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Leased MallsLevel 2 is predominantly a lifestyle precinct, with a number of ‘games centres’, karaoke and restaurants.There are also a number of specialty stores, with jewellery dominating on this level. Level 3 is dominated bythe Rimo department store. The store, which appears to be in need of additional floorspace, is currentlytrading from its core tenancy of 2,745 sq.m and a number of specialty shop spaces around its entrance(increasing its selling area by around 200 sq.m).While food and beverage is available throughout the centre, the main food court is located on level 3A. Thefood court includes around 20 small, hawker style tenancies with communal seating. Level 3A alsocontains a considerable number of IT-related shops and other small electronics retailers (e.g. cameras).Level 5 contains Millenium Executive Club, which operates during the day as a restaurant and late at nightas a discotheque. Gajah Mada Cinema 21 is also located on this level. The seventh level comprises a smallfitness centre and an outdoor swimming pool and the upper level of level seven is the location of GrandGajah Mada and the Eva Bun reception centre regularly used for weddings and other large private events.4.6.4 Target marketGMP primarily targets the growing number of consumers within its trade area that fall within the middle andmiddle to upper income segments. GMP also has a Chinese-skew in its target market, with the centre beinglocated in Chinatown and a number of retailers in the centre directly targeting this lucrative ethnic group.The centre also targets a broader market for comparison shopping purposes as a result of the centre’sdestinational appeal within the product categories in which it is strong, namely jewellery and pet shops, andto a lesser extent IT and small electronics (including mobile phones following the opening of the newprecinct in the lower ground floor).4.6.5 Trade area analysisTo assist with the definition of trade areas, a market research survey of visitors to the major leased mallswas undertaken in February and March 2007. A total of seven (7) centres were included in the study. Thesurveying was conducted by TNS on behalf of Jones Lang LaSalle for the purposes of this assessment.The main findings of the market research in relation to the profile of shoppers at GMP are as follows:• Visitors to GMP are relatively young (86% of those surveyed are younger than 35 years of age);• The survey found that Saturday and Sunday were the most popular days to visit GMP, in line with othercentres within the portfolio;• Shopper traffic is particularly high in the early and late afternoon (between 12:00 and 14:00 and againbetween 16:00 and 19:00);• One third of all visitors surveyed came directly from home to visit GMP. A significant proportion camefrom work (11%) and school (12%). Upon leaving the centre, home was the next destination for themajority of respondents (i.e. 84%);• GMP has a high frequency of visitation, with 6% of visitors claiming to visit the mall everyday. A further44% visit more than once a week;• Visitors to GMP generally stay for relatively short periods. The centre has the lowest proportion ofvisitors who stay for an average of two hours or more (i.e. 48% of respondents) of all centres in theportfolio where visitors were surveyed. Just one in five frequent visitors to the mall stay for an average ofmore than three hours during each visit;• Most respondents to the survey indicated that they mostly visit the mall with friends (68%; this is amultiple response question). 23% of respondents regularly visit the centre alone;• Reflecting the centre’s status as a destination for comparison shopping in certain product categories(e.g. jewellery, pet shops, IT), the most commonly cited reason for visiting GMP is comparison shopping(i.e. 70%; this is a multiple response question). Eating was the second most common reason for visitingthe mall. The strength of the lifestyle offer is reflected in statistics which show that a significantproportion (i.e. 38%) of respondents said meeting friends was one of the reasons for visiting the subjectsite;F-92
Leased Malls• Of all the malls included in the market research study, GMP has the third highest level of overallcustomer satisfaction. Visitors surveyed were generally very satisfied with facilities, the tenancy mix andthe level of security at the centre.The trade area for GMP has been defined based on the findings of customer origin from the marketresearch survey, the strength of the subject site, the location and relative strength of competing retailfacilities and accessibility 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 GMP are areasin Jakarta including Gambir, Taman Sari and Tambora. Other areas included within the primary catchmentare Kebayoran, Sawah Besar, Senen and Tanah Abang.The secondary catchment includes areas where GMP 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 Cengkareng, Palmerah, Kebayoran Baru and Kebon Jeruk. Taking the survey and the otherfactors outlined above into account, the trade area, including major competing centres within the tradearea, is illustrated in the map below.Figure 4.6.3 Gajah Mada Plaza trade area1. Mega Glodok Kemayoran,2. Glodok Plaza3. Istana Pasar Baru4. Plaza Indonesia5. ITC Mangga Dua6. Plaza Atrium7. Ciputra Mall8. Roxy Square9. Mega Mall Pluit10. Mal Mangga Dua11. Lindeteves Trade Centre12. Taman Anggrek Mall13. Wisma Maspion14. ITC Harco Mas Mangga Dua15. WTC Mangga Dua16. Plaza Indonesia EX17. Mangga Dua Square18. JaCC Hyperstore19. Plaza Semanggi20. Plaza Senayan21. Senayan CityPROPOSED22. Gajah Mada Square23. Grand Indonesia24. Season’s City16. Plaza Indonesia Extension25. Galeria Glodok26. Emporium (CBD Pluit)27. Pluit JunctionN092726247 81221 205km5 1510 1413172251122361641823191Gajah madaPlazaSource: Jones Lang LaSalle Research and Consulting & Jakarta Street Atlas (Gunther W. Holtorf)As at 2003, the PTA is estimated to have included a population of 1.91 million (within around 474,000households) while the STA included 1.17 million persons (with approximately 312,000 households).Recent population trends in the immediate surrounding area include the growing number of apartmentstypically domiciled by middle to upper income residents being offset by other residents vacating the tradearea in search of more affordable housing and a result of the dislocation of some residents following newproperty developments.As a result, the net outcome is that the PTA population is estimated to have declined by 1.0% per annumbetween 2003 and 2007, decreasing to an indicative population of 1.83 million. Conversely, the STA isestimated to have exhibited modest population growth of 0.4% per annum, with population increasing toapproximately 1.19 million in 2007. However, population declines are forecast for the STA moving forward.F-93
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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
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Overview of PortfolioFigure 3.1.4:
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Overview of PortfolioFigure 3.2.2 B
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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 and 490: Leased MallsThe target market for M
Page 491 and 492: Leased MallsThe current Hypermart e
Page 493: Leased MallsFigure 4.6.2 Gajah Mada
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
Page 541 and 542: Appendix GApplication to the Manage
Page 543 and 544: 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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