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  • 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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