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Leased Malls4.7.8 Future outlookSince opening in December 2003, EP has become the leading modern shopping mall in Bogor. Itscustomer base is derived primarily from nearby residential areas and market research suggests itscustomers are very satisfied with the atmosphere and retail offering currently available. With the centrecurrently undergoing a major re-positioning that is aimed to greatly improve both these aspects, EP is wellplaced to build further on its strengths.With vacant space within the shopping centre, the owners have the potential to greatly increase rentalincome at the centre by leasing up such space.Over time, the proportion of SES A and B customers is forecast to show strong growth in the trade area,providing further opportunities for the centre to tap into this lucrative market by targetting retailers thatappeal to the middle-upper income segment.The market research surveys indicated relatively low per visit spend and a large proportion of windowshoppers at the centre. Increasing the average spend per customer will be aided by the introduction of thelifestyle and entertainment precinct, which should also increase the average length of stay at the centre.The entertainment offer should also improve night time customer numbers, ensuring greater utilisation ofthe shopping centre throughout the day and night.On the competition front, Botani Square, once established, may provide increased competition in themiddle-upper income segment. The current re-positioning at EP, however, should safeguard against thiscompetitive threat and strengthen the market position of EP as the leading retail centre in Bogor.Parking issues are likely to increase as the new levels become fully functional and establish a customerbase. Centre management has indicated that this is a priority and are considering alternatives to increaseparking spaces on the site, improve efficiency and provide overflow spaces on neighbouring sites.It is considered that rental levels for anchor tenants are at the low side of market rentals whilst othercategories are at the market average. The re-positioning of the centre through the centre expansion and remixwill potentially increase customer traffic and sales across the various tenancy categories. This willprovide further rental income growth prospects. Considering these factors and the potential growth of retailspending in the trade area, average rents of EP are projected to grow at approximately 12-15% per yearacross 2007-2009.Table 4.7.7: Rental Positioning, Ekalokasari PlazaTenancy categoryAveragecurrent rents(Rp./sqm/month)Estimatedrange ofmarket rents(Rp./sqm/month)Growth prospectsAnchor Tenants. . . . . . . . . 28,000 35,000 - 40,000 Potential growth on lease renewalMajor Tenants . . . . . . . . . . 49,000 50,000 - 60,000 Potential growth on lease renewalSpecialty Tenants . . . . . . .157,000 150,000 - 175,000 Potential growth due to centreexpansion and re-positioningF&B, Restaurants . . . . . . .136,000 125,000 - 150,000 Potential growth due to centreexpansion and re-positioningSource: Jones Lang LaSalle Research and ConsultingF-106
Retail Spaces Malls5. RETAIL SPACES MALLS5.1 Java Supermall5.1.1 Regional context and local economyLocated 423 kilometres east of Jakarta, Semarang is the capital city of Central Java Province and the fifthlargest city in terms of population in Indonesia. With its location along the northern coast of Java,Semarang is an important trading port for the region.According to Central Bureau of Statistics, Central Java Province comprised 31.2 million people in 2000,recording average annual growth of 1.0% between 1995 and 2000. The municipality of Semarang had apopulation of 1.3 million in 2000 and this is estimated to have increased by 1.5 million in 2007, or 2.6% perannum. Of particular note is that Semarang contains a sizeable middle to upper income segment fromvarious ethnic backgrounds.Figure 5.1.1 Java supermall, external frontageSource: Jones Lang LaSalle Research and Consulting5.1.2 DescriptionCommencing operations in 2000, Java Supermall comprises approximately 19,800 sq.m of NLA. Thecentre is located in the centre of Semarang.The subject strata units are currently occupied by Matahari Department Store and Matahari Supermarket.Table 5.1.1 contains some key facts regarding Java Supermall, including details of the subject strata units.Table 5.1.1 Centre details, Java SupermallSource: Jones Lang LaSalle Research and ConsultingCentre nameJava SupermallYear Completed . . . . . . . . . . . . . 2000NLA (sq.m.) . . . . . . . . . . . . . . . . 19,800Car Park Spaces . . . . . . . . . . . . 700Motor Cycle Spaces . . . . . . . . . . 2,000Strata Unit Area (sq.m) . . . . . . . 11,082*Major Tenants in the Centre. . . Matahari Supermarket, Matahari Department Store, food court,entertainment (including karaoke, bowling)Source: Jones Lang LaSalle Research and Consulting* Note: The total area is based on the Strata Title Ownership Certificates.Java Supermall differs from other retail spaces malls in the portfolio due to the fact that specialty traders inthe mall operate under a lease, rather than a strata ownership structure. As a result the centre includes anumber of high profile retailers, including The Body Shop, Pizza Hut and McDonalds.With its mix of mall tenants, high profile retailers and major anchors, Java Supermall caters for a widemarket, from the middle-lower to the middle-upper income segment.F-107
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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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Overview of PortfolioFigure 3.2.4 S
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Overview of PortfolioFigure 3.2.6 M
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Overview of PortfolioFigure 3.3.1 L
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Overview of PortfolioMall WTC Matah
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Leased MallsFigure 4.1.1 Cibubur Ju
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Leased MallsTable 4.1.3 Major tenan
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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 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: Leased MallsTable 4.7.5: Main compe
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
Page 545 and 546: Appendix HLIST OF PRESENT AND PAST
Page 547 and 548: Appendix H(6) Mr Tan Boon LeongCurr
Page 549 and 550: Appendix HCurrent DirectorshipsMapl
Page 551 and 552: Appendix HCurrent DirectorshipsMapl
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Page 555 and 556: LIPPO-MAPLETREE INDONESIA RETAIL TR
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