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Leased MallsTable 4.6.7: Rental positioning, Gajah Mada PlazaTenancy categoryAve.current rents(Rp./sqm/mo)Est. range ofmarket rents(Rp./sqm/mo)Growth prospectsAnchor Tenants. . . . . . . 33,000 40,000 - 45,000 Potential growth on lease renewalMajor Tenants . . . . . . . . 44,000 50,000 - 55,000 Potential growth on lease renewalSpecialty Tenants . . . . . 159,000 160,000 - 170,000 Potential growth on lease renewal.Ongoing tenancy re-mix may improveprospects.F&B, Restaurants . . . . . 137,000 175,000 - 200,000 Ongoing tenancy re-mix may improvegrowth prospects.Source: Jones Lang LaSalle Research and ConsultingFurther increases in the centre’s market share in its trade area are possible, in particular by attracting newvisitors to the centre by improving its retail offerings and by increasing the average time spent by currentvisitors. However, any strategies should not compromise GMP’s strongly established position as a valuecentre for middle and middle-upper residents.4.7 Ekalokasari Plaza4.7.1 Regional context and local economyThe municipality of Bogor is located in West Java Province, the most populous province in Java. It isapproximately 50 kilometres south of Jakarta and is connected to Jakarta via the Jagorawi toll road. It is onone of the main routes that connect Jakarta to Bandung. The population of Bogor municipality in 2002 wasapproximately 855,000 while the metropolitan area comprises nearly 3 million residents.The surrounding area is a prime agricultural area with tea, coffee, rice, and rubber being important crops.An agricultural research centre, as well as an agricultural university and other research institutesassociated with rural industries, is located in the City of Bogor. The city is also famous for itsextensive botanical gardens, which is a significant tourist attraction.Bogor is part of Greater Jakarta referred to as Jabotabek, or Jabodetabek, a name formed from taking thefirst two or three letters of each major municipality in the metropolitan area.The metropolitan area of greater Jakarta comprises Jakarta (a province on its own), Bogor, Depok andBekasi (all in West Java Province) and Tangerang (in Banten Province). Its population in 2005 wasestimated to be 22.3 million, making it the largest metropolitan area in Indonesia, and one of the ten largestmetropolitan areas in the world.The greater Jakarta metropolitan area is the political and economic heart of Indonesia.Ekalokasari Plaza (EP) is located in the municipality of Bogor, south-east of the city centre. It is one of themajor modern shopping malls serving the Bogor metropolitan area.4.7.2 DescriptionEP is a large modern shopping centre over six retail levels and three basements, which commencedoperation in December 2003. The shopping centre is located approximately 2 kilometres south east of theBogor City Centre on a major road, Jl. Siliwangi, approximately 1 kilometre west of the Jagorawi Tollroad.The centre is currently undergoing major refurbishment and extensions that will see the addition of twonew floors (level 3 and Mezzanine) comprising a range of lifestyle and entertainment facilities. Aconvention centre is also being built above the mezzanine, however this facility will be under separateownership and does not form part of this market report.Upon completion of the current upper level extensions, the centre will have a NLA of 25,600 sq.m.Table 4.7.1 provides details of the centre.F-99