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Leased MallsTable 4.5.1 Centre details, Mal Lippo CikarangCharacteristicsAddress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jl. M.H. ThamrinYear Opened . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995Last Refurb/Extension . . . . . . . . . . . . . . . . . . . . . N.A.NLA (sq.m): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,974 (28,668 following extension)CarParking ............................. 513Motor Cycle Parking . . . . . . . . . . . . . . . . . . . . . . . 950Levels ................................. 2Opening Hours . . . . . . . . . . . . . . . . . . . . . . . . . . . 10am - 9pmOccupancy Rate. . . . . . . . . . . . . . . . . . . . . . . . . . 96.3% (as at 30 June 2007)Major Retail Tenants:Majors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hypermart (under construction), Matahari, HeroSupermarketMini Majors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Studio 21 Cinemas, Toko Buku Utama, TimezoneSelected Other . . . . . . . . . . . . . . . . . . . . . . . . . . . Kentucky Fried Chicken, Pizza Hut, Wendy’s,Solaria, The Executive/Wrangler, Sports Station,Century Healthcare, Toys CityTotal Retail Tenancies. . . . . . . . . . . . . . . . . . . . . . 116Shopper Traffic. . . . . . . . . . . . . . . . . . . . . . . . . . . Weekdays: 10,600Weekends: 17,000Figure 4.5.2 Mal Lippo Cikarang: ImagesSource: Jones Lang LaSalle Research and Consulting4.5.3 Tenant mixThe tenancy mix combines quality anchor tenants supported by a range of mini anchors and specialtyretailers cater to provide for weekly shopping needs as well as comparison shopping. The completion ofthe Hypermart will increase the destination appeal of the centre and allow the Matahari Department Storeto expand into the existing Matahari Supermarket space.Table 4.5.2 Tenancy mix by level, Mal Lippo CikarangLevelGround . . . . . . . . . . . . . . . . . . . .First . . . . . . . . . . . . . . . . . . . . . .Tenant mix (post hypermart extension)Hypermart, Matahari, Hero supermarket, F&B, Fashion,AccessoriesMatahari, Food Court, Cinemas, Timezone, Bookstore, Lifestyle &Entertainment, mixed fashion & beautySource: Jones Lang LaSalle Research and ConsultingF-84
Leased MallsOn the completion of the current extensions, the ground floor will be anchored by Matahari DepartmentStore, Hypermart and Hero Supermarket. Consequently, the existing secondary malls should benefit fromimproved customer traffic accessing the Hypermart. Specialty retailers comprise food and beverage,fashion and accessories retailers. Key retailers include Kentucky Fried Chicken, Lee/Wrangler, Nokia andWendy’s. This level also includes a considerable amount of casual mall leasing and kiosks, creating amarket atmosphere within the central mall. Local retailers pitched at the middle income market dominate.Level One is anchored by the second level of Matahari and comprises the centre’s main entertainmentprecinct, including cinemas, Timezone and a food court. A book and stationery store (Toko Buku Utama) islocated on this level. There is a broad mix of specialty retailers, including mixed fashion, salons andaccessories.With the completion of the Hypermart, there will be a relatively large proportion of anchor and mini-anchortenants to specialty retailers. The Hero supermarket, Hypermart and Matahari Department Store accountfor over 59% of total NLA while mini anchors (Cinema 21, Timezone, bookstore) account for a further16.6%. This limits the number of specialty tenants within the centre but the strength of the anchor tenantshas kept the occupancy rate high and within the range of 95% to 98% in recent years.Compared to other shopping centres within the portfolio, there are relatively few internationally brandedretailers, a possible reflection of the customer profile. The centre does not include a fitness centre and hasa limited lifestyle and entertainment offer. There are some homewares and home furnishings retailers.However, this offering should be improved considerably with the opening of Hypermart.Nevertheless, the retail mix is considered to provide an appropriate selection of convenience andcomparison shopping for the residents of Cikarang.Table 4.5.3 Major tenants as at 30 June 2007, Mal Lippo CikarangTenant Expiry date % Gross monthly rentMatahari Dept Store . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-Feb-26 18.0%Hero Supermarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-Aug-08 11.8%Studio 21 Cinemas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16-Feb-15 4.2%Solaria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16-May-12 4.1%Kentucky Fried Chicken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-Jun-10 3.1%Toko Buku Utama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-Aug-07 3.1%Sting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-Jan-12 2.8%Wendy’s Restaurant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-Mar-12 2.4%Hoka-Hoka Bento . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22-Aug-07 2.2%Timezone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Sep-11 1.9%Other tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Varies 53.5%Total Centre ......................................... 100.0%Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, TbkNote: Hypermart under construction. Matahari Department Store to expand into supermarket space4.5.4 Target marketMLC primarily targets the middle income market, with the majority of its customer base coming from theLippo Cikarang residential and industrial estates. During the week, the centre is also frequented by thelarge working population within the estate, which totals 65,000. On weekends, it is frequented mainly byfamilies.4.5.5 Trade area analysisTo assist with the definition of trade areas and to understand the make-up of the customer base, a marketresearch survey of visitors to the major leased malls was undertaken in February and March 2007. A totalof seven (7) centres were included in the study. The surveying was conducted by TNS on behalf of JonesF-85
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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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Retail Market Overview2.7.5 Carrefo
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 and 484: Leased Malls• Cihampelas Walk is
Page 485: Leased MallsFigure 4.4.4: Istana Pl
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
Page 535 and 536: 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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