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

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Leased Malls• Plaza JB (Jababeka) is located 5 kilometres northwest of MLC. The centre comprises 8,800 sq.m ofNLA and is anchored by Pojok Busana. This primarily serves the growing residential and workingpopulation within the Jababeka Estate.Table 4.5.5 Main competition, Mal Lippo CikarangCentre nameDist. fromMLCTypeNLA(sq.m)YearopenAnchortenantsMal Metropolitan . . . . . . . . . . 20 km Lease 74,000 1993 Matahari, Ace HardwareMal Carrefour Cikarang . . . . . 4 km Lease 8,000 2007 CarrefourSGC Cikarang . . . . . . . . . . . . 9 km Strata 29,150 2006 Ramayana HypermarketCikarang Trade Centre . . . . . . 2 km Strata 10,000 2005 N.A.Mega Bekasi Hypermall . . . . . 20 km Strata 63,000 2003 GiantPlaza JB . . . . . . . . . . . . . . . . 5 km Lease 8,800 2003 Pojok BusanaSource: Jones Lang LaSalle Research and Consulting4.5.7 SWOT analysisTable 4.5.6 provides a summary of the strengths, weaknesses, opportunities and threats for MLC.Table 4.5.6 SWOT analysis, Mal Lippo CikarangSource: Jones Lang LaSalle Research and ConsultingStrengthsEnjoys a strong trading position with limitedcompetitive centres within its immediate tradearea of Lippo CikarangVery good access for both residents and workersof Lippo Cikarang via Jl. M.H. ThamrinExcellent exposure from main roadAmple parking providedWeaknessesRelatively small centre, currently 17,974 sq.m.This will increase with the completion of theHypermart extension in 2007Limited entertainment and lifestyle offeringsOpportunitiesOpening of Hypermart will counter the recentlyopened Carrefour and provide a more completeretail offer at MLC. This also provides theopportunity for Matahari to extend its retailoffering into the space vacated by MatahariSupermarket.Additional specialty retailers may be considered,given the relative imbalance between anchortenant NLA and specialty NLASurvey results suggest a relatively high proportionof SES A and B customers. Opportunity toincrease the proportion of retailers cateringspecifically to this marketThreatsNew Carrefour Hypermarket, locatedapproximately 4 kilometres from MLCFuture competition such as Plaza JB and theKota Deltamas retail centre may providealternative destinations, particularly fordiscretionary spending4.5.8 Future outlookMLC has changed little since opening in 1995 but continues to successfully provide a one stop shoppingconvenience for its main target market of Lippo Cikarang Estate. Its size, however, has limited the range ofretailing available to local residents.F-88
Leased MallsThe current Hypermart extension provides a significant opportunity to improve the retail offering as well asthe overall trading performance and income of the centre. Not only will Hypermart provide improvedsupermarket and variety shopping at MLC but it should strengthen the performance of specialty retailers byincreasing the overall destination appeal of the centre. The extension also provides the opportunity forMatahari Department Store to extend its floor space into the existing Matahari Supermarket (which willclose once Hypermart opens) and therefore increase its department store offering.While population growth is forecast to be quite modest over the short to medium term, the centre’s currentexpansion has the potential to increase market share and attract more customers to the centre, particularlyfrom outside the Lippo Cikarang Estate. The expansion should also provide scope for income growth.There has been quite limited refurbishment of the centre since it opened 12 years ago. It is considered thatthe centre requires minor refurbishment and maintenance to ensure the captive customer base remainsloyal in the face of future competition.Additional specialty retailers focusing on the middle-upper market is an area for consideration in the future.Relatively few retailers cater for the wealthier income brackets despite a relatively large middle to upperincome customer base in the PTA.The factors above should all provide considerable upside to growth prospects for rental income over theshort to medium term. It is considered that current specialty, F&B and restaurant rent levels are on the lowside of market rentals, suggesting there is potential to increase rental levels upon lease renewal. This isfurther boosted by the addition of a new anchor tenant in Hypermart and an expanded MatahariDepartment Store.Considering these factors and the potential growth of retail spending in the trade area, average rents ofMLC are projected to grow at approximately 12-15% per year across 2007-2009.Table 4.5.7: Rental positioning, Mal Lippo CikarangTenancycategoryAverage currentrents(Rp./sqm/month)Estimated rangeof market rents(Rp./sqm/month)Growth prospectsAnchor Tenants . . . . . . . . . . . 46,000 45,000 - 50,000 Potential growth on leaserenewalMajor Tenants . . . . . . . . . . . . 42,000 60,000 - 70,000 Potential growth on leaserenewalSpecialty Tenants . . . . . . . . . . 144,000 150,000 - 175,000 Potential growth on leaserenewal.Upside due to new Hypermartand expanded MatahariF&B, Restaurants . . . . . . . . . . 121,000 125,000 - 150,000 Potential growth on leaserenewal.Upside due to new Hypermartand expanded MatahariSource: Jones Lang LaSalle Research and Consulting4.6 Gajah Mada Plaza4.6.1 Regional context and local economyGajah Mada Plaza (GMP) is located at Jalan Gajah Mada 19-26, Jakarta, in the city’s traditional Chinatownprecinct. This area includes a mix of residential and commercial uses. The centre is also located just northof Gambir, where a number of the city’s main civic buildings are located.Having been opened for 25 years, the centre is well established as one the first enclosed malls with ananchor tenant and a number of supporting specialty stores operating in Jakarta. The centre has firmed itsposition as a shopping destination able to meet the everyday retail requirements of local residentsconsidered to be in the middle and middle-upper segments. Similarly, the centre also performs the broaderF-89
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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
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Retail Market OverviewIn view of th
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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 and 486: Leased MallsFigure 4.4.4: Istana Pl
Page 487 and 488: Leased MallsOn the completion of th
Page 489: Leased MallsThe target market for M
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
Page 537 and 538: Appendix GAdditional Terms and Cond
Page 539 and 540: 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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