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

Retail Spaces MallsThe number of target market households in the PTA is estimated at around 195,800 households in 2007.The PTA is forecast to contain approximately 222,400 target households in 2011.Table 5.5.2 Depok Town Square trade area: population growthSource: AC Nielsen; Economic Intelligence Unit; Jones Lang LaSalle Research and Consulting2007 (f) 2011 (f)%Growth2007-2011(p.a.)Primary Trade Area . . . . . . . . . . . . . . . . . . . . . . . . Population* 846,907 961,196 3.2%Households* 195,784 222,383 3.2%Source: AC Nielsen; Economic Intelligence Unit; Jones Lang LaSalle Research and Consulting* Note: Total Population and Households only includes those population and households assumed to fallwithin the target market (i.e., Socio Economic Status (SES) categories A-C, described as middle andupper income households).The closest competing centre is Margo City, a leased mall, located directly opposite Depok Town Square.The centre comprises 50,000 sq.m of NLA and is anchored by Centro Department Store and GiantHypermarket. It commenced operations in March 2006 and is targeting the middle to middle-upper incomesegment.ITC Depok is a similar strata title concept mall and also competes with Depok Town Square. It has31,000 sq.m of NLA across five levels with Carrefour Hypermarket as its anchor tenant. It is located furthersouth, next to Depok Bus Terminal and Depok Baru Railway Station.The other two competing malls are leased malls developed in the 1990s. Mal Depok is anchored byMatahari and Plaza Depok is anchored by Ramayana Department Store.Whilst there is considerable competition within close proximity of Depok Town Square, demand isincreasing within the trade area. Demand for modern shopping centres in Depok is being driven by acombination of strong population growth, a growth of the middle income segment and the increasedpreference for modern “one stop shopping” malls.5.6 Plaza Madiun5.6.1 Regional context and local economyMadiun is a second-administrative level city in East Java Province. It is located around 169 km west ofSurabaya (the capital city of East Java Province) and 114 km east of Solo. Madiun is the capital city of aregency of the same name.Madiun is the largest city in the western part of East Java Province with total land area of around33.23 sq.km and the population of around 197,000 (2005 census). The regency has a total land area of1,011 sq.km and a population of more than 641,000 (2001 census).Madiun is home to Indonesia’s first and largest train manufacturer, PT. Inka, which produces modern trainsand locomotives for both domestic and overseas markets. Other than train manufacturing, Madiun is alsoknow, as a major sugar producer in Java. There are two prominent sugar companies based in the city,PT. PG Rejoagung and PT. Kanigoro.The industrial sector had contributed significantly to Madiun’s economy as reflected in its GRDP. In 2004,the industrial sector generated around 27% of Madiun’s GRDP.Furthermore, Madiun is also known as one of the major airforce bases in Indonesia. The Iswahyudi AirfieldBase is located in the eastern part of the city.5.6.2 DescriptionPlaza Madiun is located along Pahlawan Street, the primary thoroughfare in the city of Madiun. The streetis positioned in the centre of the commercial and administrative zone. Most of the prominent buildings inF-120