably below one of its maincompetitors, Bandung Indah Plaza. Furthermore, the re-positioning of level 3 provides an opportunity toincrease the number and range of specialty, F&B and restaurant tenancies and to grow rental incomethrough increasing the proportion of higher income generating uses. This should also have a positiveimpact on shopper traffic and future income growth of existing tenants.Table 4.4.7: Rental positioning, Istana PlazaTenancy categoryAveragecurrent rents(Rp./sqm/month)Est. range ofmarket rents(Rp./sqm/month)Growth prospectsAnchor Tenants. . . . . . . . . 39,000 40,000 - 45,000 Potential growth on lease renewalMajor Tenants . . . . . . . . . . 64,000 50,000 - 70,000 Potential growth on lease renewalSpecialty Tenants . . . . . . . 168,000 180,000 - 200,000 Potential growth on lease renewalF&B, Restaurants . . . . . . . 100,000 175,000 - 200,000 Re-positioning on Level Three toimprove offer and rental growthprospectsSource: Jones Lang LaSalle Research and ConsultingOn balance, IP’s strengths far outweigh its weaknesses and there are opportunities to improve the centrefurther, building on its already strong tenancy profile. The most obvious opportunity in the short to mediumterm is the redevelopment of the Level 3 ice skating rink to improve the entertainment and lifestyle offeringon this level.Considering these factors and the potential growth of retail spending in the trade area, average rents of IPare projected to grow at approximately 12-15% per year across 2007-2009.F-82
Leased MallsFigure 4.4.4: Istana Plaza at nightSource: Jones Lang LaSalle Research and Consulting4.5 Mal Lippo Cikarang4.5.1 Regional context and local economyCikarang is part of Greater Jakarta and is located in West Java, the most populous province in Indonesia.Lippo Cikarang, near Bekasi, was founded in 1993 and has been developed as a self contained “satellite”city in Greater Jakarta. The estate comprises industrial, commercial and residential elements and hasattracted around 600 companies, including many overseas manufacturers taking advantage of the lowercost of manufacturing in Indonesia. Its main shopping centre is Mal Lippo Cikarang (MLC).Lippo Cikarang is home to 25,000 residents and approximately 65,000 jobs. It is approximately40 kilometres east of Jakarta and is connected to Jakarta via the Jakarta-Cilkampek toll road.The Cikarang Industrial Estate focuses on clean “light” and hi-tech industries. Examples include batikproducers, cosmetics manufacturers and assembly factories for automobiles, motorcycles andcomputers. Companies from Japan (Hitachi, Uniplast), England (BOC Gas) and Taiwan (Kymco) arerepresented, as well as many other Asian and European companies.The Cikarang region continues to grow in importance as a location for foreign investments, with otherprime industrial estates nearby, including the 3,000 hectare Jababeka Industrial Estate. Similarly, thisestate is developing as a self contained city, with the Jababeka CBD complementing the industrial andresidential developments within the estate.4.5.2 DescriptionMLC commenced operations in early 1995 as a relatively small one stop shopping complex serving thesurrounding residential areas and workers in the nearby industrial estates. The centre currently comprisessome 17,974 sq.m of NLA across two levels. Following the completion of the extension, total NLA will be28,668 sq.m. Table 4.5.1 provides details of the centre.Figure 4.5.1 Mal Lippo CikarangSource: PTLippo Karawaci TbkF-83
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LIPPO-MAPLETREEINDONESIA RETAIL TRU
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Metropolis Town SquareMall WTC Mata
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KeyInvestmentHighlightsStrong acqui
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Locked-in master leases with rental
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1. Mall WTC Matahari UnitsRetail Sp
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Notice to investorsNo person is aut
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Forward-looking statementsCertain s
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Market and industry informationThis
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SummaryThe following summary is qua
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a right of first refusal (the “RO
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• The management of all the Retai
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information was extracted are based
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2006. It is estimated that the urba
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Further, the Retail Malls are manag
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Key Information on the PropertiesA
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Location of the Properties in Indon
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INFORMATION ON THE PROPERTIESThe Re
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Pictures of Gajah Mada Plaza19
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Percentage of contribution to LMIRT
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Number of tenants as at 30 June2007
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Car parking lots . . . . . . . . .
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Occupancy rate as at 30 June 2007.
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Year of building completion . . . .
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NLA as at 30 June 2007 . . . . . .
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Year of building completion . . . .
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Appraised value by Knight Frank as
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NPI for Forecast Period 2007,Projec
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Note:(1) Based on Strata Titles Own
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Note:(1) Based on Kiosks Sale and P
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Appraised value by Colliers as at30
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Percentage of contribution to LMIRT
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Notes:(1) These 14 Singapore SPCs (
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(See “Strategy—Capital and Risk
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Operating Companies: PT Multi Nusan
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Payable by LMIR Trust(c) Any other
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The offeringLMIR Trust . . . . . .
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Lock-ups . . . . . . . . . . . . .
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Listing and Trading . . . . . . . .
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Singapore are made in accordance wi
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Forecast Period2007Projection Year2
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Risk factorsProspective investors s
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Risk factorssimilar tenancy terms.
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Risk factors• losses arising from
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Risk factorsacquisitions is limited
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Risk factorsafter the proposed plan
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Risk factorsIf the tenure of the un
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Risk factorsThe Properties may be s
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Risk factorsRenovation work or phys
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Risk factorsSuch compulsory acquisi
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Risk factorsthereby materially and
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Risk factorsinterpretation by the I
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Risk factors• broad market fluctu
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Ownership of UnitsPRINCIPAL UNITHOL
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DistributionsThe distributable inco
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Exchange rates and exchange control
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CapitalisationThe following table s
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Unaudited pro forma consolidated ba
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Profit forecast and profit projecti
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StrategyDate, to the extent that LM
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StrategyGiven that there is limited
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Strategyterm funding in a more cost
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Business and propertiesIn addition,
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Business and propertiestheir daily
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Business and propertiesValuationEac
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Business and propertiesThe followin
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Business and propertiesINFORMATION
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Business and propertiesother strata
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Business and propertiesBecause of t
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Business and propertieswell-known c
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Business and propertiesThe largest
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Business and properties“Overview
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Business and properties200 sq m and
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Business and properties• Mal Cima
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Business and propertiesTHE PLAZA SE
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Business and propertiesThe table be
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Business and properties• Epicentr
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Business and propertiesMAL LIPPO CI
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Business and propertiesPercentage o
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Business and propertiesfloor. The o
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Business and properties• Pangrang
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Business and propertiesBANDUNG INDA
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Business and propertiesAmendment to
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Business and propertiesISTANA PLAZA
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Business and propertiesThe Istana P
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Business and propertiesRelevant inf
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Business and propertiesAppraised va
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Business and propertiesDescriptionP
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Business and propertiesSun PlazaMed
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The Manager and corporate governanc
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The SponsorThe business structure o
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The Sponsorshopping, entertainment
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The SponsorKEY SHAREHOLDERS OF THE
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The formation and structure of LMIR
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Certain agreements relating to LMIR
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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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Appendix Bprice is to be negotiated
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Appendix ERef. No: V/2006/PKG/3819
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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Retail Market OverviewTable 2.1.1 I
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Retail Market Overview2.3 Changing
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Retail Market Overviewretailers hav
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Retail Market OverviewCompletionyea
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Page 435 and 436: Retail Market OverviewIn view of th
Page 437 and 438: Overview of PortfolioAs the adminis
Page 439 and 440: Overview of PortfolioFigure 3.1.4:
Page 441 and 442: Overview of PortfolioFigure 3.2.2 B
Page 443 and 444: Overview of PortfolioFigure 3.2.4 S
Page 445 and 446: Overview of PortfolioFigure 3.2.6 M
Page 447 and 448: Overview of PortfolioFigure 3.3.1 L
Page 449 and 450: Overview of PortfolioMall WTC Matah
Page 451 and 452: Leased MallsFigure 4.1.1 Cibubur Ju
Page 453 and 454: Leased MallsTable 4.1.3 Major tenan
Page 455 and 456: Leased MallsTable 4.1.4 Cibubur Jun
Page 457 and 458: Leased Malls4.1.7 SWOT analysisTabl
Page 459 and 460: Leased Malls4.2 Plaza Semanggi4.2.1
Page 461 and 462: Leased Mallsnumber of international
Page 463 and 464: Leased MallsTaking the survey and t
Page 465 and 466: Leased Malls• There are two major
Page 469 and 470: Leased Mallsterms of its very promi
Page 471 and 472: Leased MallsFigure 4.3.2 Bandung In
Page 473 and 474: Leased Malls• In terms of reasons
Page 475 and 476: Leased Mallsand approximately 38,00
Page 477 and 478: Leased MallsWhile BIP is likely to
Page 479 and 480: Leased MallsFigure 4.4.2 Istana Pla
Page 481 and 482: Leased Malls• The main reason sta
Page 483: Leased Malls• Cihampelas Walk is
Page 487 and 488: Leased MallsOn the completion of th
Page 489 and 490: Leased MallsThe target market for M
Page 491 and 492: Leased MallsThe current Hypermart e
Page 493 and 494: Leased MallsFigure 4.6.2 Gajah Mada
Page 495 and 496: Leased Malls• Of all the malls in
Page 497 and 498: Leased Mallshypermart. The centre a
Page 501 and 502: Leased MallsTable 4.6.7: Rental pos
Page 503 and 504: Leased Malls4.7.3 Tenant mixThe cur
Page 505 and 506: Leased Mallsprimarily the city of B
Page 507 and 508: Leased MallsTable 4.7.5: Main compe
Page 509 and 510: Retail Spaces Malls5. RETAIL SPACES
Page 511 and 512: Retail Spaces MallsIn addition, loc
Page 513 and 514: Retail Spaces MallsThe store target
Page 515 and 516: Retail Spaces MallsTable 5.3.1: Cen
Page 517 and 518: Retail Spaces MallsFigure 5.3.3: Gr
Page 519 and 520: Retail Spaces MallsThis relatively
Page 521 and 522: Retail Spaces MallsStrata title sho
Page 523 and 524: Retail Spaces MallsMadiun are locat
Page 525 and 526: Retail Spaces MallsFigure 5.6.3 Pla
Page 527 and 528: Retail Spaces MallsThe centre has t
Page 529 and 530: Appendix GTERMS, CONDITIONS AND PRO
Page 531 and 532: Appendix G(15) The Manager reserves
Page 533 and 534: Appendix GAdditional Terms and Cond
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Appendix G(10) By completing and de
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Appendix GAdditional Terms and Cond
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Appendix GWhere your Electronic App
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Appendix GApplication to the Manage
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Appendix GTerms and Conditions for
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Appendix HLIST OF PRESENT AND PAST
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Appendix H(6) Mr Tan Boon LeongCurr
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Appendix HCurrent DirectorshipsMapl
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Appendix HCurrent DirectorshipsMapl
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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