Lippo Malls Indonesi

What Lippo Malls Indonesi does

Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, is a Singapore-listed retail real estate investment trust that invests in and manages a portfolio of 29 income-producing retail mall properties across Indonesia. The trust was listed on the SGX-ST on 19 November 2007 and was renamed Landmark Real Estate Investment Trust in March 2026, with an expanded mandate to pursue a diversified, multi-asset, multi-geography investment approach across Asia. As at 31 December 2025, the portfolio had a combined valuation of S$1,421.6 million, 945,216 square meters of net lettable area, 86.5% portfolio occupancy, 3,092 tenants, and 132 million annual shopper visits, with a weighted average lease expiry of 2.9 years.

The trust generates revenue primarily through base rent and turnover rent from tenants across its properties, with anchor tenants including Matahari Department Store (4.1% of rental revenue), Hypermart (1.5%), Sogo, and Timezone, alongside specialty tenants such as Uniqlo, Cinepolis, Solaria, AZKO, and Miniso. Q4 2025 revenue was S$53.3 million (up 8.1% year-on-year) and net property income was S$31.6 million (up 13.8% year-on-year). The portfolio spans Greater Jakarta, Bandung, Yogyakarta, Medan, Palembang, Bali, and Sulawesi, and is managed by Landmark REIT Management Ltd., with Perpetual (Asia) Limited as trustee and Lippo Karawaci as sponsor (Lippo Karawaci owns or manages 59 malls across Indonesia, providing a deal-sourcing pipeline).

The trust's go-to-market is public market trading on the SGX-ST, with investor relations managed by August Consulting Pte Ltd and unitholder distributions paid quarterly. Distribution channels are restricted to Singapore Exchange trading and standard REIT governance communications including SGX announcements, annual reports, sustainability reports, AGM/EGM communications, and email alerts. The customer base is bifurcated: institutional and retail unitholders (capital providers) and corporate tenants leasing retail space (revenue generators), with the former segment driving the listing and distribution model and the latter driving the underlying cash flows.

Name

Lippo Malls Indonesi

Legal name

Landmark REIT

Website

https://lmir-trust.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Landmark REIT (formerly Lippo Malls Indonesia Retail Trust) is a Singapore-listed retail REIT owning 29 Indonesian retail malls with S$1,421.6 million portfolio valuation, serving institutional unitholders and over 3,092 retail tenants across Indonesia.

Ownership category

akta.pro rank

Product category

Retail REIT (Commercial Real Estate)

NAICS

Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Retail real estate
• Shopping mall investment
• Property leasing
• Real estate investment trust
• Commercial property management

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales

Revenue model

1. Retail Property Rental Income: Primary revenue stream from leasing retail mall spaces to tenants including anchor tenants (Matahari Department Store, Hypermart), fashion retailers (Uniqlo, Zara, H&M), entertainment operators (Cinepolis, Timezone, Cinema XXI), F&B operators (Solaria, Starbucks), and specialty retailers. Revenue generated from base rent and turnover rent arrangements. Q4 2025 rental revenue: S$28.6 million (+6.5% YoY).
2. Net Property Income: Net property income of S$31.6 million for Q4 2025, up 13.8% year-on-year from S$27.8 million. Represents net revenue after property operating expenses.
3. Service Charge and Other Property Income: Additional revenue from service charges, car park operations, and other property-related income at the 29 retail malls.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Lippo Malls Indonesia Retail Trust (now Landmark REIT) operates a Singapore-listed retail real estate investment trust that owns and leases 29 income-producing shopping malls across Indonesia spanning 945,216 sqm of net lettable area. The trust earns recurring rental revenue from anchor tenants (Matahari Department Store, Hypermart, Sogo), international fashion brands (Uniqlo, Zara, H&M), entertainment operators (Cinepolis, Timezone), and F&B operators (Solaria, Starbucks). It distributes income to unitholders via SGX-ST listing and pursues growth through acquisitions and asset enhancement initiatives.

Product overview

Landmark REIT (formerly Lippo Malls Indonesia Retail Trust) is a retail real estate investment trust managing a portfolio of 29 retail mall properties across Indonesia. The portfolio includes various Lippo Mall, Lippo Plaza, and other branded retail properties strategically located in key cities including Greater Jakarta, Bandung, Yogyakarta, Medan, Palembang, Bali, and Sulawesi. The REIT offers exposure to Indonesia's retail property sector through ownership of income-generating retail spaces leased to tenants including anchor tenants (Matahari Department Store, Hypermart, Sogo) and specialty tenants (Uniqlo, Zara, H&M, Cinepolis, Timezone).

Differentiator

Problem solved

Functional benefit

Products and services

• Lippo Mall Kuta A three-level lifestyle mall in Bali connected to Aryaduta Bali 5-star hotel, offering products and services covering daily needs, fashion, entertainment and food & beverage.
• Lippo Mall Kemang A mid-sized fashion and lifestyle mall in South Jakarta catering to discerning consumers, featuring the Avenue of The Stars alfresco dining area.
• Lippo Mall Puri A one-stop shopping destination comprising two eight-storey buildings in West Jakarta's St. Moritz Jakarta Integrated Development, one of the largest purpose-built shopping malls in West Jakarta.
• Lippo Mall Cikarang A two-level retail mall within the Lippo Cikarang estate, the main shopping centre in the estate with limited competition within an approximately 10-km radius.
• Lippo Mall Nusantara (formerly The Plaza Semanggi) A modern mixed development with seven levels plus two basement levels, located in Jakarta's Central Business District within the Golden Triangle at the Semanggi interchange.
• Sun Plaza The biggest upmarket shopping centre in Medan, North Sumatra, anchored by Sogo Department Store and home to international brands such as Uniqlo, Zara, The North Face.
• Plaza Medan Fair A four-level retail mall, the second largest in Medan, hosting well-known international and domestic retailers including Transmart Carrefour, Matahari Department Store, Cinepolis.
• Bandung Indah Plaza A four-level retail mall with three basement levels in Bandung's Central Business District, attached to 5-star hotel Aryaduta Bandung.
• Palembang Icon A five-level retail development in Palembang with a sports centre, positioned as a new lifestyle icon in South Sumatra, anchored by Cinepolis and Uniqlo.
• Palembang Square A four-level retail mall in Palembang, South Sumatra, part of a mixed-use development with hotel and proposed hospital.
• Palembang Square Extension A two-storey retail mall in Palembang, part of a mixed-use development connected to Palembang Square and hospital via bridge.
• Grand Palladium A retail mall in Medan Central Business District near Polonia International Airport, drawing shoppers from offices and hotels nearby.
• Lippo Plaza Kendari A four-storey family mall in the heart of Kendari, capital of Southeast Sulawesi, with tenants including Hypermart, Cinepolis and Timezone.
• Lippo Plaza Ekalokasari Bogor A six-level retail mall with two basement levels located southeast of Bogor City Centre, anchored by Matahari Department Store and Hypermart.
• Lippo Plaza Kramat Jati A five-level retail mall with one basement level in East Jakarta near Taman Mini Indonesia Indah, anchored by Matahari Department Store.
• Lippo Plaza Jogja A 10-storey building including basement and mezzanine levels in Yogyakarta, part of an integrated development with adjoining Siloam Hospitals Yogyakarta.
• Lippo Plaza Batu A retail mall with three levels and one basement level in Batu City, East Java, anchored by Matahari Department Store and Hypermart.
• Kediri Town Square A two-storey retail mall in Kediri city, East Java, providing products and services covering daily needs, fashion, entertainment and F&B.
• Java Supermall A retail mall in Semarang, capital city of Central Java, with strata units leased to a department store and furniture store.
• Istana Plaza A four-level retail mall with two basement levels and carpark in Bandung's Central Business District.
• Gajah Mada Plaza A seven-level shopping centre with one basement level in Jakarta's Chinatown, positioned as a one-stop shopping, dining and entertainment destination.
• Cibubur Junction A five-level shopping centre with partial rooftop level, one basement level and carpark in one of Jakarta's most affluent residential areas.
• Depok Town Square Located on Jalan Margonda Raya adjacent to University of Indonesia, utilizing strata units as department store, hypermarket and entertainment centre.
• Pluit Village A five-level retail mall in North Jakarta in close proximity to affluent residential estates and apartments.
• Tamini Square A strata-titled four-level retail mall with two basement levels in East Jakarta near Taman Mini Indonesia Indah.
• Plaza Madiun Located in the city of Madiun, East Java, along the primary thoroughfare Jalan Pahlawan in the commercial and administrative zone.
• Metropolis Town Square A one-stop shopping mall in the middle to upper income Kota Modern residential estate in Tangerang city, Banten province.
• Mall WTC Matahari Located along Jalan Serpong Raya in Tangerang, connected to the fast-growing BSD residential estate, the largest residential estate in Greater Jakarta.
• Malang Town Square An international lifestyle mall, the biggest and most comprehensive mall in Malang, East Java, with access to public transportation and surrounded by exclusive residential communities.

Quantifiable outcome

• Q4 2025 net property income increased 13.8% year-on-year to S$31.6 million
• +4 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Lippo KarawacicoreStrategic or Co-development PartnerLippo Karawaci is the sponsor of Landmark REIT, holding the largest and most diversified land bank throughout Indonesia and being a market leader in mixed-use integrated developments. The sponsor owns and/or manages 59 malls throughout Indonesia and provides Landmark REIT with extensive network access for identifying and enhancing undervalued retail properties for acquisitions. The partnership enables the Trust to leverage Lippo's local expertise and pipeline opportunities.
• Perpetual (Asia) LimitedcoreStrategic or Co-development PartnerPerpetual (Asia) Limited serves as the Trustee of Landmark REIT, holding the assets of the trust for the benefit of unitholders. Located at 38 Marina Boulevard, Marina Bay Financial Centre, Singapore, the Trustee plays a critical governance role in protecting unitholder interests.
• RSM SG Assurance LLPcoreImplementation/ SI/ Consulting PartnerRSM SG Assurance LLP serves as the auditors of Landmark REIT, providing independent audit services. Located at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095. Partner-in-charge: Mr Naveen Sasidaran (appointed since financial year ended 31 December 2025).
• August Consulting Pte LtdcoreGTM or Marketing PartnerAugust Consulting Pte Ltd handles investor relations for Landmark REIT, managing communication with analysts and media. Located at 101 Thomson Road, #29-05 United Square, Singapore 307591.
• Boardroom Corporate & Advisory Services Pte LtdminorImplementation/ SI/ Consulting PartnerBoardroom Corporate & Advisory Services Pte Ltd serves as the Unit Registrar of Landmark REIT, handling unit registry and transfer services. Located at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632.

Scale indicators10 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Frasers Centrepoint Trust: Pure-play Singapore suburban retail REIT listed on SGX. Comparable as a retail-focused REIT serving middle-class consumer catchments, with similar tenant remixing, asset enhancement, and distribution-yield-driven investor base.
• Fortune REIT: Hong Kong-listed retail REIT focused on neighborhood and suburban malls across Hong Kong. Comparable as a retail REIT serving middle-class consumers with similar asset enhancement strategy and tenant mix management approach.
• Suntec REIT: SGX-listed REIT with retail component (Suntec City mall) and office portfolio. Comparable as a Singapore-listed REIT investing in mixed retail/commercial income-producing real estate serving Asian institutional and retail investors.
• Starhill Global REIT: SGX-listed REIT focused on retail properties primarily in Singapore, Malaysia, and Australia. Comparable as a Singapore-listed retail REIT with Asia-Pacific retail mall assets and similar tenant mix and distribution model.
• CapitaLand Integrated Commercial Trust: Largest Singapore-listed REIT with a meaningful retail component (including Bugis+, IMM, Funan) alongside office assets. Directly comparable as a SGX-listed retail-focused REIT with Asian property exposure and similar investor base.
• Mapletree Pan Asia Commercial Trust: SGX-listed REIT with retail mall holdings (VivoCity, etc.) across Singapore and Asia. Closely comparable as a publicly listed retail/commercial REIT on SGX targeting similar investor segments with income-producing real estate.

Others

• Lippo Karawaci: Indonesian-listed property developer and Landmark REIT's sponsor. Comparable not as a competitor but as the parent/sponsor providing deal flow, asset management, and the Indonesian mall pipeline that underpins Landmark REIT's growth strategy.
• Perpetual (Asia) Limited: Trustee of Landmark REIT and a fiduciary services provider. Adjacent as the trust's regulated trustee providing governance and asset custody — relevant ecosystem participant in the Trust's structure rather than a direct competitor.

Broad incumbents

• Link REIT: Asia's largest REIT and Hong Kong-listed retail property landlord. Comparable as a dominant pan-Asian retail REIT with similar focus on shopping mall portfolios serving middle-class consumers, though Link operates at materially larger scale.

Regional players

• Ciputra Development: Major Indonesian property developer with shopping mall and mixed-use portfolio. Comparable as an Indonesian mall operator competing for similar middle-class retail tenants and locations, though operates as an operating company rather than a REIT structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/lippomalls

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lippo Malls Indonesi