VARIABLE

jarak dengan pusat kota

jarak dengan fasilitas trnsprt
letak dengan jenis jalan
penyesuaian luas tanah
Luas tanah
harga pembanding
HARGA TERBANDING

PEMBANDING A
-12.46%
-4%
-13.40%
3%
3500
Rp
8,000,000.00
Rp
5,849,466.79

PEMBANDING B
-8.49%
-3%
-13.40%
6%
3000
Rp
6,250,000.00
Rp
5,056,416.67

PEMBANDING D
-4.90%
-1%
0
-3%
5572
Rp
5,500,000.00
Rp
4,994,116.53

LUAS TANAH YG DBELI

4250

Rp

5,300,000.00

perbndg luas A
21%

perbndg luas B
42%

perbndg luas C
-24%

Inventaris Selama 1 th
No.

Uraian
1 Kendaraan motor
2 Komputer 1 set
3 Printer A4
4 Printer A3
5 Telephon dan Fax
6 Alat komunikasi dan HT
7 Filling cabinet
8 Meja kursi kantor dan meubeler
9 Lain - lain

volume

satuan
1 Unit
5 Unit
2 Unit
1 Unit
1 Unit
4 Unit
2 Unit
10 Unit
1 ls

Jumlah

Biaya Infrastruktur
No.
1
2
3
4
5

Uraian

Volume
Satuan
1200 m2
15 unit
20 unit
20 unit
2 unit

Jalan paving
Lampu penerangan
Pemasangan listrik
Pemasangan PDAM
Pos jaga
Total

Uraian Pos Jaga

No.
1
2
3
4
5
6
7
8
9
10
11
12

Uraian
Pondasi batu kali
Pasangan dinding bata
Pasangan plesteran
Sloof
Kolom
Balok
Pasangan keramik 40x40
Plat atap
Frame Kaca
Jendela
Pemasangan titik lampu
pemasangn kunci

Volume
Satuan
4.11 m3
17.5 m2
105 m2
0.09 m3
1.48 m3
0.45 m3
4 m2
4 m2
1 unit
1 unit
1 unit
1 unit
Total

1 th
Harga satuan
15,000,000.00
4,000,000.00
1,000,000.00
3,000,000.00
2,500,000.00
1,500,000.00
1,500,000.00
1,500,000.00
5,000,000.00

Jumlah Harga
15,000,000.00
20,000,000.00
2,000,000.00
3,000,000.00
2,500,000.00
6,000,000.00
3,000,000.00
15,000,000.00
5,000,000.00
71,500,000.00

Harga satuan
Rp
46,000
Rp
1,500,000
Rp
1,100,000
Rp
1,100,000
Rp
20,127,000

Jumlah Harga
Rp
55,200,000
Rp
22,500,000
Rp
22,000,000
Rp
22,000,000
Rp
40,254,000
Rp 23,873,000

Harga Satuan
Rp
500,000
Rp
76,000
Rp
27,000
Rp
2,000,000
Rp
2,150,000
Rp
2,500,000
Rp
98,000
Rp
2,000,000
Rp
600,000
Rp
300,000
Rp
68,000
Rp
60,000

Jumlah Harga
Rp
2,055,000
Rp
1,330,000
Rp
2,835,000
Rp
180,000
Rp
3,182,000
Rp
1,125,000
Rp
392,000
Rp
8,000,000
Rp
600,000
Rp
300,000
Rp
68,000
Rp
60,000
Rp 20,127,000

ur

Luas Tanah
Harga /m2
harga kontruksi/unit

3000
14,000,000.00
567,000,000.00

Rp
Rp

Luas Total Bangunan / unit

Harga Konstruksi /m /unit
Jumlah Unit
2

162
Rp

3,500,000.00
20

BIAYA INVESTASI
Uraian
Tanah
Biaya Konstruksi
DESIGN
Kontraktor
TOTAL
Biaya infrastruktur
Operasional Awal
PPN

penerimaan hutang

Catatan

5.13%
10%

3000 m2 x Rp 14000000
20 unit x Rp 567000000
5.13 % x Rp 567000000
10 % x Rp567000000 x 20 unit

Tabel 5
10%
10%
TOTAL BIAYA INVESTASI

50%

32713788760

Tabel Imbalan Jasa Arsitek

Source : http://iai-jakarta.org/?scr=15.02&selectLanguage=1

m2

m2
unit

ASI

rsitek

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

Harga
42,000,000,000.00
11,340,000,000.00
29,087,100.00
1,134,000,000.00
54,503,087,100.00
23,873,000.00
5,450,308,710.00
5,450,308,710.00
65,427,577,520.00

SUKU BUNGA BANK

* PENERIMAAN HUTANG [A/P,10%,5]

0.263797480794745000
Rp
8,629,815,062.14

SUKU BUNGA BANK

3 Biaya Listrik

Luas (m2)

Daya
(kwh)
t (Jam)
hari
100
0.03
10

P Total (kwh/bulan)
30
900

Luas Kantor : 100 m2

Jam efektif kerja 8jam +(2jam operasional sebelum dan sesudah) : 10 jam
Daya Instalasi Listrik 1300 watt
Tarif Dasar Listrik (TDL) untuk daya 1300 watt : Rp 1352,00

Biaya Air
Kebutuhan per bulan
Kebutuhan per th

Rp
Rp

100,000.00
1,200,000.00

Tarif dasar
Listrik/kwh
Biaya Listrik / Bulan Biaya Listrik / Tahun
Rp
1,352.00 Rp 1,216,800.00 Rp
14,601,600.00

dah) : 10 jam
Sumber : pulsa-online.com

TOTAL

No.
2
3
4
5
6
7
8
9

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist
Driver
Security Officer
Office Boy
Pelaksana Proyek
Drafter

Ijazah Minimum
D3
D3
D3
SLTA
SLTA
SLTA
S1
D3

Jumlah
1
1
2
2
2
2
2

Ijazah Minimum
D3
D3
D3
SLTA
SLTA
SLTA
S1
D3

Jumlah
1
1
2
2
2
2
2

Ijazah Minimum
D3
D3
D3
SLTA
SLTA
SLTA

Jumlah
1
1
2
2
2
2

Ijazah Minimum
D3
D3
D3

Jumlah
1
1
2

TOTAL GAJI MANAGERIAL

TAHUN 1

No.
2
3
4
5
6
7
8
9

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist
Driver
Security Officer
Office Boy
Pelaksana Proyek
Drafter

TOTAL GAJI MANAGERIAL

TAHUN 2

No.
2
3
4
5
6
7

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist
Driver
Security Officer
Office Boy

TOTAL GAJI MANAGERIAL

TAHUN 3

No.
2
3
4

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist

5
6
7

Driver
Security Officer
Office Boy

SLTA
SLTA
SLTA

2
2
2

Ijazah Minimum
D3
D3
D3
SLTA
SLTA
SLTA

Jumlah
1
1
2
2
2
2

Ijazah Minimum
D3
D3
D3
SLTA
SLTA
SLTA

Jumlah
1
1
2
2
2
2

TOTAL GAJI MANAGERIAL

TAHUN 4

No.
2
3
4
5
6
7

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist
Driver
Security Officer
Office Boy

TOTAL GAJI MANAGERIAL

TAHUN 5

No.
2
3
4
5
6
7

Tenaga/Staffs
Secretary
Accountant/Administrator
Computer Operator/Typist
Driver
Security Officer
Office Boy

TOTAL GAJI MANAGERIAL

Durasi (bulan)

60
60
60
60
60
60
8
8

Durasi (bulan)

12
12
12
12
12
12
8
8

Durasi (bulan)

12
12
12
12
12
12

Durasi (bulan)

12
12
12

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000
Rp
2,710,000
Rp
2,710,000
Rp
1,700,000
Rp
1,700,000
Rp
1,500,000
Rp
3,000,000
Rp
2,500,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

Total GD
162,600,000
162,600,000
325,200,000
204,000,000
204,000,000
180,000,000
48,000,000
20,000,000

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000
Rp
2,710,000
Rp
2,710,000
Rp
1,700,000
Rp
1,700,000
Rp
1,500,000
Rp
3,000,000
Rp
2,500,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

Total GD
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000
48,000,000
20,000,000

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000
Rp
2,710,000
Rp
2,710,000
Rp
1,700,000
Rp
1,700,000
Rp
1,500,000

Rp
Rp
Rp
Rp
Rp
Rp

Total GD
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000 Rp
Rp
2,710,000 Rp
Rp
2,710,000 Rp

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

TOTAL GAJI
162,600,000
162,600,000
325,200,000
204,000,000
204,000,000
180,000,000
48,000,000
20,000,000
1,306,400,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

TOTAL GAJI
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000
48,000,000
20,000,000
315,680,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp

TOTAL GAJI
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000
247,680,000

Total GD
TOTAL GAJI
32,520,000 Rp
32,520,000
32,520,000 Rp
32,520,000
65,040,000 Rp
65,040,000

12
12
12

Durasi (bulan)

12
12
12
12
12
12

Durasi (bulan)

12
12
12
12
12
12

Rp
Rp
Rp

1,700,000 Rp
1,700,000 Rp
1,500,000 Rp

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000
Rp
2,710,000
Rp
2,710,000
Rp
1,700,000
Rp
1,700,000
Rp
1,500,000

Gaji Dasar [GD]

Biaya Satuan
Rp
2,710,000
Rp
2,710,000
Rp
2,710,000
Rp
1,700,000
Rp
1,700,000
Rp
1,500,000

40,800,000 Rp
40,800,000 Rp
36,000,000 Rp
Rp

Rp
Rp
Rp
Rp
Rp
Rp

Total GD
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000

Rp
Rp
Rp
Rp
Rp
Rp

Total GD
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000

40,800,000
40,800,000
36,000,000
247,680,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp

TOTAL GAJI
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000
247,680,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp

TOTAL GAJI
32,520,000
32,520,000
65,040,000
40,800,000
40,800,000
36,000,000
247,680,000

Biaya Pemasaran
Tahun
2015
2016
2017
Jumlah

Biaya Pemasaran (5% x harga jual)

Rp
412,500,000
Rp
1,122,000,000
Rp
1,633,376,250
Rp
3,167,876,250

Pemeliharaan Bangunan per tahun (untuk yang belum terjual)

TAHUN 2
No

Deskripsi

Satuan

Luas Total

1 Pengecatan dinding

6,240.000

2 Perbaikan dan Pengecatan Plafond

m2

1,620.000

3 Perbaikan Atap Genteng

765.000

TAHUN 3
No

Deskripsi

Satuan

Luas Total

1 Pengecatan dinding

2,496.000

2 Perbaikan dan Pengecatan Plafond

648.000

3 Perbaikan Atap Genteng

m2

306.000

TOTAL BIAYA PEMELIHARAAN

Sisa Belum Laku th ke 2
Sisa Belum Laku th ke 3

:
:

6
4

Jumlah unit perbaikan tahun 1

Jumlah unit perbaikan tahun 2

:
:

10
4

Luas Dinding /unit

Luas Plafond /unit
Luas Genteng/unit

:
:
:

624
162
76.5

Biaya Konstruksi/Bangunan
Rp
567,000,000.00
10% Biaya Konstruksi :
Rp

56,700,000.00

Asumsi

Luas Total
Perbaikan

Harga Satuan / m2

Total Harga

10%

624.00 Rp

12,000.00 Rp

7,488,000.00

10%

162.00 Rp

95,000.00 Rp

15,390,000.00

10%

76.50 Rp

130,000.00 Rp
Rp

9,945,000.00
32,823,000.00

Asumsi

Luas Total
Perbaikan

Harga Satuan / m2

Total Harga

10%

249.60 Rp

13,000.00 Rp

3,244,800.00

10%

64.80 Rp

97,000.00 Rp

6,285,600.00

10%

30.60 Rp

132,000.00 Rp
Rp

4,039,200.00
13,569,600.00

MELIHARAAN

Rp

unit
unit

624
76.5

59,962,200.00

No
1
2
3
4
5
6

Keterangan
Biaya Listrik
Biaya Kebutuhan Air
Biaya Gaji Staf Karyawan Managerial
Biaya Pemasaran
Biaya Pemeliharaan
Biaya Inventaris
BIAYA OPERASIONAL PERTAHUN

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

2016
14,601,600.00
1,200,000.00
315,680,000.00
412,500,000.00
71,500,000.00
815,481,600.00
402,981,600.00
0.4941639394
0.2826997041

REKAPITULASI BIAYA OPERASIONAL

2017
Rp
14,601,600.00
Rp
1,200,000.00
Rp
247,680,000.00
Rp 1,122,000,000.00
Rp
32,823,000.00
Rp
Rp1,418,304,600.00
Rp

TAHUN
2018
Rp
14,601,600.00
Rp
1,200,000.00
Rp
247,680,000.00
Rp 1,633,376,250.00
Rp
13,569,600.00
Rp
Rp1,910,427,450.00

296,304,600.00 Rp
0.2089146436

Rp
Rp
Rp
Rp
Rp
Rp
Rp

277,051,200.00 Rp
0.1450205293

2019
14,601,600.00
1,200,000.00
247,680,000.00
263,481,600.00
263,481,600.00
1

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

2020
14,601,600.00
1,200,000.00
247,680,000.00
263,481,600.00
263,481,600.00
1

PERBANDINGAN Luas Bangunan Luas Tanah

A
180
90
B
132
80
C
132
100
A
221
85
B
150
75
C
220
63
A
80
80
B
225
75
C
207
90
A
160
78
Total Harga /m2
RUKO 4 A Square
162
81

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

Harga
3,100,000,000
2,500,000,000
3,100,000,000
2,250,000,000
2,900,000,000
3,500,000,000
2,200,000,000
3,950,000,000
2,895,000,000
3,300,000,000

Rp 3,300,000,000

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

Harga/m2
25%
75%
17,222,222
18,939,394
23,484,848
10,180,995
19,333,333
15,909,091
27,500,000
17,555,556
13,985,507
20,625,000
184,735,947
18,473,595 Rp 825,000,000 Rp 2,475,000,000

2,992,722,344.09

asumsi pembayaran 25% tahun pertama dan sisa 75% harus lunas dalam jangka waktu 2 tahun
Tabel Penjualan
Jumlah terjual
10
Rp
6
Rp
4
Rp

Tahun
2016
2017
2018

Tahun
2016
2017
2018
2019
2020

Rp
Rp
Rp

Harga Jual
3,300,000,000
3,795,000,000
4,364,250,000

Total pendapatan
Pendapatan (Rp)
25%
75%
8,250,000,000
0
5,692,500,000 Rp
16,747,500,000
4,364,250,000 Rp
28,303,275,000
0 Rp
20,415,202,500
0 Rp
8,859,427,500
Total Pendapatan

Kenaikan Harga Jual per tahun

Total pendapatan
Rp
Rp
Rp
Rp
Rp
Rp

8,250,000,000
22,440,000,000
32,667,525,000
20,415,202,500
8,859,427,500
92,632,155,000

Perhitungan
Tahun

Pendapatan
25%

2015

25 % x 10 x Rp3300000000= Rp 8250000000

2016

25% x 7 unit x (115% xRp 1.699.999.999,-) = Rp 3.421.249.998,-

2017

25% x 6 unit x (115% x Rp 1.954.999.999,- )= Rp 3.372.374.998,-

2018
2019
Total Pendapatan

ka waktu 2 tahun

Harga Jual per tahun 15%

Pendapatan (Rp)
75%
0
37.5% x 15 unit x Rp 1.699.999.999,- x + 13,25% x 15 unit x Rp 1.699.999.999
(37.5% x 15 unit x Rp 1.699.999.999,- x + 13,25% x 15 unit x Rp 1.699.999.999) +
(37.5% x 7 unit x Rp 1.954.999.999,- x + 13,25% x 7 unit x Rp 1.954.999.999,-)
(37.5% x 7 unit x Rp 1.954.999.999,- x + 13,25% x 7 unit x Rp 1.954.999.999,-) + (37.5%
x 6 unit x Rp 2.248.249.999,- x + 13,25% x 7 unit x Rp 2.248.249.999,-)
(37.5% x 6 unit x Rp 2.248.249.999,- x + 13,25% x 7 unit x Rp 2.248.249.999,Total Pendapatan

Total pendapatan

Rp

8,250,000,000

Rp

22,440,000,000

Rp

32,667,525,000

Rp

20,415,202,500

Rp
Rp

8,859,427,500
92,632,155,000

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 5]
=
Rp 39,256,546,512
=
Rp
8,629,815,062
MARR
Masa investasi

15%
5 tahun
2015
0
Rp (65,427,577,520)
Rp
39,256,546,512

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (26,171,031,008) Rp
1
Rp (26,171,031,008) Rp
Rp
3,279,517,948
23.07521165112%
4.23

DF utk PP

Rp

2016
1

(8,629,815,062)
8,250,000,000
(815,481,600)
(1,195,296,662)
1.15
(1,039,388,402)

0.2983155525
8,785,556,782.00

26,171,031,008
2.9788699404

=
=

8,785,556,782.00
[P/A,15%,n]

2.9788699404

((1+i)n)-1
i((1+i)n

2.9788699404
n

((1+0.15)n)-1

0.15((1+0.15)n
4.23

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2017
2

10%
10%
5%
15%

2018
3

2019
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 22,440,000,000 Rp 32,667,525,000 Rp 20,415,202,500
Rp (1,418,304,600) Rp (1,910,427,450) Rp
(263,481,600)
Rp 12,391,880,338 Rp 22,127,282,488 Rp 11,521,905,838
1.3225
1.520875
1.74900625
Rp
9,370,041,843 Rp 14,549,047,415 Rp
6,587,687,058

x [P/A,15%,n]

15%

4.23
2.9788699404
4 Tahun
3 Bulan
0.23

2.975557616

2020
5

Rp
Rp
Rp
Rp

(8,629,815,062)
8,859,427,500
92632155000
(263,481,600)
-4671176850
(33,869,162)
2.0113571875
[F/P,15%,5]
Rp
(16,838,959) Rp 29,450,548,956 NCF X 1/[F/P,15%,5]

Grafik IRR

Rp4,000,000,000

Rp3,000,000,000

Rp2,000,000,000

Rp1,000,000,000

Rp14%

15%

16%

17%

18%

19

Rp(1,000,000,000)

Rp(2,000,000,000)

15
17
%

15
17
%

IRR
Rp

NPV
MARR

3,279,517,948 Rp
15%

(842,788,294)
21%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
23.07521165112%

IRR

Grafik IRR

Grafik IRR

17%

18%

19%

15.1
1796
%

20%

21%

22%

15.1
1796
%

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 5]
=
Rp 39,256,546,512
=
Rp
8,629,815,062
MARR
Masa investasi

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

21%
5 tahun
2015
0
Rp (65,427,577,520)
Rp
39,256,546,512
Rp
0
Rp
0
Rp
Rp (26,171,031,008) Rp
1
Rp (26,171,031,008) Rp
Rp
(842,788,294)
23.07521165112%
0

2016
1

(8,629,815,062)
8,250,000,000
(815,481,600)
(1,195,296,662)
1.21
(987,848,481)

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2017
2

2018
3

10%
10%
15%
25%

2019
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 22,440,000,000 Rp 32,667,525,000 Rp 20,415,202,500
Rp (1,418,304,600) Rp (1,910,427,450) Rp
(263,481,600)
Rp 12,391,880,338 Rp 22,127,282,488 Rp 11,521,905,838
1.4641
1.771561
2.14358881
Rp
8,463,821,008 Rp 12,490,274,107 Rp
5,375,054,107

2020
5

Rp
Rp
Rp
Rp

(8,629,815,062)
8,859,427,500
92632155000
(263,481,600)
-4671176850
(33,869,162)
2.5937424601
Rp
(13,058,028) Rp 25,328,242,714

NPV
MARR

Rp

IRR

(842,788,294.48) Rp
21%

3,279,517,947.64
15%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
23.07521165112%

Salvage Value
Nilai Sisa = Nilai awal - depresiasi

Depresiasi =
Nilai Awal
Depersiasi =

diasumsikan
Rp
(65,427,577,520.00)
Rp
(6,542,757,752.00)

Nilai Sisa =

Rp

(58,884,819,768.00)

TIDAK ADA NILAI SISA KARENA SEMUA UNIT T

TERMINAL VALUE
NOI = Rp
CapeRate =

14,047,722,346.14 Rp
15.000%

TV =

93,651,482,307.59

Rp

Total pendapatan
(P/A,13%,5)

17,919,740,985

Rp

66,633,242,461

i((1+i)n
3.5172312615 Rp
0.2843145434 Rp
18,944,799,903

66,633,242,461
66,633,242,461

((1+i)n)-1

Rp

Total pengeluaran
Rp
1,025,058,918

Rp

3,605,369,270

10%

dari nilai awal

SEMUA UNIT TERJUAL

A.

BIAYA INVESTASI
0 awal
Rp
65,427,577,520
7% 107% nilai investasi awal
Rp
70,007,507,946

B.

HARGA JUAL
awal Rp
89% Rp

0
-11%
C.

3,300,000,000
2,937,000,000

BIAYA OPERASIONAL
tahun ke 1
0 Biaya Operasional Awal
Rp
100%
250% Rp

D.

CAPE RATE
0 i% awal
41% i% rekayasa

(815,481,600)
(1,630,963,200)
i%
15.0000%
26%

HUBUNGAN NPV DENGAN BIAYA INV

Rp12
Rp10
Rp8
Rp6
N
P
V

Rp4
Rp2

Rp-

BIAYA INVESTASI

BIAYA INVESTASI

HUBUNGAN NPV DENGAN BIAYA OP

N
P
V

Rp(10,800,000,000)

Rp(7,200,000,000)

BIAYA OPERASIONAL

DARI KURVA SENSITIVITAS, DIDAPAT ANGKA AMAN KEN

Biaya Investasi kenaikan 3,725 %
Harga Jual diturunkan 3,725 %
Biaya Operasional Kenaikan tahun ke 1
5%
Rp
(845,858,290)
Cape Rate Kenaikan 5%
15.559%
LEBIH DARI 3.725 NPV NEGATIVE

KURVA SENSITIVIT
Rp20,000,000,000

Rp15,000,000,000

Rp10,000,000,000
N
P
V
Rp5,000,000,000

-15%

Rp-5%

5%

15%

25%

35%

45%

Rp(5,000,000,000)
% Kenaikan

55%

65%

NPV
Rp
Rp
NPV
Rp
Rp

NPV = 0
3,279,517,948
persen kenaikan
Rp 68,707,095,468
(1,300,412,479)
npv
NPV = 0
3,279,517,948
18,457,315,597

Rp

3,378,434,635

2
Rp
Rp
NPV
Rp
Rp

(1,418,304,600) Rp
(2,836,609,200) Rp

persen kenaikan
npv

(1,910,427,450) Rp
(3,820,854,900) Rp

(263,481,600)
(526,963,200)

NPV = 0
3,279,517,948
(1,027,419,880)

22.995%

N NPV DENGAN BIAYA INVESTASI

BIAYA INVESTASI

persen kenaikan
npv

BIAYA INVESTASI

N NPV DENGAN BIAYA OPERSIONAL

Rp3,500,000,000

Rp3,000,000,000

Rp2,500,000,000

Rp2,000,000,000

Rp1,500,000,000

Rp1,000,000,000

Rp500,000,000

Rp(7,200,000,000)

RpRp(3,600,000,000)
Rp(500,000,000)

BIAYA OPERASIONAL

DIDAPAT ANGKA AMAN KENAIKAN SEBESAR 3.725%

Rp
Rp

67,864,754,783 Biaya Investasi x (100%+3.725%)

3,177,075,000 Harga Hual x (100%-3.725%)
2
3
4
Rp
(1,471,136,446) Rp
(1,981,590,873) Rp
(273,296,290)
Cape rate x (100%+3,725)

KURVA SENSITIVITAS

Biaya Investasi
harga jual
cape rate
Biaya Opersional

25%

35%

45%

% Kenaikan

55%

65%

75%

85%

95%

105%

Rp

0%
3,279,517,948 Rp

7%
(1,300,412,479)

Rp

11%
3,279,517,948 Rp

0%
18,457,315,597

5 Total
Rp
Rp

(263,481,600) Rp
(526,963,200) Rp

Rp

41%
3,279,517,948 Rp

NPV
(4,671,176,850) Rp
(9,342,353,700) Rp

3,279,517,948
(39,818,970)

0%
(1,027,419,880)

HUBUN
Rp20,000,000,000
Rp18,000,000,000
Rp16,000,000,000
Rp14,000,000,000
Rp12,000,000,000
N
P
V

Rp10,000,000,000
Rp8,000,000,000
Rp6,000,000,000
Rp4,000,000,000
Rp2,000,000,000
RpRp2,900,000,000

Rp2,950,000,000

Rp3,000,000,000

Rp3,050

Rp2,000,000,000
RpRp2,900,000,000

Rp2,950,000,000

Rp3,000,000,000

Rp3,050

HUBUNG

,000,000

Rp4,000,000,000

,000,000
Rp3,000,000,000

,000,000
Rp2,000,000,000

,000,000
N
P
V

,000,000

Rp1,000,000,000

,000,000
Rp10.0000%

,000,000

RpRp(3,600,000,000)

,000,000)

Rp(1,000,000,000)

Rp(2,000,000,000)

Rp

5
(273,296,290) Biaya Operasional pertahun x (100%-3,725%)

15.0000%

KURVA S
Rp20,000,000,000

Rp15,000,000,000

WILAYAH
AMAN

Rp10,000,000,000

Biaya Investasi
harga jual
cape rate

N
P
V
Rp5,000,000,000

Biaya Opersional

-15%

Rp-5%

5%

15%

25%

35%

45%

Rp(5,000,000,000)
% Kenaik

,000,000

NPV = 0
Rp

(9,286,317,975) persen kena

npv
Rp

100%
3,279,517,948 Rp

0%
(39,818,970)

HUBUNGAN NPV DENGAN HARGA JUAL

Rp3,000,000,000

Rp3,050,000,000

Rp3,100,000,000
HARGA JUAL

Rp3,150,000,000

Rp3,200,000,000

Rp3

,000,000

Rp3,000,000,000

Rp3,050,000,000

Rp3,100,000,000

Rp3,150,000,000

Rp3,200,000,000

Rp3

HARGA JUAL

HUBUNGAN NPV DENGAN CAPE RATE %

15.0000%

20.0000%

i%

25.0000

KURVA SENSITIVITAS

WILAYAH
AMAN
Biaya Investasi
harga jual
cape rate

Biaya Opersional

5%

15%

25%

35%

45%

% Kenaikan

55%

65%

75%

85%

95%

105%

A JUAL

Rp3,200,000,000

Rp3,250,000,000

Rp3,300,000,000

Rp3,350,000,000

Rp3,200,000,000

Rp3,250,000,000

Rp3,300,000,000

Rp3,350,000,000

RATE %

25.0000%

30.0000%

105%

Biaya Investasi
harga jual
cape rate
Biaya Opersional

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 8]
=
Rp 39,256,546,512
=
Rp
8,629,815,062
MARR
Masa investasi

15%
5 tahun
2014
0
Rp (70,007,507,946)
Rp
39,256,546,512

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (30,750,961,434) Rp
1
Rp (30,750,961,434) Rp
Rp
(1,300,412,479)
23.07521165112%
4.33

DF utk PP

Rp

2015
1

(8,629,815,062)
8,250,000,000
(815,481,600)
(1,195,296,662)
1.15
(1,039,388,402)

0.2983155525
8,785,556,782.00

30,750,961,434
3.50017218

=
=

8,785,556,782.00
[P/A,13%,n]

3.50017218

((1+i)n)-1
i((1+i)n

3.50017218
n

((1+0.13)n)-1

0.13((1+0.13)n
4.33

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2016
2

2017
3

10%
10%
5%
15%

2018
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 22,440,000,000 Rp 32,667,525,000 Rp 20,415,202,500
Rp (1,418,304,600) Rp (1,910,427,450) Rp
(263,481,600)
Rp 12,391,880,338 Rp 22,127,282,488 Rp 11,521,905,838
1.3225
1.520875
1.74900625
Rp
9,370,041,843 Rp 14,549,047,415 Rp
6,587,687,058

x [P/A,13%,n]

2019
5

Rp
Rp
Rp
Rp

(8,629,815,062)
8,859,427,500
92632155000
(263,481,600)
-4671176850
(33,869,162)
2.0113571875
Rp
(16,838,959) Rp 29,450,548,956

IRR
-1300412478.7569
15%

NPV
MARR
IRR

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
#VALUE!

#REF!

asumsi pembayaran 25% tahun pertama dan sisa 75% harus lunas dalam jangka waktu 2 tahun
Tabel Penjualan
Jumlah terjual
15
Rp
7
Rp
6
Rp

Tahun
2015
2016
2017

Tahun
2015
2016
2017
2018
2019

Rp
Rp
Rp

Harga Jual
2,937,000,000
3,377,550,000
3,884,182,500

Total pendapatan
Pendapatan (Rp)
25%
75%
11,013,750,000
0
5,910,712,500 Rp
22,357,912,500
5,826,273,750 Rp
34,356,658,875
0 Rp
23,826,082,088
0 Rp
11,827,335,713
Total Pendapatan

Total pendapatan
Rp
11,013,750,000
Rp
28,268,625,000
Rp
40,182,932,625
Rp
23,826,082,088
Rp
11,827,335,713
Rp 115,118,725,425

ka waktu 2 tahun

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 8]
=
Rp 39,256,546,512
=
Rp
8,629,815,062
MARR
Masa investasi

15%
5 tahun
2014
0
Rp (65,427,577,520)
Rp
39,256,546,512

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (26,171,031,008) Rp
1
Rp (26,171,031,008) Rp
Rp
18,457,315,597
23.07521165112%
4.33

DF utk PP

Rp

2015
1

(8,629,815,062)
11,013,750,000
(815,481,600)
1,568,453,338
1.15
1,363,872,468

0.2983155525
13,313,329,872.92

26,171,031,008
1.9657765005

=
=

13,313,329,872.92
[P/A,13%,n]

1.9657765005

((1+i)n)-1
i((1+i)n

1.9657765005
n

((1+0.13)n)-1

0.13((1+0.13)n
4.33

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2016
2

2017
3

10%
10%
5%
15%

2018
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 28,268,625,000 Rp 40,182,932,625 Rp 23,826,082,088
Rp (1,418,304,600) Rp (1,910,427,450) Rp
(263,481,600)
Rp 18,220,505,338 Rp 29,642,690,113 Rp 14,932,785,425
1.3225
1.520875
1.74900625
Rp 13,777,319,726 Rp 19,490,549,922 Rp
8,537,868,533

x [P/A,13%,n]

2019
5

Rp
Rp
Rp
Rp

(8,629,815,062)
11,827,335,713
115118725425
(263,481,600)
-4671176850
2,934,039,050
2.0113571875
Rp
1,458,735,956 Rp 44,628,346,605

IRR
18457315597.0226 Rp
15%

NPV
MARR
IRR

(842,788,294)
21%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
21.28707723347%

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 8]
=
Rp 39,256,546,512
=
Rp
8,629,815,062
MARR
Masa investasi

15%
5 tahun
2014
0
Rp (65,427,577,520)
Rp
39,256,546,512

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (26,171,031,008) Rp
1
Rp (26,171,031,008) Rp
Rp
(39,818,970)
23.07521165112%
4.33

DF utk PP

Rp

2015
1

(8,629,815,062)
8,250,000,000
(1,630,963,200)
(2,010,778,262)
1.15
(1,748,502,837)

0.2983155525
7,795,346,955.71

26,171,031,008
3.3572631413

=
=

7,795,346,955.71
[P/A,13%,n]

3.3572631413

((1+i)n)-1
i((1+i)n

3.3572631413
n

((1+0.13)n)-1

0.13((1+0.13)n
4.33

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2016
2

2017
3

10%
10%
5%
15%

2018
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 22,440,000,000 Rp 32,667,525,000 Rp 20,415,202,500
Rp (2,836,609,200) Rp (3,820,854,900) Rp
(526,963,200)
Rp 10,973,575,738 Rp 20,216,855,038 Rp 11,258,424,238
1.3225
1.520875
1.74900625
Rp
8,297,599,802 Rp 13,292,910,356 Rp
6,437,040,598

x [P/A,13%,n]

2019
5

Rp
Rp
Rp
Rp

(8,629,815,062)
8,859,427,500
92632155000
(526,963,200)
-9342353700
(297,350,762)
2.0113571875
Rp
(147,835,881) Rp 26,131,212,038

IRR
-39818969.6392625 Rp
15%

NPV
MARR
IRR

(842,788,294)
21%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
15.27069097157%

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
65,427,577,520
39,256,546,512

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

= Rp
39,256,546,512 x [A/P, 10%, 5]
= Rp
8,629,815,062

MARR
Masa investasi

21%
5 tahun
2014
0
Rp (65,427,577,520)
Rp
39,256,546,512

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (26,171,031,008) Rp
1
Rp (26,171,031,008) Rp
Rp
(1,027,419,880)
18.89377813612%
4.3044

DF utk PP

Rp

2015
1

(8,629,815,062)
8,250,000,000
(815,481,600)
(1,195,296,662)
1.213
(985,405,327)

0.3439917882
8,649,195,753.77

26,171,031,008
3.025834049

=
=

8,649,195,753.77
[P/A,13%,n]

3.025834049

((1+i)n)-1
i((1+i)n

3.025834049
n

((1+0.13)n)-1

0.13((1+0.13)n
4.3044

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2016
2

Rp (8,629,815,062) Rp
Rp 22,440,000,000 Rp
Rp (1,418,304,600) Rp
Rp 12,391,880,338 Rp
1.471369
Rp
8,422,007,218 Rp

x [P/A,13%,n]

2017
3

(8,629,815,062)
32,667,525,000
(1,910,427,450)
22,127,282,488
1.784770597
12,397,830,021

10%
15%
10.5%
25.5%

2018
4

Rp (8,629,815,062)
Rp 20,415,202,500
Rp
(263,481,600)
Rp 11,521,905,838
2.1649267342
Rp
5,322,076,565

0.5714285714

2019
5

Rp
Rp
Rp
Rp

(8,629,815,062)
8,859,427,500
92632155000
(263,481,600)
-4671176850
(33,869,162)
2.6260561285
Rp
(12,897,349) Rp 25,143,611,128

IRR
-1027419880.28171 Rp
21%

NPV
MARR
IRR

2,730,045,332
13%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
18.89377813612%

asumsi pembayaran 25% tahun pertama dan sisa 75% harus lunas dalam jangka waktu 2 tahun
Tabel Penjualan
Jumlah terjual
15
Rp
7
Rp
6
Rp

Tahun
2015
2016
2017

Tahun
2015
2016
2017
2018
2019

Rp
Rp
Rp

Harga Jual
3,177,075,000
3,653,636,250
4,201,681,688

Total pendapatan
Pendapatan (Rp)
25%
75%
11,914,031,250
0
6,393,863,438 Rp
24,185,483,438
6,302,522,531 Rp
37,165,026,216
0 Rp
25,773,663,517
0 Rp
12,794,120,738
Total Pendapatan

Total pendapatan
Rp
11,914,031,250
Rp
30,579,346,875
Rp
43,467,548,747
Rp
25,773,663,517
Rp
12,794,120,738
Rp 124,528,711,127

ka waktu 2 tahun

Aliran Kas
Cash flow loan
Biaya investasi
Loan

Rp
Rp

60%
67,864,754,783
40,718,852,870

Bunga pinjaman 10% per tahun, dibayarkan selama 5 tahun

=
[A/P, 10%, 5]
=
Rp 40,718,852,870
=
Rp
8,629,815,062
MARR
Masa investasi

15.000%
5 tahun
2014
0
Rp (67,864,754,783)
Rp
40,718,852,870

Tahun keBiaya investasi

Pinjaman
Pembayaran pinjaman
Pendapatan
Pengeluaran
Net cash flow
Discount factor
PV
NPV
IRR
PP

Rp
0
Rp
0
Rp
Rp (27,145,901,913) Rp
1
Rp (27,145,901,913) Rp
Rp
23,642,777,809
23.07521165112%
4.33

DF utk PP

Rp

2015
1

(8,629,815,062)
11,914,031,250
(845,858,290)
2,438,357,898
1.15
2,120,311,216

0.2983155525
15,151,053,050.03

27,145,901,913
1.7916841703

=
=

15,151,053,050.03
[P/A,13%,n]

1.7916841703

((1+i)n)-1
i((1+i)n

1.7916841703
n

((1+0.13)n)-1

0.13((1+0.13)n
4.33

Aliran Kas

Beaya pinjaman
Safe rate
Resiko
Cape rate

2016
2

2017
3

10%
10%
5%
15.56%

2018
4

Rp (8,629,815,062) Rp (8,629,815,062) Rp (8,629,815,062)

Rp 30,579,346,875 Rp 43,467,548,747 Rp 25,773,663,517
Rp (1,471,136,446) Rp (1,981,590,873) Rp
(273,296,290)
Rp 20,478,395,367 Rp 32,856,142,812 Rp 16,870,552,165
1.3225
1.520875
1.74900625
Rp 15,484,608,973 Rp 21,603,447,234 Rp
9,645,792,955

x [P/A,13%,n]

2019
5

Rp
Rp
Rp
Rp

(8,629,815,062)
12,794,120,738
124528711126.875
(273,296,290)
-4845178187.6625
3,891,009,387
2.0113571875
Rp
1,934,519,344 Rp 50,788,679,722

IRR
23642777808.8355 Rp
15.0%

NPV
MARR
IRR

(842,788,294)
21%

iL+[(iU-iL)(npvL)]/[(npvL+npvU]
21.22178649528%