STUDI KELAYAKAN INVESTASI BISNIS PROPERTI (STUDI KASUS: CIATER RIUNG RANGGA)

Putu Dharma Warsika

Abstract


It has been long time that government (regulator), developer (organizer)
and banking side (source of finance) are trapped in wrong assumption of seeing
business of property. The government assumption that development of big scale
housing area (by development of new town or self-supporting town) will create
efficiency at national industry housing in fact is totally wrong. Developer and
banking side opinion which say that by using business calculation big scale
property will give more benefits than those of small scale project. Logically, the
greater the project property the higher the price of the land and the house to be sold
to the consumer but it lacks of buyer.
Ciater Riung Rangga is one of property projects which were launched in 1995 and
invested a big capital in long term. The question arises whether investment to that
project will benefit or not. Analyses such as cash in flow, cash out flow, projected cash flow, NPV, IRR, Profitability index, Modified IRR and COC are used to
analyze the data.
Base on the research conducted total cash in flow and cash out flow of the Ciater
Riung Rangga project were Rp190.772.079.000,- and Rp121.493.750.000,-
respectively. Projected Net profit was Rp35.202.956.100,-. NPV obtained was
Rp14.848.189.000,- indicating that this project was competent to be run. Result of
IRR was 69,38 % (greater than 20%), which means that the project was feasible to
be run. Profitability Index/ ratio was >>> 1, with assumption that initial
investment was zero. Result of MIRR was 33, 42% and COC was 25,76%,
meaning that it can be reinvested (MIRR > COC).

Keywords


feasibility study, investment, property.

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