Mal Lippo Cikarang



Description
Mal Lippo Cikarang is a two-level retail mall located within the Lippo Cikarang estate. The estate is approximately 40 km east of Jakarta and is connected to Jakarta via the Jakarta-Cilkampek toll road. Comprising industrial, commercial and residential components, the Lippo Cikarang estate is home to 25,000 residents and approximately 65,000 jobs. Mal Lippo Cikarang is the main shopping centre in the estate and has limited competition within an approximately 10-km radius. The mall is anchored by Matahari Department Store, Hypermart and Hero Supermarket, complemented by a cinema, a bookshop, a video game centre, restaurants and dining outlets. The mall has recently completed a S$4.7 million expansion and renovation program which has increased its NLA by more than 50%.

Tenant profile
As at 30 June 2007, Mal Lippo Cikarang has 116 retail tenants based on Committed Leases. The mall is anchored by Matahari Department Store, Hypermart, Hero Supermarket and Studio 21 Cinema which collectively occupy approximately 55.0% of the mall’s NLA, and is well complemented by a diverse set of specialty tenants from a wide variety of industries. The prominent specialty tenants include Nokia, Timezone, Toko Buku Utama bookstore, Kentucky Fried Chicken, Wendy’s Restaurant, Pizza Hut, The Executive, Dunkin Donuts and Johnny Andrean Salon.

The mall has achieved an occupancy rate of 96.3% as at 30 June 2007. With the completion of the extension for Hypermart, the three anchor tenants, Matahari Marketplace supermarket and Matahari Department Store, Hero Supermarket and Hypermart will account for over 66% of the NLA of Mal Lippo Cikarang, which will provide stable and long-term rental income and attract shoppers to the mall. The leases of 51 existing tenants expire in 2007 and this will present opportunities to review the tenancy mix and potentially achieve higher rentals for the expiring leases.

Year of building completion	1995
Land Area	49,250 sq m
Appraised value by Knight Frank as at 30 June 2007	S$80.2 million
Appraised value by Colliers as at 30 June 2007	S$79.7 million
GFA as at 30 June 2007	25,767 sq m
NLA as at 30 June 2007	17,974 sq m4
Occupancy rate as at 30 June 2007	96.3%
Car parking lots	513
Motorcycle parking lots	950
Population catchment	84,962 households2

2 The figure comprises the number of households within the primary trade area of the relevant Retail Mall (See Appendix F of the LMIR Trust Prospectus ¨C Independent Report on the Indonesian Retail Property Market)

4 Recently completed asset enhancement works to expand the retail space at Mal Lippo Cikarang have increased the NLA by 10,964 sq m, bringing the total NLA to 28, 668 sq m