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Retail Spaces Malls5.7 Mall WTC Matahari5.7.1 Regional context and local economyMall WTC Matahari is located along Jalan Serpong Raya, Serpong within Tangerang Regency, BantenProvince. It is situated approximately 18 kilometres west of the Jakarta CBD.Mall WTC Matahari is strategically located on the main road, connecting the toll road to the Bumi SerpongDamai City (BSD City) residential estate, the largest residential estate in Greater Jakarta. It has aproposed development area of 6,000 hectares with currently 1,500 hectares of area developed andoccupied by over 15,000 households. In recent years, BSD City has experienced rapid growthdevelopment in terms of the number of houses and shophouses that have been built. The estate hasalso successfully enhanced its target market segment from middle to middle-upper and upper incomesegment. This has improved the quality of development and facilities in the estate.The centre opened for trade in 2003, being the first strata title shopping centre in Tangerang. It hasestablished itself as a major modern shopping destination particularly for middle income residents in theregion.Figure 5.7.1 Mall WTC MatahariSource: Jones Lang LaSalle5.7.2 DescriptionMall WTC Matahari comprises about 48,204 sq.m of NLA.The subject strata units are currently occupied by Hypermart, Matahari Department Store and Timezone.Other major stores represented at Mall WTC Matahari include a bookstore (Gramedia) and Cineplex 21.Table 5.7.1 Centre details, Mall WTC MatahariSource: Jones Lang LaSalle Research and ConsultingCentre nameMall WTC MatahariYear Completed . . . . . . . . . . . . . . . . . . . . . 2003NLA (sq.m) . . . . . . . . . . . . . . . . . . . . . . . . . 48,204Car Park Spaces. . . . . . . . . . . . . . . . . . . . . 1,101Motor Cycle Spaces . . . . . . . . . . . . . . . . . . 500Strata Unit Area .................... 11,184sq.m*Major Tenants in the Centre . . . . . . . . . . . Hypermart, Matahari, Timezone, Gramedia, Cineplex 21Source: Jones Lang LaSalle Research and Consulting* Note: The total area is based on the Strata Title Ownership Certificates.Strata title shop units in the Mall WTC Matahari are dominated by non-branded fashion retailers,particularly targeted at the youth segment.The centre targets the middle income segment, particularly young families from residential estates inSerpong.F-124
Retail Spaces MallsThe centre has the benefit of being the first strata title centre built after 2000 in Serpong, with most of theshop units sold to individual owners. It has performed well with an estimated occupancy rate of about 90%based on all tenant types. The vacancies are mostly on the low visitor traffic areas on the upper floors.Matahari Department StoreThe Matahari Department Store in Mall WTC Matahari is one of three Matahari stores in Tangerang. It isrelatively small in size at approximately 3,470 sq.m and is not considered a full-line department store. Thestore focuses on products in the apparel, beauty and accessories categories.The store targets the middle income segment in line with the target market of the centre in general. Thetarget market is the same as the Matahari store in Metropolis Town Square, differing from the Mataharistore in Lippo Karawsaci Supermal, as this is targeting the middle-upper income segment. The otherdepartment stores in the Serpong area target the middle to middle-lower income segment. These storesinclude Ramayana in ITC BSD and Pojok Busana in Plaza Serpong.HypermartOpened in 2005, the Hypermart is one of six hypermarkets in Tangerang. The other hypermarkets includetwo Giant stores, one in Serpong Town Square and a stand alone Giant hypermarket along Jalan SerpongRaya, Carrefour stores in D’Best Plaza and ITC BSD, as well as other Hypermarts in Metropolis TownSquare and Supermal Karawaci.The store’s primary competition is considered to be the Giant hypermarket at Jalan Raya Serpong (whichis located about 400 metres south of the centre) and Carrefour in ITC BSD, about 2.5 kilometres furthersouth.5.7.3 Trade area analysisBased on discussions with the store manager of Matahari and Hypermart, the PTA for Mall WTC Matahariis considered to cover residential estates in the Serpong area which is located within Tangerang Regency.The trade area of Mall WTC Matahari is illustrated in the map below.Figure 5.7.2 Mall WTC Matahari trade area1. ITC BSD2. BSD Junction3. Plaza BSD4. Plaza Serpong5. Supermal Karawaci6. Serpong Town Square7. Metropolis Town Square8. Giant (Stand Alone)9. Summarecon Mal Serpong76594Mall WTC Matahari831 2Source: Jones Lang LaSalle Research and Consulting & Jakarta Street Atlas (Gunther W. Holtorf)F-125
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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
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Leased Malls4.1.7 SWOT analysisTabl
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Leased Malls4.2 Plaza Semanggi4.2.1
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Leased Mallsnumber of international
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Leased MallsTaking the survey and t
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Leased Malls• There are two major
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Leased Malls4.2.7 SWOT analysisTabl
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Leased Mallsterms of its very promi
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Leased MallsFigure 4.3.2 Bandung In
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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 499 and 500: Leased Malls4.6.7 SWOT analysisTabl
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: Retail Spaces MallsFigure 5.6.3 Pla
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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