PT Summarecon Investment Property

Transcription

Business overview
September 2015
Disclaimer
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document. The information contained in this document also contains certain forward-looking statements regarding the Company’s plans, beliefs, strategies, and growth prospects as
well as the projected growth of Indonesia’s economy and investment property industry, which are based on various assumptions and subject to risks and uncertainties. In light of these
assumptions, risks, and uncertainties, the future facts, events and circumstances described in this document may not occur and actual results could differ materially and adversely from
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Overview of Summarecon Investment Property
Overview of Summarecon Investment Property
Integrated owner, developer and operator of investment properties in
Indonesia , 100% subsidiary of PT Summarecon Agung Tbk
Retail malls(a)
Number of properties
Total NLA (sqm)
Hotels
4
278,599
Number of rooms
Office towers and business parks
3
905
Total NLA (sqm)
3
23,245
Development pipeline through 2019
Retail NLA (sqm)
Hotel rooms
Office NLA (sqm)
> 250,000
> 2,200
> 139,000
Integrated owner, developer and operator of investment properties in Indonesia
One of the largest retail mall owners amongst Indonesian real estate developers(b)
Strong recurring income base generated from substantial retail mall operations and growing portfolio of hotels and office towers
Growth and value creation from identified development pipeline of investment properties
Key investment properties located within established Summarecon Agung townships with strong catchment areas
(a) References to retail malls include Mal Kelapa Gading planned to be acquired from Summarecon Agung in two stages at the end of 2015 and in Oct 2019 respectively. There can be no assurance that we will complete
the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will benefit from the acquisition of Mal Kelapa Gading
(b) After giving effect to our planned acquisition of Mal Kelapa Gading
3
Location of key properties and development projects in Jakarta
SIP’s properties are strategically located in prime locations across Greater Jakarta
Summarecon Kelapa Gading(b)
Slipi
(15km from Jakarta CBD)
• Novotel Hotel and
office towers
• Planned completion
in 2019(a)
Soekarno-Hatta
International Airport
• Hotel expected to
have 267 rooms
Airport Toll Road
• Officer towers
expected to have
29,898 sqm of NLA
Jakarta Outer
Ring Road
Slipi, Jakarta
Jakarta Inner
Ring Road
Jakarta Inner
Ring Road
Summarecon Serpong township
• Summarecon Mal Kelapa Gading, a
132,022 sqm NLA retail mall and
entertainment complex with a food village
• Harris Hotel Kelapa Gading a 307 room
upscale business hotel connected to the mall
• POP! Hotel Kelapa Gading a 266 room
budget hotel connected to the mall
Summarecon Bekasi township
Jakarta Outer
Ring Road
• Summarecon Mal Bekasi a 53,943 sqm
retail mall and entertainment complex
• Summarecon Mal Serpong a 79,246 sqm
NLA retail mall and entertainment complex
• Harris Hotel Bekasi, a 332 room upscale
business hotel connected to the mall
• Summarecon Digital Centre a 13,388 sqm
NLA digital centre focused on digital retail
stores
• Scientia Business Park has 2 office
buildings with 15,120 sqm NLA office area
• Plaza Summarecon Bekasi a 8,125 sqm
NLA office building
Development project
Operating asset
(a) Construction is planned to commence in 2017. There can be no assurance that our current or planned developments will be commenced and completed on time or at all. Net leasable area and hotel rooms are each estimated based on our
current development plans, which are subject to change. There can be no assurance that the actual net leasable area, net saleable area and hotel rooms, as applicable, will not be less than the amounts indicated herein
b) We plan to acquire Mal Kelapa Gading in two stages prior to the end of 2015 and in October 2019, respectively. There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will
benefit from the acquisition of Mal Kelapa Gading
4
Location of key development projects outside Jakarta(a)
SIP’s development properties are strategically located in prime locations across Bandung, Yogyakarta, Bali and Kalimantan
Java and Bali
Bandung
• 52,423 sqm NLA retail mall,
Summarecon Mal Bandung
within the upcoming new
Summarecon Agung township
• 333 room hotel connected to
• For completion in 2018 (mall)
and 2019 (hotel)(b)
Kalimantan
Yogyakarta
Jimbaran, Bali
• 4,721 sqm NLA retail mall
• 13,568 sqm NSA strata-title
apartments
• 230 room hotel
• For completion in 2018 (mall
and hotel) and 2019 (stratatitle apartments)(b)
• Movenpick Resort and Spa in
Bali with 312 rooms, currently
under construction, will be the
first Movenpick hotel in Indonesia
• Bali Condotel with 11,520sqm
in NSA
• Samasta Entertainment Village
with an intended 4,725 sqm of
retail space
Banjarmasin
• 40,000 sqm NLA retail mall,
Summarecon Mal Banjarmasin
• 300 room hotel
• Both properties to begin construction in
1Q2017
• Expected completion in 2018(b)
• Expected completion in 2016
Development project
Operating asset
(a) There can be no assurance that our current or planned developments will be commenced and completed on time or at all. Net leasable area, net saleable area and hotel rooms are each estimated based on our current
development plans, which are subject to change. There can be no assurance that the actual net leasable area, net saleable area and hotel rooms, as applicable, will not be less than the amounts indicated herein.
(b) Construction of the planned properties has not yet commenced
Note: The artist impression of our planned developments are subject to change
5
Planned acquisition of flagship asset, Mal Kelapa Gading from SMRA(a)
Stage 1: MKG 3&5, La Piazza, Gading Food City
("Initial MKG Assets") assets planned
to be transferred to SIP by end of 2015
Stage 2: MKG 1 & 2 planned to be transferred to
SIP in Oct 2019 upon maturity of SMRA
bonds
• SIP plans to satisfy the purchase price of both Initial MKG
Assets and MKG 1 & 2 primarily through new SIP shares
issuance and remaining in cash of Rp500bn
Stage 1: Initial MKG Assets planned to be transferred to SIP
• Subject to satisfaction of certain conditions, legal title of MKG 3 & 5, La Piazza
and Gading Food City will be transferred from SMRA to SIP by end of 2015
• Land and buildings of POP! Hotel Kelapa Gading and Harris Hotel Kelapa
Gading (which are attached to MKG 3 & 5 respectively) will also be transferred
Stage 2: MKG 1 & 2 planned to be transferred to SIP in Oct 2019 upon
maturity of SMRA bonds
• MKG 1 & 2 are currently pledged as security for SMRA bonds which will
mature in Oct 2019
• As such, despite upfront payment made by SIP, legal title of MKG 1 & 2 can
only transfer from SMRA to SIP upon maturity of SMRA bonds in Oct 2019
from SMRA to SIP
(a) There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all. In addition, we may not benefit from anticipated business opportunities or
experience anticipated benefits from the acquisition of Mal Kelapa Gading, which we expect to provide the majority of our revenue for the foreseeable future
6
Key competitive strengths and Key strategies
Key competitive strengths
1
6
A leading integrated
owner, developer and
operator of investment
properties in Indonesia
Experienced management
& strong supporting
shareholder
2
5
Favorable retail property
fundamentals in Indonesia
4
Potential value creation
through development,
redevelopment and asset
enhancement
Diversified portfolio of
family destination malls
located in established
townships
3
Diverse and quality tenant
base with favorable lease
profile and step-up rent
structure
8
1
High recurring income mix amongst listed Indonesian real estate peers
2014 recurring revenue as % of total revenue
SIP has no exposure to township and residential development which is
currently cyclical in nature
Large recurring income base provides operating cash flow stability
Total recurring revenue:
approximately 100%
SIP undertakes development primarily to build an investment property
portfolio yielding a strong recurring revenue base
Others: 0.3%
Hotel: 16.8%
10 – 50% recurring revenue
Mall & Retail and
Offices for lease: 82.9%
Typical listed Indonesian
real estate comparables(a)
(a) Represents Lippo Karawaci, Agung Podomoro, Ciputra, BSD City, Ciputra Properties, Jaya Real Property, Pakuwon Jati
Source: Company filings
9
2
Mal Kelapa Gading(a) - Iconic family destination mall in Summarecon
Kelapa Gading township
Summarecon Kelapa
Gading township
MKG 1 & 2
MKG 3 & 5
La Piazza & Gading Food City
65,246
46,757
12,436 (La Piazza) & 7,583 (Gading food
city)
Operation
commencement
MKG 1 in May 1990 and MKG 2 in Jun 1995
MKG 3 in Jul 2003 and MKG 5 in Nov 2007
August 2004
Average monthly
rent (Rp.)(b)
183,017
250,765
93,964 (La Piazza) & 73,444 (Gading Food
City)
99%
94%
91% (La Piazza) & 66% (Gading Food City)
NLA (sq m)(b)
Acreage = Original 500 ha,
Now 550 ha
Already developed / constructing
• > 30,000 residential houses
• > 2,100 shoplots
• > 2,200 apartment units
Number of residents= 300,000
Transport links
• Jakarta Inner City Toll Road
• TransJakarta rapid bus transit
• Proposed Jakarta Light Rail
Transit Line (Kelapa Gading to
Senayan area through Jakarta
CBD)
Occupancy(b)
Visitors/Cars
(2014)
Weighted average
lease expiry by
NLA (years)(b)
3.0
3.0
N/A
Number of
tenants(b)
254
286
90
Major tenants(b)
Catchment area
(a)
(b)
38mm visitors / 5.5mm cars
East Jakarta and North Jakarta with population of ~ 3.9 mm
We plan to acquire MKG 3, MKG 5, La Piazza and Gading Food City by Nov 2015. We expect to acquire MKG 1 and MKG 2 in October 2019 upon the maturity of Summarecon Agung’s conventional and Islamic bonds.
There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will benefit from the acquisition of Mal Kelapa Gading
As of June 30, 2015
10
2
Mal Serpong - Leisure destination mall in Summarecon Serpong township
Summarecon Serpong township
Mal Serpong
NLA (sq m)(1)
Operation commencement
Acreage = 780 ha
Average monthly rent (Rp.)(1)
Area already developed = 250 ha (32%)
Occupancy(1)
Available landbank to develop = 530 ha
Visitors/Cars (2014)
79,246
Phase 1 in June 2007 and Phase 2 in October 2011
130,920
97%
25 mm visitors and 4.3 mm cars(2)
Weighted average lease expiry by
NLA (years)(1)
3.5
• > 2,000 neighborhood shoplots
Number of tenants(1)
364
• > 1,800 residential landplots
Transport links
Major tenants(1)
• Northern link of Jakarta-Merak Toll Road
• Southern link of Jakarta Outer Ring Road
• Commuter train (Serpong to Central Jakarta), public buses to Jakarta CBD
Catchment area
Population of ~ 1.3 mm in greater Serpong
(1) As of June 30, 2015
(2) Includes visitors and cars to Mal Serpong, Salsa Food City and Sinpasa
11
2
Mal Bekasi – Bringing New Lifestyle to Bekasi
Summarecon Bekasi township
Mal Bekasi
NLA (sq m)(1)
Available landbank = 400 ha
Average monthly rent (Rp.)(1)
(1st phase 260 ha)
Occupancy(1)
• > 300 neighborhood shoplots
Visitors/Cars (2014)
53,943
June 2013
115,937
95%
12 mm visitors and 1.5 mm cars
Weighted average lease expiry by
NLA (years)(1)
3.2
Number of tenants(1)
255
Transport links
• Jakarta -Cikampek Toll Road
Major tenants(1)
• Commuter train from West Bekasi to Jakarta
CBD, public buses to Jakarta CBD
• Becakayu Toll Road
Catchment area
• Proposed Jakarta Light Rail Transit Line
(1) As of June 30, 2015
Population of ~ 2.5 mm in Bekasi
12
2
Operating Hotels: Close proximity to Business and Industrial districts
3.
Harris Hotel Kelapa Gading
POP! Hotel Kelapa Gading
Harris Hotel Bekasi
Upscale hotel with an independent entrance from mall.
Management of hotel in hand of Tauzia
Budget hotel with independent entrance from mall.
Upscale hotel with an independent entrance from mall.
Attached to Mal Kelapa Gading
Attached to Mal Kelapa Gading
Attached to Mal Bekasi
307
266
332
May 2010
Nov 2014
Jan 2015
Occupancy(a)
90%
55%
40%
Avg. Room rate per night
(US$)(a)
51.0
26.3
35.3
Description
Location
Number of Rooms(a)
Guest type
by revenue(a)
Transient
travelers
Wholesale
6.4%
contracts with
third party
travel agents
9.8%
Transient
travelers
13.5%
Corporate
guests
83.8%
Wholesale
contracts with
third party
travel agents
3.6%
Corporate
guests
82.9%
Wholesale
contracts with
third party
travel agents
8.3%
Transient
travelers
18.7%
Corporate
guests
73.0%
(a) As of June 30, 2015
13
3
Diverse and quality tenant base with long-standing relationships
Diversified tenant base (NLA breakdown) (As of June 2015)
Anchor brands
Department store
Electronics retailer
Home improvement
Mal Kelapa
Gading(a)(b)
Supermarket
Department store
Entertainment
Department store
Coffee
shop
Electronics
Ice-cream
shops
Toys and Music
instrument
Skincare
Babyshop
Clothing
Retail
Sportswear
Footwear
& accessories
Mal
Serpong
Stationary
store
Mal
Bekasi
Fashion
Retailer
Food &
Beverages
Fitness
Center
Fashion
accessories
Watch
Concept
Sports
clothing
Fashion
16%
Entertainment
10%
Vacant
3%
Electronics
4%
Fashion
Retail
Department Store
23%
Supermarket/
Hypermarket
6%
Other brands
Fashion
retail
Others
12%
Vacant
3%
Electronics
3%
Home Furnishing/
Hardware
5%
Lifestyle
6%
Food & Beverage
16%
Others
13%
Lifestyle
4%
Home Furnishing/
Hardware
4%
Supermarket/
Hypermarket
5%
Entertainment
11%
Lifestyle
3%
Electronics
4%
Vacant
4%
Department Store
25%
Food & Beverage
18%
Fashion
13%
Others
7%
Department Store
22%
Home Furnishing/
Hardware
8%
Fashion
19%
Supermarket/
Hypermarket
8%
Entertainment
12%
Food & Beverage
13%
14
(a) There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will benefit from the acquisition of Mal Kelapa Gading
(b) Includes MKG 1 & 2 and MKG 3 & 5. Calculated on basis of respective NLA’s of each
3
Consistently high retail occupancy with favourable lease expiry profile
Occupancy rate(1)
100%
99%
99%
97%
91%
91%
95%
99%
97%
94%
95%
89%
80%
70%
99%
94%
96%
90%
Lease expiry profile as of June 2015 (% of NLA)
2012
Mal Serpong
2013
Mal Bekasi
2014
MKG 1 & 2(2)
1H 2015
MKG 3 & 5(2)
Leases primarily comprise base rent and service charge
• Typical lease length: 10 yrs (anchor), 3 – 5 yrs (non-anchor)
• Anchor leases: typically structured with base rent step ups
• Non-anchor leases: re-priced upon renewal (but increasingly structured with
step-up)
• Overall weighted average lease expiry: 3 years (30 June 2015)
25%
2015
20%
15%
11.9%
6.2%
5.2%
5%
Mal Bekasi
60.0%
45.0%
30.0%
15.0%
0.4%
0.0%
2015
Initial MKG Assets(3)
23.4%
2017
2018
2019
45.7%
52.8%
0.1%
1.0%
2016
2017
2018
2019
39.7%
30.8%
6.2%
2015
15.1%
2016
8.2%
2017
2018
2019
20.2%
18.7%
16.2%
2017
2018
2019
MKG 3 & 5(2)
10.1%
6.2%
2013
2016
50.0%
9.6%
9.2%
40.0%
20.0%
0.0%
2012
25.2%
MKG 1 & 2(2)
0.0%
21.6%
20.8%
3.4%
25.0%
Rental increase on renewal (% of previous year)
0%
27.2%
30.0%
20.0%
10.0%
0.0%
80%
(1) As of the end of each specified period calculated on the basis of total leasable area of each
property on such date
10%
Mal Serpong
2014
1H 2015
13.4%
2015
25.3%
2016
Note: Does not include La Piazza and Gading Food City
Mal Serpong
(2) We plan to acquire MKG 3 (including the POP! Hotel Kelapa Gading), MKG 5 (including the Harris Hotel Kelapa Gading), La Piazza and Gading Food City, with effect prior to the end of 2015, and MKG 1 and MKG 2 in
October 2019 upon the maturity of the bonds issued by Summarecon Agung. There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will benefit from the
acquisition of Mal Kelapa Gading
(3) Refers to MKG 3. 5, Harris Hotel Kelapa Gading, POP! Hotel Kelapa Gading, La Piazza and Gading Food City
15
4
Summarecon Agung’s track record in development of Mal Kelapa Gading
SIP seeks to replicate the
Mal Kelapa Gading
success story of its parent
Summarecon Agung for
Mal Serpong, Mal Bekasi
and other future
developments
11,811
132,022
MKG 5
(November 2007)
Total
7,583
120,000
12,436
34,946
100,000
NLA (s qm)
Land prices increased
almost 4x in Kelapa
Gading since 2005(a)
140,000
80,000
40,221
60,000
40,000
25,025
20,000
0
MKG 1
(a) Source: Savills
MKG 1
(May 1990)
MKG 2
(June 1995)
MKG 2
MKG 3
(July 2003)
La Piazza
(August 2004)
MKG 3
Gading Food City
(August 2004)
La Piazza and
Gading Food City
MKG 5
16
4
Significant development pipeline of investment properties through 2019(a)
Mal Bandung & Banjarmasin,
Yogyakarta
Samasta Entertainment
Village
Retail Malls
(NLA sq m)
4,725
2016
97,144
2017
2018
2019
Mal Serpong, Mal
Banjarmasin, Yogyakarta Hotel
New MKG 1 (LPZ and GFC
redevelopment),
Mal Bandung − Hotel, Slipi
Novotel Hotel
929
1,007
2017
2018
2019
Scientia Business Park −
Phases 3 & 4
Scientia Business Park −
Phases 5 & 6
Hotel Rooms
2016
149,442
0
Movenpick Resort & Spa
312
redevelopment), Mal
Serpong − Phase 3, Mal
Bekasi− Phase 2
0
Office
(NLA sq m)
redevelopment), Slipi Office
109,096
0
2016
15,120
15,120
2017
2018
2019
(a) There can be no assurance that our current or planned developments will be commenced and completed on time or at all. Net leasable area, net saleable area and hotel rooms are each estimated based on our current
development plans, which are subject to change. There can be no assurance that the actual net leasable area, net saleable area and hotel rooms, as applicable, will not be less than the amounts indicated herein
17
4
Pipeline development
Redevelopment of New Mal Kelapa Gading
Existing La Piazza and Gading Food City
Artist impression of redeveloped New Mal Kelapa Gading(1)(2)
Office
Strata
apartments
Office
Strata
apartments
MKG 3 & 5
MKG 1 & 2
Existing operating properties
Redeveloped
LPZ and GFC
New Office
Redevelopment of LPZ and GFC
by end of 2019
New Hotel
Developments after 2019
• 80,000 sqm of retail NLA, 79,198 sqm of new office NLA , new 407 hotel rooms and new strata apartments of 45,818sqm NSA planned to be developed jointly with Summarecon
Agung for sale
• Redevelopment of La Piazza and Gading Food City into a high quality mix-use commercial development with an expanded retail mall, office, hotel and residential apartments
• The proposed Light Rail Transit (LRT) Corridor 1 by Jakarta government is expected to connect Kelapa Gading all the way to Senayan area through the Jakarta CBD area.
Construction is planned to finish by 2018. The LRT station is planned to be directly connected to New MKG.
(1) We plan to acquire Mal Kelapa Gading in two stages at the end of 2015 and in Oct 2019. There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled
or at all, or that we will benefit from the acquisition of Mal Kelapa Gading
(2) The artist impression is subject to change. There can be no assurance that the planned redevelopment of Mal Kelapa Gading will be commenced and completed on time or at all
18
4
The New Mal Kelapa Gading(1)(2)
(1) We plan to acquire Mal Kelapa Gading in two stages at the end of 2015 and in Oct 2019. There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we
will benefit from the acquisition of Mal Kelapa Gading
19
4
Phase 3 expansion of Mal Serpong
Existing Mal Serpong – Phases 1 and 2
Artist impression of redeveloped Mal Serpong(1)
Mall Phase 2
Hotel
Apartments
Mall Phase 1
Mall Phase 3
Mall Phase 4
Hotel
Office
Office
Office
2016 – 2019 developments
• 27,974 sqm of new retail NLA, new 399 hotel rooms and new strata apartments of 33,971sqm NSA planned to be developed jointly with
Summarecon Agung for sale
• Phase 3 expansion of the existing retail mall with a hotel connected to the mall
20
4
Phase 2 expansion of Mal Bekasi
Existing Mal Bekasi – Phase 1 and Harris Hotel Bekasi
Artist impression of future developed Mal Bekasi(1)
Mall Phase 1
Harris Hotel
Bekasi
Mall Phase 2
Office
Mall Phase 3
2017 – 2019 developments
• 41,468 sqm of new retail NLA
21
Greater Jakarta retail property market outlook
Strong occupancy rates expected to continue
Rental growth to continue
New supply
Net take-up
Mall Occupancy Forecast- Bodetabek
Population
80%
75%
150,000
70%
Retail Space per Capita
65%
60%
50,000
2018 (F)
2017 (F)
2016 (F)
2014
2013
2012
2011
2015 (F)
middle-low
250,000
200,000
150,000
New supply
Net take-up
Source: Savills Research and Consultancy
Occupancy
Bogor
Depok
Tangerang
2018 (F)
2017 (F)
2016 (F)
2015 (F)
2014
100,000
2013
50%
2012
2018 (F)
2017 (F)
2016 (F)
2015 (F)
2014
2013
2012
55%
2011
0
middle-up
85%
2010
Ho Chi Minh
Jakarta
Metro Manila
Greater Tokyo
Bangkok
KL
Seoul
Singapore
Hong Kong
Retail supply
0.00
upper
300,000
90%
100,000
0
High end
Greater Jakarta – retail rent by region
250,000
(Sqm)
0.20
0
Occupancy
200,000
2,000,000
150,000
2010
75%
2009
0
300,000
2008
80%
450,000
2007
50,000
600,000
2010
0.40
85%
2018 (F)
4,000,000
150,000
2017 (F)
0.60
90%
2016 (F)
6,000,000
200,000
2015 (F)
0.80
750,000
2014
8,000,000
95%
2013
1.00
250,000
2010
1.20
10,000,000
900,000
100,000
Retail space (sqm) per Capita
Retail supply vs population
12,000,000
(Sqm)
1.40
100%
2012
14,000,000
300,000
Rp/sqm/month
1.60
2011
16,000,000
Jakarta – retail rent by target segment
2006
Mall Occupancy Forecast- Jakarta
2011
Jakarta remains one of the most underpenetrated retail
markets amongst Asian cities
Rp/sqm/month
5
Bekasi
Source: Savills Research and Consultancy
22
6
Experienced management team with strong real estate track record
Board of Directors (BoD)
Soegianto
Nagaria
President Director
Herman Nagaria
Director
• Over 18 years of real estate experience. Director of SMIP since incorporation in 2010, prior to which he served as director at SMRA since Jun 2006 and
has extensive experience in retail leasing and business management. Promoted to President Director in Aug 2015
• Graduated with an MBA Degree from Peter F Drucker Graduate School of Management, Claremont, California, USA in 2000, and with a Bachelor Degree
in Architecture from National Cheng Kung University, Tainan,Taiwan in 1996.
• Over 16 years of real estate experience. Director of SMIP since incorporation in 2010, prior to which he served as director at SMRA since June 2006
• Studied in Chinese University of Hong Kong with a Master of Business Administration and holds a bachelors degree in civil engineering from National
Cheng Kung University, Tainan, Taiwan in 1998
Jemmy Kusnadi
Independent
Director
• Over 12 years of real estate experience with specialisation in retail mall divisions. Served as Summarecon Agung's Investor Relations Manager till 2014
Lydia Tjio
Director
• Over 21 years of real estate experience. Serves as Assistant Director of Finance for Summarecon Agung since 2007, after working across
managerial positions
• Graduated with a Masters Degree in Business Management from Prasetiya Mulya Business School and holds a bachelor degree in Accounting from
Universitas Persada Indonesia
• Graduated from Universitas Indonesia with a Bachelor Degree in Finance Management
Board of Commissioners (BoC)
Liliawati Rahardjo
President
Commissioner
• Over 19 years of real estate experience. President commissioner of SMIP since incorporation in 2010
Goh Poh Heng
Independent
Commissioner
• Over 25 years in the financial investment and securities industry. Appointed as Independent Commissioner in August 2015
Ng Kui Lai
Independent
Commissioner
• Over 30 years in property management industry all over Asia, especially in retail mall management. Appointed as Independent Commissioner in Aug 2015
• Studied in National Taiwan University
• Graduated from Eastern Michigan University with a Bachelor Degree and Masters in Business Administration, majoring in International Finance.
• Graduated from National University of Singapore with a Bachelor Degree in Building Estate Management
23
6
Strong shareholder sponsorship from Summarecon Agung
Benefits to SIP
• Diversified property development company focused on key population
 Synergistic township developments
 Convenience of retail malls within highly
hubs in Greater Jakarta such as Kelapa Gading, Serpong and
Bekasi
Leverage on access
to successful
townships
populated townships encourage foot traffic
 Opportunity to construct new investment
properties in new townships to be
• Focused on development of residential townships with integrated
developed by SMRA
investment properties (such as retail malls, hotels and offices) and other
 SIP to develop and grow alongside SMRA
facilities and services
 SIP properties to benefit from incremental
• Focus on attaining critical mass in townships to attract residents and
commercial tenants
• Market capitalisation of US$1.6 billion(a) and total asset value of over
IDR16,200 billion(b)
(a) As at 27 August 2015
(b) As at 31 March 2015
Source: Factset and company information
growth of SMRA developments
Leverage on
experience and track
record
 Long working experience of senior
management with the SMRA group
ensures seamless and effective
realisation of synergies between SMRA
and SIP
24
Key strategies
Pursue cost-effective development and management
Improving rentals while maintaining high
occupancy rates
• Optimise costs through more selective procedures
• Maximise profitability
• Engage in projects that are tailored to
market demand
• Engage in efforts to optimise tenant mix and
reduce vacancies
• Optimise layouts to maximize NLA
Redevelopment and expansion of
existing assets and diversify asset
portfolio geographically
• Redevelopment of Mal Kelapa Gading(a)
Optimising the tenant and zoning mix
for retail malls
• Expansion of Mal Serpong and Mal Bekasi
• Enhance shopping experience through
tenant mix
• Development of new assets
• Listen and cater to customer preferences
• Continue to expand beyond Greater Jakarta
• Leverage on reputation and expertise to
diversify asset-type and locations
Implementing distinctive marketing concepts to improve shopper
traffic and consumption at retail malls
• Spectrum of initiatives to increase foot traffic
• Organise special events that cater to various interests
• Offer incentives such as loyalty programs and discount vouchers
(a) We plan to acquire Mal Kelapa Gading in two stages prior to the end of 2015 and in October 2019, respectively. There can be no assurance that we will complete the acquisition of MKG 1 and
MKG 2 as scheduled or at all, or that we will benefit from the acquisition of Mal Kelapa Gading.
25
Financial overview
Understanding SIP financials post MKG acquisition
Assets included in actual historical SIP
financials
Impact of MKG 3&5, LPZ and GFC
acquisition
•
Retail malls: Mal Serpong, Mal Bekasi, Summarecon Digital Center
•
Hotels: Harris Hotel Kelapa Gading (operations only), POP! Hotel Kelapa Gading (operations only) and
Harris Hotel Bekasi
•
Offices: Scientia Business Park, Plaza Summarecon Bekasi
•
Properties under construction: Movenpick Resort & Spa, Samasta Entertainment Vilage
•
Undeveloped land relating to future development projects
•
P&L: Post acquisition, SIP will consolidate all related revenue and costs of MKG 3&5, LPZ and GFC
retail mall operations
•
BS: Upon acquisition, SIP will consolidate investment property and fixed asset of MKG 3&5, LPZ and
GFC (including land and building of Harris Hotel Kelapa Gading and POP! Hotel Kelapa Gading) at
Rp3,914m
•
Impact of MKG 1&2 acquisition
P&L: Any recognition of related revenue and costs of MKG 1&2 retail operations will be contingent on
legal title transfer upon SMRA bond maturity in Oct 2019
•
BS: Upon acquisition, SIP will recognize “Advance payment for MKG 1&2” at Rp2,278m arising from the
upfront payment (new SIP shares and cash) to SMRA
27
SIP revenue and EBITDA growth remains strong despite higher finance costs
from increased debt leverage
Revenue (IDR billion)
EBITDA(1) (IDR billion)
30.6%
27.5%
20.7%
557.0
Net income (IDR billion)
24.3%
0.2%
22.9%
(20.1%)
(20.3%)
(11.8%)
(28.9%)
0.5
135.4
387.8
(25.5)
331.8
290.5
79.7
80.3
66.3
216.5
76.0
(77.9)
(95.8)
(112.9)
2012
•
•
•
2013
2014
1H14
2012
1H15
1H15 revenue grew 53% YoY primarily due to full
period operations of Summarecon Digital Center,
Scientia Business Park Phase 2, POP! Hotel KG
and Harris Hotel Bekasi, and increased occupancy
in Mal Bekasi
2012-2014 revenue growth largely driven by
opening of Mal Bekasi (Jun 2013), SDC (Jun 2014),
POP! Hotel KG (Nov 2014) and Harris Hotel Bekasi
(Jan 2015)
Also driven by increased occupancy rates, rental
rates and service charges across the properties
2013
2014
1H14
1H15
2012
Margin (%)
•
EBITDA typically affected by initial opening and
refurbishment of existing properties and new retail
malls (rent-free period and initial low occupancy)
and hotels (initial low occupancy)
•
1H15 EBITDA margin declined largely due to initial
opening of POP! Hotel KG and Harris Hotel Bekasi
•
2014 EBITDA margin increased primarily due to
expiry of rent-free periods of Mal Bekasi
•
EBITDA margin was lower in 2013 primarily due to
rent-free periods of Mal Bekasi which commenced
operations in Jun 2013
•
2013
2014
1H14
Margin (%)
1H15
Net losses increased to Rp95.8bn primarily due to
significantly higher finance costs (increased 108.9%
YoY to Rp74.5bn) due to higher debt funding for the
construction capital expenditure for recently
completed properties
(1) EBITDA as used herein refers to income from operations after adding back final tax expense, depreciation and amortization. EBITDA as well as the related ratios are supplemental measures of our performance that
are not required by, or presented in accordance with, Indonesian FAS or IFRS. EBITDA is not a measurement of financial performance or liquidity under Indonesian FAS or IFRS and should not be considered as an
alternative to net income, operating income or any other performance measures derived in accordance with Indonesian FAS or IFRS or as an alternative to cash flow from operating activities as a measure of liquidity. In
addition, EBITDA is not a standardized term; hence, a direct comparison between companies using such a term may not be possible.
28
Robust financial performance of MKG 3&5, LPZ and GFC(1)
50.6%
44.0%
45.0%
48.4%
32.3%
52.4%
25.4%
351.5
298.4
318.2
150.9
158.2
80.7
•
2014
1H14
2012
1H15
Net revenue increased 40% YoY for 1H14 – 1H15
service charges for all tenants
•
2013
2014
1H14
1H15
2012
Margin (%)
•
due to higher average rental rates and increased
•
45.2
67.3
139.0
2013
71.5
101.8
194.4
2012
EBITDA generally increased in line with revenue
FY13 EBITDA and margin declined due to higher
FY14 revenue growth was driven by higher rental
labour costs as a result of 44% increase in 2013
rates
minimum wage to Rp2.2m per month in Jakarta
2013
2014
1H14
1H15
Margin (%)
•
growth
•
36.8%
101.9
96.3
140.0
29.0%
32.5%
Net income typically moves in line with revenue and
EBITDA growth, given that MKG has insignificant
debt
•
Net income and net income margin declined in
FY13 due to higher labour costs
FY13 revenue growth was largely driven by higher
rental rates, partly offset by lower occupancy level
(1) We plan to acquire the Initial MKG Assets, which include MKG 3 (including the POP! Hotel Kelapa Gading), MKG 5 (including the Harris Hotel Kelapa Gading), La Piazza and Gading Food City, at the end of 2015 and
in Oct 2019 respectively. There can be no assurance that we will benefit from the acquisition of these properties.
29
Robust financial performance of MKG 1&2(1)
51.7%
209.4
216.0
94.6
183.1
56.8%
47.2%
46.1%
98.8
99.5
56.0%
39.3%
36.0%
27.0%
65.8
61.7
110.2
2013
2014
1H14
1H15
2012
Net revenue increased 25% YoY for 1H14 – 1H15
•
due to higher average rental rates and increased
service charges for all tenants
•
63.2
43.4
34.7
2013
2014
1H14
2012
1H15
EBITDA generally increased in line with revenue
growth
•
Margins have declined since FY12 due to higher
FY12 - FY14 revenue growth was also driven by
labour costs as a result of 44% increase in 2013
higher average rental rates
minimum wage to Rp2.2m per month in Jakarta
2013
2014
1H14
1H15
Margin (%)
Margin (%)
•
29.2%
50.2
88.3
2012
56.6
39.4%
•
Net income typically moves in line with revenue and
EBITDA growth, given that MKG has insignificant
debt
(1) We plan to acquire the Initial MKG Assets, which include MKG 3 (including the POP! Hotel Kelapa Gading), MKG 5 (including the Harris Hotel Kelapa Gading), La Piazza and Gading Food City, at the end of 2015 and
in Oct 2019 respectively. There can be no assurance that we will benefit from the acquisition of these properties.
30
Robust financial policies to support future growth
2012
2013
3,403
2014
Debt
1,542
947
1,477
2,794
Target funding mix of 2:1 Debt to Equity for
financing of future developments
1,744
•
421
Debt leverage
3,750
Total debt and total assets (Rp bn)
1H15
Assets
Debt/Assets (%)
•
Liquidity
management
•
•
Cash and cash equivalents of Rp152bn as of
Jun 2015
Available undrawn credit lines of Rp544bn as
of Jun 2015
Seek to maintain sufficient undrawn bank
facilities to ensure effective liquidity
management
43.4%
41.1%
33.9%
24.2%
2012
2013
2014
1H15
31
Capital expenditure to expand our investment property portfolio
Land acquistion
Construction of investment properties and hotels
1,003.9
786.2
665.5
~IDR600bn
473.9
643.0
~IDR500bn
~IDR300bn
203.4
473.9
338.4
168.2
143.2
2012
2013
2014
35.2
1H15
2H15E
(1)
2016E
(1)
Properties under construction
•
•
Summarecon Mal
Bekasi
Scientia Business
Park
•
•
•
•
•
Summarecon Digital
Center
POP! Hotel Kelapa
Gading
Scientia Business
Park
Summarecon Mal
Bekasi
Harris Hotel Bekasi
•
•
•
•
•
•
POP! Hotel Kelapa
Gading
Scientia Business
Park
Harris Hotel Bekasi
Plaza Summarecon
Bekasi
Movenpick Resort
and Spa
Samasta
Entertainment Village
•
•
•
Plaza Summarecon
Bekasi
Movenpick Resort
and Spa
Samasta
•
•
Movenpick Resort
and Spa
Samasta
•
•
•
Redevelopment of La
Piazza and Gading
Food City, Mal
Bandung, Mal
Serpong Hotel
Scientia Business
Park - Phases 3 & 4
Yogyakarta mixedused development
(1) The estimated capital expenditure for each property is based on our current development plans. The actual capital expenditure may exceed the estimated capital expenditure.
32
Corporate structure
Group structure of Summarecon Investment Properties
PT Summarecon Agung Tbk
100%
PT Kharisma Intan Properti
PT Dunia Makmur Properti
PT Nirwarna Jaya Semesta
PT Sadhana Bumi Jayamas
PT Java Orient Properti
PT Mahakarya Buana Damai
PT Unota Persadajaya
100%
100%
100%
100%
100%
100%
100%
100%
67%
100%
PT Summerville Property Management
PT Summarecon Hotelindo
PT Lestari Mahadibya
PT Makmur Orient Jaya
PT Summarecon Bali Indah
42%
100%
100%
70%
PT Bali Indah Development
55%
30%
16.7%
PT Permata Jimbaran Agung
PT Bukit Permai Properti
100%
PT Hotelindo Permata Jimbaran
Hospitality
Office
Malls
Mixed use
34
Industry overview
Favorable demographics and macroeconomic fundamental
Consistently strong GDP growth forecast
over the next few years
Main consumption comes from the working force population, which has increased to ~
67% of total population in 2014
Indonesia GDP Growth Projection
Indonesia Population Pyramid
(Years Age, Thousand People)
7.0%
0 - 14
6.0%
5.0%
15 - 24
4.0%
2.0%
45 - 64
1.0%
Above 65
(60,000)
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015 (F)
2016 (F)
2017 (F)
2018 (F)
0.0%
15-64
years
25 - 44
3.0%
(30,000)
Male
Source: Biro Pusat Statistik (BPS) & Focus Economics (Projection)
30,000
60,000
Female
Source: Biro Pusat Statistik (BPS)
Indonesian population growth
story continues
Indonesian continues to experience
strong urbanization trend
Indonesia Population growth
Projection of Urban Population
300,000,000
120.0%
250,000,000
100.0%
200,000,000
80.0%
60.0%
150,000,000
40.0%
100,000,000
20.0%
50,000,000
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0.0%
2000
0
0
2010
2015
2020
Urban citizen
2025
2030
Rural citizen
2035
36
Detailed financials and operating data
Summarecon Investment Properties – Income statement
IDRbn
2012
2013
2014
Jun-14
Jun-15
Net Revenues
290.5
387.8
557.0
216.5
331.8
Cost Of Sales
(184.2)
(277.5)
(397.8)
(147.0)
(243.2)
Gross Profit
106.3
110.3
159.2
69.5
88.6
Selling Expenses
(31.4)
(40.3)
(47.2)
(15.0)
(29.8)
General And Administrative Expenses
(44.1)
(67.8)
(81.6)
(31.3)
(58.4)
Final tax expenses
(18.0)
(25.9)
(40.0)
(15.6)
(22.7)
0.3
5.1
0.2
1.6
0.3
Other Operating Expenses
(0.0)
(0.1)
(0.4)
(0.2)
(0.4)
Income From Operations
13.0
(18.7)
(9.9)
9.0
(22.4)
Diff b/w Fair Value & Carrying Value of Fin. Instruments
6.4
(3.7)
(2.6)
(1.4)
(1.2)
Finance Income
2.3
2.9
6.5
2.5
2.9
Finance Costs
(40.1)
(60.8)
(106.7)
(35.7)
(74.5)
Loss Before Income Tax
(18.4)
(80.4)
(112.6)
(25.5)
(95.3)
0.2
(0.5)
(0.4)
-
(0.2)
(18.2)
(80.9)
(113.0)
(25.5)
(95.4)
21.2
-
-
-
-
3.0
(80.9)
(113.0)
(25.5)
(95.4)
(2.5)
3.0
0.0
0.0
(0.4)
0.5
(77.9)
(112.9)
(25.5)
(95.8)
Other Operating Income
Income Tax Expense
Loss For The Year - Before Effect Of Proforma Adjustments
Effect Of Proforma Adjustments
Profit (Loss) For The Year
Other Comprehensive Income (Loss)
Total Comprehensive Income (Loss) For The Year
38
Summarecon Investment Properties – Balance sheet
IDRbn
Current assets
Cash and cash equivalents
Trade receivables:
Related parties
Third parties
Other receivables of third parties
Inventories
Prepaid taxes
Prepaid expenses
Advance payments
Other current financial assets
Total current assets
Non current assets
Receivables due from related parties
Advance payments
Undeveloped land
Fixed assets
Investment properties
Deferred tax assets
Other non-current financial assets
Other non-current assets
Total non-current assets
Total assets
Current liabilities
Trade payables:
Related parties
Third parties
Other payables
Accrued expenses
Taxes payable
Deposit received from customers:
Related parties
Third parties
Unearned revenues
Current maturities of long-term debts:
Loan from banks and financing institutions
Obligations under capital lease
Liability for short-term employee benefits
Total current liabilities
2012
2013
2014
Jun-15
109.9
136.5
157.1
151.7
1.1
5.5
0.5
6.1
56.0
1.1
12.6
1.2
194.0
3.9
9.2
1.1
6.4
92.5
5.2
29.7
1.2
285.6
1.4
11.7
3.7
17.4
41.3
7.5
6.1
0.3
246.5
1.1
31.7
3.4
23.0
28.7
11.3
6.6
0.1
257.5
124.0
1.7
27.2
1,379.4
1.7
16.1
0.2
1,550.3
1,744.3
26.8
31.8
356.0
77.7
1,971.3
1.0
13.3
30.3
2,508.2
2,793.7
1.6
2.4
493.4
75.5
2,517.4
0.6
21.7
43.9
3,156.6
3,403.1
52.7
148.1
528.2
101.4
2,589.8
0.5
22.4
49.1
3,492.3
3,749.8
3.0
8.1
45.1
21.6
3.8
9.9
70.2
42.6
6.3
15.4
55.5
61.4
6.4
24.6
28.0
67.9
5.8
0.0
15.4
55.4
6.6
118.8
12.4
122.1
6.6
121.1
22.6
0.3
175.3
52.3
0.1
0.3
306.9
73.3
0.0
1.2
347.8
78.3
1.6
334.0
39
Summarecon Investment Properties – Balance sheet (cont’d)
IDRbn
Non-current liabilities
Other payables:
Related parties
Third parties
Long-term debts – net of current maturities:
Loan from banks
Loan from financing institutions
Obligations under finance lease
Due to related parties
Liability for long-term employee benefits
Deposit received from customers
Related parties
Third parties
Unearned revenues
Deferred tax liabilities
Other non-current financial liabilities
Total non-current liabilities
Total liabilities
Equity
Capital stock
Additional paid-in capital
Loss on employee benefit liability
Differences from transactions with non-controlling entity in subsidiaries
Proforma capital from restructuring transactions of entities under common control
Retained earnings (deficit)
Equity attributable to
Owners of the Parent Entity
Non-controlling Interests
Total equity
Total liabilities and equity
2012
2013
2014
Jun-15
38.5
-
31.9
3.9
3.3
5.4
398.6
0.3
0.0
376.9
7.8
894.6
0.0
0.0
11.4
9.5
1,403.7
0.0
0.0
5.0
11.1
1,463.5
0.0
0.0
277.0
12.6
0.8
13.9
3.1
0.2
0.0
840.2
1,015.5
3.5
18.1
3.6
0.0
17.5
994.2
1,301.1
3.6
20.2
16.9
11.7
1,475.7
1,823.4
3.5
30.0
34.9
11.3
1,838.2
2,172.2
673.7
(15.7)
(3.8)
2.0
3.6
1,489.3
(15.7)
(0.8)
2.0
(75.6)
1,701.7
(15.7)
(0.8)
1.4
(186.0)
1,701.7
(15.7)
(1.2)
1.4
(277.4)
659.8
69.0
1,399.1
93.5
1,500.6
79.0
1,408.8
168.8
728.8
1,744.3
1,492.6
2,793.7
1,579.7
3,403.1
1,577.6
3,749.8
40
Summarecon Investment Properties – Cashflow statement
2012
2013
2014
315.8
2.3
(212.9)
(42.4)
450.5
2.9
(365.8)
(55.0)
581.4
6.5
(313.7)
(69.1)
237.1
2.1
(230.0)
(20.3)
328.8
2.8
(279.5)
(39.5)
(38.4)
(20.1)
4.3
(68.1)
(29.8)
(65.3)
(99.4)
(41.6)
64.2
(28.6)
(17.5)
(57.2)
(62.8)
(21.5)
(71.6)
(473.9)
0.5
(431.1)
(904.5)
(665.5)
(338.4)
(643.0)
(143.2)
(210.9)
(12.9)
(58.4)
14.1
(168.2)
(35.2)
(108.1)
(51.1)
IDRbn
Cash Flows From Operating Activities
Cash receipts from customers
Receipts of finance income
Cash receipts (payments) for other operating income (expenses)
Cash payments to employees
Payments of:
Interest expense
Income taxes
Net cash provided by (used in) operating activities
Cash Flows From Investing Activities
Acquisitions of fixed assets and investment properties
Payments for acquisition of land
Payment of advance for purchase of land
Cash receipts from (payment for) amount due from related parties
Proceeds from sale of fixed assets
Acquisitions Subsidiaries through restructuring of entity under common control
Net cash used in investing activities
Cash Flows From Financing Activities
Increase in capital stock and additional paid-in capital
Proceeds of long-term debts
Capital contribution from non-controlling interest
Receipt (payment) of advances from related parties
Repayment of long-term debts
Repayment of provision cost for bank loans
Payment for acquisition of non-controlling interests in subsidiaries
Receipt of (increase in) restricted time deposits and banks
Addition of cash from noncontrolling interest
Net cash provided by financing activities
Net Increase In Cash And Cash Equivalents
Effect Of Foreign Exchange
Cash And Cash Equivalents At Beginning Of Year
Cash And Cash Equivalents At End Of Year
673.7
60.5
335.4
(89.2)
(2.1)
978.3
78.1
31.7
109.9
-
Jun-14
97.2
0.2
-
15.2
0.1
-
-
-
(906.5)
(770.9)
(268.1)
815.6
546.9
26.1
(365.5)
(23.4)
(3.3)
1.9
998.3
212.4
581.2
70.2
343.0
26.5
0.1
109.9
136.5
-
Jun-15
(362.6)
98.5
0.3
271.9
(39.0)
(6.4)
(52.7)
(2.4)
(6.8)
7.5
(17.1)
-
-
725.3
406.7
(1.3)
93.4
423.9
18.6
2.1
136.5
157.1
81.4
(1.0)
136.5
216.9
(10.3)
4.9
157.1
151.7
-
3.2
-
41
MKG 3 & 5, La Piazza and Gading Food City – Income statement
IDRbn
2012
2013
2014
Jun-14
Jun-15
Net revenues
298.4
318.2
351.5
139.0
194.4
(142.1)
(161.2)
(181.3)
(73.1)
(91.4)
Gross profit
156.3
157.0
170.2
65.9
103.0
Selling expenses
(9.9)
(9.5)
(11.9)
(2.3)
(7.6)
General and administrative expenses
(25.0)
(29.5)
(26.1)
(6.6)
(8.0)
Final tax expenses
(25.4)
(25.7)
(27.8)
(11.0)
(15.2)
Other income
0.5
0.2
0.2
0.2
0.0
Other expenses
0.5
(2.7)
(0.0)
0.0
(0.0)
Profit from operations
97.0
89.9
104.5
46.2
72.2
Finance income
0.7
0.1
0.1
0.0
0.0
Finance costs
(1.4)
(9.3)
(2.7)
(1.0)
(0.8)
Profit before income tax
96.3
80.7
101.9
45.2
71.5
-
-
-
-
-
Profit for the year – before effect pro forma adjustment
96.3
80.7
101.9
45.2
71.5
Profit for the year
96.3
80.7
101.9
45.2
71.5
Cost of sales and direct costs
Income tax benefit (expense)
42
MKG 1 & 2 – Income statement
IDRbn
2012
2013
2014
Jun-14
Jun-15
Net revenues
183.1
209.4
216.0
88.3
110.2
Cost of sales and direct costs
(63.3)
(78.4)
(88.5)
(35.1)
(42.2)
Gross profit
119.8
131.1
127.5
53.2
68.0
Selling expenses
(7.1)
(9.3)
(11.0)
(1.9)
(4.5)
General and administrative expenses
(29.4)
(35.9)
(31.2)
(6.9)
(8.9)
Final tax expenses
(17.6)
(19.4)
(20.7)
(8.5)
(10.6)
Other income
(0.0)
0.2
0.2
0.2
0.0
Other expenses
0.1
(0.0)
(0.0)
(0.1)
(0.0)
Profit from operations
65.8
66.7
64.8
35.9
43.9
Finance income
0.2
0.6
0.2
0.1
0.2
(0.1)
(0.1)
(0.1)
(0.2)
(0.1)
-
(10.5)
(1.6)
(1.1)
(0.6)
65.8
56.6
63.2
34.7
43.4
-
-
-
-
-
65.8
56.6
63.2
34.7
43.4
Finance costs
Differences in fair value of financial instruments
Profit before income tax
Income tax benefit (expense)
Profit for the year
43
Select operating data
2012
2013
2014
Jun-15
(%)(c)
Occupancy Rate
Retail Malls
Summarecon Mal Serpong
Summarecon Mal Bekasi
Summarecon Digital Center
MKG:(d)
MKG 1 and MKG 2
MKG 3 and MKG 5
La Piazza(a)
Gading Food City(a)
91
−
−
94
80
−
97
89
60
97
95
70
99
96
97
75
99
91
95
66
99
95
89
72
99
94
91
66
Hotels
Harris Hotel Bekasi
95
−
−
93
−
−
90
45
−
90
55
40
Office Space
Scientia Business Park
Plaza Summarecon Bekasi
−
−
100
−
70 (b)
−
80
45
164.3
−
191.3
187.5
211.9
191.2
213.4
192.9
261.5
310.6
138.5
84.6
275.9
332.9
142.3
63.9
277.8
333.8
142.2
69.7
295.0
362.8
148
92.7
−
−
85
−
90
−
95
80
546
−
−
585
−
−
620
343
−
680
350
470
Average Rental Rate (IDR’000 per sq.m. per month)
Retail Malls
MKG: (d)
MKG 1 and MKG 2
MKG 3 and MKG 5
La Piazza(a)
Gading Food City(a)
Office Space
Average Daily Room Rate of Hotels (Rp’000)
Harris Hotel Bekasi
a)
b)
c)
d)
As each of La Piazza and Gading Food City is planned to be re-developed following our acquisition of these properties, Summarecon Agung has not renewed expiring leases at these properties since 2013, which has
resulted in, and is expected to continue to result in, reduced occupancy rates
Scientia Business Park currently comprises two office buildings each with net leasable area of 7,560 sq.m., which commenced operations in August 2013 and September 2014, respectively. As of June 30, 2015, the first
building had an occupancy rate of 100% with one tenant, and the second building had an occupancy rate of 60%.
As of the end of each specified period calculated on the basis of total leasable area of each property on such date
We plan to acquire MKG 3 (including the POP! Hotel Kelapa Gading), MKG 5 (including the Harris Hotel Kelapa Gading), La Piazza and Gading Food City, at the end of 2015 and in Oct 2019 respectively, and MKG 1
and MKG 2 in October 2019 upon the maturity of the bonds issued by Summarecon Agung. There can be no assurance that we will complete the acquisition of MKG 1 and MKG 2 as scheduled or at all, or that we will
benefit from the acquisition of Mal Kelapa Gading.
44
Additional materials
Overview of SIP’s existing investment properties
Retail
Type
Total NLA(1)
(sq.m.)
Hotel
Rooms
Indicative valuation
(Rpbn)(3)
Operations
commenced on
100% planned to be acquired in
October 2019(2)
65,246
n/a
2,278
MKG 1 in May 1990 and
MKG 2 in June 1995
North Jakarta
100% planned to be acquired in
Nov 2015(2)
46,757
n/a
2,132
MKG 3 in July 2003 and
MKG 5 in November 2007
North Jakarta
100%
20,019
n/a
1,220
August 2004
Serpong, Greater Jakarta
100%
79,246
n/a
2,495(4)
Phase 1 in June 2007
and Phase 2 in October
2011
Bekasi, Greater Jakarta
100%
53,943
n/a
1,679(5)
June 2013
100%
13,388
n/a
477
June 2014
Harris Hotel Kelapa Gading(2)
North Jakarta
100%
n/a
307
457
May 2010
POP! Hotel Kelapa Gading(2)
North Jakarta
100%
n/a
266
105
November 2014
100%
n/a
332
216
January 2015
100%
15,120
n/a
353
First building in August
2013 and second building
in September 2014
100%
8,125
n/a
186
March 2015
301,844
905
11,596
Property Name
Location
Effective Interest (%)
Mal Kelapa Gading − MKG 1 and MKG 2(2)
North Jakarta
Mal Kelapa Gading − MKG 3 and MKG 5(2)
La Piazza and Gading Food City(2)
Hotel
Office
Harris Hotel Bekasi
Total
(1) Calculated on the basis of total leasable area of each property as of June 30, 2015.
(2) SIP intends to acquire the Initial MKG Assets, comprising MKG 3, MKG 5, La Piazza, Gading Food City, the Harris Hotel Kelapa Gading and the POP! Hotel Kelapa Gading, in Nov 2015. It plans to acquire MKG 1 and
MKG 2, and take over their operations, upon the maturity of Summarecon Agung’s conventional and Islamic bonds, for which MKG 1 and MKG 2 are pledged, in October 2019.
(3) Based on Colliers International independent market valuation as of 30 June 2015
(4) Includes valuation of Salsa and Simpasa of Rp219bn and valuation of unutilized land of 9.4ha
(5) Includes valuation of unutilized land of 5.8ha
46
Overview of SIP’s key development projects within Greater Jakarta
Location
Property Name
Property Type
Effective Interest (%)
Total NLA/NSA(1)
Hotel Rooms
(sq.m.)
Estimated capital
expenditure
(Rp. billion)
Start of
Completion
Construction
New MKG 1 (LPZ and GFC redevelopment)
• New MKG 1 (La Piazza and Gading Food City)
Kelapa Gading,
North Jakarta
Retail Mall
100%
80,000
n.a.
1,300 - 1,500
4Q2016
2019
• Office Tower
Office
100%
79,198
n.a.
750 - 950
2Q2017
2019
• Hotel
Hotel
100%
n.a.
407
600 - 800
2Q2017
2019
Residential
100%
45,818
n.a.
600 - 800
1Q2017
2019
Retail Mall
100%
27,974
n.a.
400 - 500
1Q2018
2019
Hotel
100%
n.a.
399
200 - 300
4Q2016
2018
Residential
100%
33,971
n.a.
450 – 550
1Q2017
2019
Scientia Business Park − Phase 3
Office
100%
7,560
n.a.
50 - 100
1Q2016
2017
Office
100%
7,560
n.a.
50 - 100
3Q2016
2017
Office
100%
7,560
n.a.
50 - 100
1Q2017
2018
Office
100%
7,560
n.a.
50 - 100
3Q2017
2018
Retail Mall
100%
41,468
n.a.
850 - 1,050
2Q2017
2019
Slipi Novotel Hotel
Hotel
55%
n.a.
267
400 - 500
1Q2017
2019
Slipi Office
Office
55%
29,898
n.a.
600 - 700
1Q2017
2019
Slipi Strata Office
Office
55%
24,380
n.a.
500 - 600
1Q2017
2019
392,947
1,073
• Strata Apartment at MKG 3
Summarecon Mal Serpong − Phase 3
Summarecon Mal Serpong − Hotel
Summarecon Mal Serpong − Strata Apartment
Serpong,
Greater Jakarta
Bekasi,
Greater Jakarta
Central Jakarta
Summarecon Mal Bekasi − Phase 2
Total
(1) Estimated total leasable area/ net saleable area, as applicable, of each property as at June 30,2015
47
Overview of SIP’s key development projects outside Greater Jakarta
Estimated capital
expenditure
Location
Property Name
Effective Interest Total NLA/NSA(1)
(%)
(sq.m.)
Hotel Rooms
(Rp. billion)
Start of
Construction
Completion
Hotel
58.65%
n.a.
312
550 - 750
Jan-14
2nd Quarter 2016
Samasta Entertainment Village
Retail Mall
58.65%
4,725
n.a.
40 - 60
Jan-14
1st Quarter 2016
Bali Condotel
Residential
58.65%
11,520
n.a.
200 – 300
1Q2018
2019
Summarecon Mal Bandung - Phase 1
Retail Mall
100%
52,423
n.a.
650 - 850
3Q2016
2018
Hotel
100%
n.a.
333
250 - 350
3Q2017
2019
Retail Mall
100%
40,000
n.a.
350 - 450
1Q2017
2018
Summarecon Mal Banjarmasin − Hotel
Hotel
100%
n.a.
300
150 - 250
1Q2017
2018
Hotel
Hotel
100%
n.a.
230
100 - 150
3Q2016
2018
Retail development
Retail mall
100%
4,721
n.a.
50 - 100
3Q2016
2018
Strata-title apartment
Residential
100%
13,568
n.a.
150 - 250
3Q2016
2019
126,957
1,175
Movenpick Resort & Spa
Jimbaran, Bali
Property Type
Bandung, East Java
Summarecon Mal Bandung − Hotel
Summarecon Mal Banjarmasin − Phase 1
Kalimantan
Yogyakarta,
Central Java
Total
(1) Estimated total leasable area/ net saleable area, as applicable, of each property as at June 30,2015
48
Engage in efforts to increase top-line revenue
Implementing distinctive marketing concepts to
improve shopper traffic and consumption at retail malls
 Undertake thematic promotional activities to encourage
traffic flow and generate ancillary income
Optimising the tenant and zoning mix for retail malls
Improving rentals while maintaining
high occupancy rates
 Improve tenant mix to enhance shopping experience,
increase shopper traffic and lower expenditure
 Alter tenant and zoning mix based on
consumer preference
 Yearly festivals such as the Wine and Cheese Expo or
the Jakarta Fashion and Food Festival have proven
successful
 Host concerts and entertainment programs sponsored by
local media corporations
 Offer discount vouchers to increase customer loyalty and
encourage spending
 Maintain high tenant retention and minimise
vacancy periods
 Maximise NLA
 Key efforts:
• Manage lease structures
• Step-up rental structure
• Advancing renewal negotiations
• Improve income generated from ancillary areas of
the mall
• Asset enhancement
49
Development of Slipi landbank
Artist impression of future developed Slipi offices and hotel(1)
Overview of Slipi development (2)
• Slipi is located on the fringe of the Jakarta CBD
• Development of land will commence in 2017 and is scheduled for
completion in 2019
• The development is expected to comprise of:
• 267 room Slipi Novotel Hotel
• 29,898sqm NLA Slipi Office for lease
• 24,380sqm NSA Slipi Strata Office for sale
(1) The artist impression of picture is subject to change
(2) There can be no assurance that our current or planned developments will be commenced and completed on time or at all. Net leasable area, net saleable area and hotel rooms are each
estimated based on our current development plans, which are subject to change. There can be no assurance that the actual net leasable area, net saleable area and hotel rooms, as applicable,
will not be less than the amounts indicated herein
50
Diversify asset portfolio geographically and actively pursue targeted
landbank
Asset diversification strategies
Key pipeline developments outside Greater Jakarta
Expand property portfolio to other regions outside Greater Jakarta
Engage in partnerships with well established hotel operators
such as Movenpick, Accor and Tauzia International to assist new market
2
entry
Utilize landbank in Slipi, Yogyakarta, Bandung, Banjarmasin and Bali
3
16 major cities identified as target locations for urban development
•
Summarecon Agung to build townships
•
SIP to develop and operate retail malls within townships
•
SIP to develop and operate mixed use property stand alone in
strategic locations
Continue to acquire land from Summarecon Agung
4
1
Targeted regions for expansion outside Java
1
Movenpick Resort and Spa
2
Summarecon Mal Banjarmasin
3
4
Yogyakarta
Actively acquire landbank for replenishment
Constant market monitoring for opportunities
Note: The artist conception of the planned developments are subject to change
51

PT Summarecon Investment Property

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