TESIS
Diajukan sebagai salah satu syarat untuk memperoleh gelar
Magister Manajemen
SANTI DEWI
0806433786
FAKULTAS EKONOMI
PROGRAM STUDI MAGISTER MANAJEMEN
KEKHUSUSAN KEUANGAN
JAKARTA
JUNI 2010
ii
DEWAN PENGUJI
Ditetapkan di : Jakarta
Tanggal : 29 Juni 2010
iii
Puji syukur saya panjatkan kepada Tuhan Yang Maha Esa, karena atas
berkat dan rahmat-Nya, saya dapat menyelesaikan tesis ini. Penulisan tesis ini
dilakukan dalam rangka memenuhi salah satu syarat untuk mencapai gelar
Magister Manajemen Jurusan Keuangan pada Fakultas Ekonomi Universitas
Indonesia. Saya menyadari bahwa, tanpa bantuan dan bimbingan dari berbagai
pihak, dari masa perkuliahan sampai dengan penyusunan tesis ini, sangatlah sulit
bagi saya untuk menyelesaikan tesis ini. Oleh karena itu, saya mengucapkan
terima kasih kepada:
1. Dr. Irwan Adi Ekaputra, selaku dosen pembimbing yang telah memberikan
kesempatan, kepercayaan, menyediakan waktu, tenaga, dan pikiran untuk
mengarahkan dalam penyusunan tesis ini;
2. Pihak Direktorat Pengembangan Aset dan Ventura Universitas Indonesia –
Depok yang telah banyak membantu dalam penyediaan data, dr. Soenanto
Roewijoko, M.S., Sp.A., Ir. Antony Sihombing, MPD., Ph.D. dan Dr. Tris
Eryando, drs., MA. dan atas masukan yang sangat membangun dari diskusi-
diskusi yang diadakan selama melakukan studi kelayakan ini;
3. Rektor UI Bapak Prof Dr der Soz, Drs Gumilar Rusliwa Somantri, Wakil
Rektor Bapak Dr. Tafsir Nurchamid, Ak., M.Si. dan Wakil Rektor Bapak
Sunardji, S.E., M.M. atas saran dan waktu yang telah diluangkan dalam
diskusi pembahasan kelayakan proyek;
4. Orang tua, yang tersayang mama dan papa, koko Dedy, adik-adikku Sandra
dan Ardy, yang terkasih suami, anak-anakku tercinta Michael dan Matthew,
yang telah mendukung, memberikan pengertian dan kesabaran selama
perkuliahan;
5. Sahabat yang telah banyak membantu, angkatan 2008 malam, terutama kelas
H08, H08ers: Toni, Ari, Tina, Mimi, Fika, Ipoel, Ocep, Tri, Taufik, Soni,
Riny, Risma, Ronny, Tika, Yoyo, Tulus, Riska, Pradi, Rudhi. The nonies:
iv
Akhir kata, saya berharap Tuhan Yang Maha Esa berkenan membalas
segala kebaikan semua pihak yang telah membantu. Semoga skripsi ini membawa
manfaat bagi pengembangan ilmu.
Santi Dewi
beserta perangkat yang ada (jika diperlukan). Dengan Hak Bebas Royalti
Noneksklusif ini Universitas Indonesia berhak menyimpan,
mengalihmedia/formatkan, mengelola dalam bentuk pangkalan data (database),
merawat, dan memublikasikan tugas akhir saya selama tetap mencantumkan nama
saya sebagai penulis/pencipta dan sebagai pemilik Hak Cipta.
Dibuat di : Jakarta
Pada tanggal : 29 Juni 2010
Yang menyatakan
(Santi Dewi)
vi
Kata kunci:
Penganggaran modal, Analisis Sensitivitas, Biaya Modal, Beta, SWOT
vii
Key words:
Capital Budgeting, Sensitivity Analysis, Cost of Capital, Beta, SWOT
viii
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DAFTAR REFERENSI.........................................................................................75
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Sumber: www.bi.go.id
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Gambar 1.2.
Konsep Desain The Intertwine untuk International Student Housing
Sumber: Direktorat Pengembangan Aset dan Ventura
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BAB 1. Pendahuluan
Bab ini membahas mengenai latar belakang yang memuat gambaran umum
pembangunan International Student Housing, perumusan masalah dan ruang
lingkup penelitian, tujuan penelitian, serta sistematika penulisan yang akan
digunakan dalam tesis, serta semua informasi terkait. Informasi diperoleh dari
Direktorat Pengembangan Aset dan Ventura Universitas Indonesia,.
BAB 4. Pembahasan
Bab ini menguraikanpenaksiran atas market beta untuk mendapatkan nilai cost of
equity yang relevan, perhitungan proyeksi keuangan berdasarkan asumsi-asumsi
yang digunakan, dan analisis SWOT untuk menilai kelayakan proyek dengan
menggunakan metode capital budgeting.
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BAB 2
TINJAUAN PUSTAKA
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awal proyek (initial outlay), arus kas masuk selama umur proyek (cash inflow)
dan nilai akhir proyek tersebut (terminal value). Suatu investasi dilakukan untuk
meningkatkan nilai perusahaan, yang diperoleh dengan menerima arus kas
mendatang atas hasil keputusan investasi lampau. Ketika melakukan investasi
dalam satu aset, diharapkan arus kas yang diterima mendatang akan lebih besar
dibandingkan apabila tidak melakukan investasi.
Estimasi Investasi Awal (Initial Investment)
Hal pertama yang dilakukan adalah mengkalkulasi investasi awal proyek,
yaitu nilai bersih pengeluaran kas proyek, termasuk di dalamnya
opportunity costs yang berhubungan dengan pelaksanaan proyek, terdiri
dari biaya pengambilalihan atau penempatan, penambahan modal kerja
(working capital), hasil bersih penjualan aset dalam hal ada keputusan
penggantian aset, pengaruh pajak yang berhubungan dengan penjualan
atau penggantian aset.
Estimasi Arus Kas Operasi (Operating Cash Flows)
Arus kas operasional berasal dari laba bersih (net income) ditambah
dengan beban non kas yang mengurangi pendapatan dan dikurangi dengan
perubahan modal kerja (working capital). Arus kas operasional ini akan
selalu berubah dari waktu ke waktu sejalan dengan perubahan
pendapatan, biaya operasional, kebutuhan working capital, penyusutan
dan tarif pajak.
Estimasi Nilai Akhir Proyek (Terminal Value)
Komponen penting dari terminal value adalah penekanan pada nilai sisa
(salvage value), nilai bersihnya setelah dikurangi beban pajak yang timbul
dari penjualan aset atau penghematan pajak atas kerugian dari penjualan
aset. Untuk jenis proyek lainnya, terminal value merupakan nilai waktu
sekarang dari pendapatan masa datang yang diharapkan akan diterima atas
investasi.
Menurut Ross, et.al, (2008), dalam menentukan arus kas suatu proyek, hal
yang harus diperhatikan adalah hanya arus kas yang merupakan tambahan
(incremental) dari proyek tersebut yang dipergunakan dalam perhitungan analisis.
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Incremental cash flow yang dimaksud adalah perubahan arus kas yang timbul
sebagai dampak langsung dari diterimanya proyek. Hal-hal yang mempengaruhi
penentuan incremental cash flow adalah sebagai berikut:
Sunk Costs
Adalah biaya yang telah terjadi. Karena sunk cost telah terjadi di masa
lampau, keputusan menerima atau menolak proyek tidak akan dipengaruh
olehnya. Yang berlalu biarkanlah berlalu, maka sunk cost tidak perlu
diperhatikan. Sunk cost bukan termasuk dalam incremental cash flow.
Opportunity Costs
Aset yang dapat dipertimbangkan untuk dijual, disewa atau dipekerjakan
untuk bisnis yang lain, maka akan ada potensi penerimaan yang akan
hilang apabila aset tersebut digunakan untuk proyek. Kehilangan
penerimaan ini secara berarti dapat dilihat sebagai biaya. Ini disebut
dengan opportunity costs, karena dengan menerima proyek, akan
kehilangan peluang untuk mempergunakan aset tersebut.
Side Effects
Side effects diklasifikasikan baik sebagai erusi atau sinergi. Erusi terjadi
ketika proyek tersebut mengurangi penjualan atau cash flow yang sudah
ada. Sinergi terjadi bila proyek baru meningkatkan arus kas yang sudah
ada.
Allocated Costs
Pada umumnya pengeluaran akan memberikan keuntungan untuk
beberapa proyek. Akuntan mengalokasikan biaya ini ke masing-masing
post proyek ketika menentukan pendapatan. Akan tetapi, untuk keperluan
capital budgeting, allocated cost dapat dilihat sebagai arus kas keluar
proyek hanya jika itu merupakan incremental cost proyek.
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dari proyek tersebut. Demikian halnya juga dengan capital budgeting, selalu
mendiskon arus kas, bukan pendapatan atau laba, karena arus kas mencerminkan
uang sebenarnya.
Menurut Ross, et.al, (2008), nilai bersih sekarang adalah nilai sekarang
dari semua arus kas. Nilai bersih yang dimaksud adalah perbedaan antara
perubahan arus kas operasional dan arus kas investasi. Peraturan dasar investasi
secara umum menyebutkan menerima proyek apabila NPV lebih besar dari nol
dan menolak proyek apabila NPV lebih kecil dari nol. Peraturan NPV ini
memberikan petunjuk keputusan yang baik karena dengan NPV yang lebih besar
akan meningkatkan nilai perusahaan secara keseluruhan. Atas investasi yang
berisiko, tingkat diskon adalah pengembalian yang dapat diharapkan atas
investasi dengan risiko yang sama. Tingkat diskon ini sering disebut sebagai
opportunity cost karena investasi atas proyek menghilangkan peluang pemegang
saham untuk melakukan investasi dividen di aset finansial. Kunci dalam
melakukan perhitungan NPV terdiri dari 3 atribut, yaitu; NPV menggunakan arus
kas, NPV menggunakan semua arus kas proyek dan NPV mendiskon arus kas.
Menurut Peterson dan Fabozzi (2002), dalam melakukan analisis arus kas
proyek, ada beberapa hal yang harus disederhanakan, yaitu:
Arus kas masuk dan keluar terjadi dalam satu titik waktu, meskipun
kita menyadari bahwa arus kas masuk dan keluar terjadi pada interval
waktu yang tidak tentu.
Aset dibeli dan dipergunakan dengan segera.
Risiko yang berlaku adalah sama untuk periode waktu analisis.
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angka tersebut pada hakekatnya adalah nilai sebenar atas proyek dan tidak
bergantung pada apapun kecuali cash flow proyek. Secara umum, peraturan
investasi menyebutkan menerima proyek apabila IRR lebih besar dari tingkat
diskon dan menolak proyek apabila IRR lebih kecil dari tingkat diskon. Karena
dengan IRR yang lebih besar dari tingkat diskon berarti proyek akan memberikan
NPV positif. Dengan melakukan perhitungan IRR maka dapat dilakukan
pemeringkatan atas beberapa pilihan proyek yang dapat memberikan nilai IRR
terbesar.
Akan tetapi pengambilan keputusan juga harus melihat klasifikasi proyek,
tidak semua IRR yang lebih besar dari tingkat diskon merupakan proyek yang
terbaik. Baik untuk klasifikasi proyek independen maupun mutually exclusive
ada beberapa dua hal penting yang harus diperhatikan dalam analisis IRR, yaitu:
Proyek pendanaan (financing)
Untuk proyek dengan arus kas positif di depan dan negatif setelahnya,
contohnya proyek seminar, yang mengharuskan peserta membayar uang
pendaftaran terlebih dahulu sehingga arus kas awal positif dan membayar
biaya seminar di akhir periode sehingga arus kas akhir negatif, maka
keputusan investasi adalah menerima proyek apabila IRR lebih rendah
dari tingkat diskon dan menolak proyek apabila IRR lebih besar dari
tingkat diskon. Hal ini kebalikan dengan IRR pada umumnya, ini dapat
dimengerti dengan melihat grafik di bawah ini:
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Proyek A Proyek B
30
0 0
30 30
-30
Proyek A memiliki arus kas keluar diawal diikuti dengan arus kas masuk pada periode berikut.
NVP proyek A berhubungan negatif dengan tingkat diskon.
Proyek B memiliki arus kas masuk diawal diikuti dengan arus kas keluar pada periode berikut.
NPV proyek B berhubungan positif dengan tingkat diskon.
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NPV positif maka keputusan yang diambil adalah menerima proyek dengan nilai
lebih besar.
Hal lain yang harus diperhatikan adalah permasalahan waktu,
pengembalian investasi kedua proyek dengan jumlah arus kas yang berbeda
setiap tahunnya akan memberikan masukan pengambilan keputusan yang
berbeda untuk setiap tingkat diskon yang berbeda. Dengan arus kas yang lebih
besar di awal periode akan memberikan NPV yang positif di tingkat diskon yang
tinggi demikian sebaliknya. Untuk permasalahan seperti ini, maka langkah-
langkah yang harus dilakukan adalah sama dengan permasalahan scale proyek,
yaitu membandingkan NPV kedua proyek, membandingkan incremental IRR
dengan tingkat diskon dan melakukan perhitungan NPV arus kas incremental.
Perhitungan IRR akan memperhatikan hal-hal yang harus dipertimbangkan
dalam pengambilan keputusan yaitu sebagai berikut:
Arus kas pertama negatif dan 1 Terima bila IRR>R Terima bila NPV>0
seterusnya positif Tolak bila IRR<R Tolak bila NPV<0
Arus kas pertama positif dan 1 Terima bila IRR<R Terima bila NPV>0
seterusnya negatif Tolak bila IRR>R Tolak bila NPV<0
Beberapa arus kas positif dan Mungkin IRR tidak valid Terima bila NPV>0
negatif setelah arus kas lebih dari 1 Tolak bila NPV<0
pertama
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satu dolar atas setiap satu dolar investasi. Maka dari itu, proyek akan
meningkatkan nilai perusahaan apabila proyek memiliki PI lebih besar dari satu.
Menurut Ross, et.al, (2008), profitability index (PI) adalah ratio present
value dari arus kas masa depan yang diharapkan setelah initial investment dibagi
dengan jumlah initial investment. Dalam mengaplikasikan PI sebagai dasar
pengambilan keputusan, maka harus melihat situasi sebagai berikut:
Proyek Independen
Menerima proyek apabila PI lebih besar dari satu dan menolak proyek
apabila PI lebih kecil dari satu.
Mutually exclusive projects
Jenis proyek ini adalah membandingkan dua proyek dan memilih salah
satu yang terbaik. Proyek dengan PI terbesar tidak mutlak menunjukkan
proyek tersebut diterima, harus mempertimbangkan incremental cash flow
dari kedua proyek tersebut. Apabila PI dari incremental cash flow lebih
besar dari satu maka proyek yang diterima adalah proyek dengan nilai
NPV terbesar.
Penjatahan Modal (Capital Rationing)
Untuk keputusan dapat menerima lebih dari satu proyek dan terdapat
ketidakcukupan modal untuk membiayai seluruh proyek karena
keterbatasan modal, yang disebut capital rationing, proyek harus
diranking berdasarkan PI, dengan proyek yang memiliki PI terbesar maka
proyek tersebut yang diterima. Akan tetapi apabila keterbatasan dana
sampai melewati periode investasi awal, maka PI tidak dapat digunakan
sebagai dasar pengambilan keputusan, karena capital rationing melewati
periode waktu berganda. Dampak dari sifat proyek yang tidak dapat
dibagi (indivisibility) akan mengurangi keefektifan penggunaan PI. Oleh
karena itu pengaplikasian PI dalam kehidupan nyata harus diperhitungkan
sebaik-baiknya.
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2.3.3. Beta
Menurut Pratt (2002), risiko sistematis yang diukur dalam model CAPM
oleh suatu variabel disebut dengan beta. Risiko sistematis, juga disebut risiko
pasar, merupakan ketidakpastian pengembalian di masa depan yang disebabkan
oleh sensitivitas pengembalian suatu investasi terhadap pergerakan pengembalian
untuk investasi pasar secara keseluruhan. Menurut Bodie, Kane dan Marcus
(2009), beta merupakan ukuran risiko sistematis atas suatu sekuritas,
kecenderungan pengembalian suatu sekuritas terhadap respon pergerakan pasar
keseluruhan.
Menurut Damodaran (2002), dalam model CAPM, beta suatu investasi
adalah risiko yang ditambahkan investasi tersebut ke portofolio pasar. Dalam
pengukurannya, ada tiga pendekatan yang tersedia untuk melakukan estimasi
beta, yaitu: menggunakan data historis harga pasar masing-masing investasi,
mengestimasi beta dari karakteristik fundamental investasi dan yang ketiga
adalah menggunakan data akuntansi.
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slope yang dihasilkan dari regresi menunjukkan beta saham dan mengukur
tingkat risiko saham tersebut.
intercept dari regresi memberikan ukuran sederhana performance
investasi tersebut selama periode regresi.
R-squares (R²), penjelasan stasistik atas R² adalah variabel ini
memberikan pengukuran kebaikan ketepatan regresi, sedangkan secara
pendekatan ekonomi adalah memberikan suatu perkiraan proporsi risiko
perusahaan yang melekat pada risiko pasar. Persamaan 1 - R² dapat
menujukkan pada risiko perusahaan itu sendiri.
standard of errors, variabel slope, seperti halnya perkiraan statistik, dapat
berbeda dengan nilai sebenarnya, untuk itu standard errors
mengungkapkan seberapa banyak error yang ada dalam estimasi ini.
Standard errors juga dapat digunakan untuk mencapai tingkat keyakinan
interval nilai sebenarnya beta dari estimasi variabel slope.
Berdasarkan prosedur estimasi yang telah dilakukan oleh jasa estimator
beta seperti Merrill Lynch, Standard & Poor’s atau Bloomberg, diketahui beta
hasil regresi merupakan raw beta, dimana harus dilakukan penyesuaian atas raw
beta yang disebut dengan adjusted beta. Penyesuaian dilakukan dengan
menimbang raw beta (0.67 untuk raw beta dan 0.33 untuk nilai satu), prosedur
ini dilakukan untuk menyesuaikan beta yang cenderung menuju ke angka satu.
Jasa estimator telah menunjukkan bukti-bukti empiris bahwa sebagian besar
perusahaan, dari waktu ke waktu, cenderung bergerak menuju ke rata-rata beta
mendekati satu. Ada tiga keputusan estimasi yang harus ditentukan dalam
melakukan regresi, yaitu:
Lama periode estimasi (length of estimation period), sebagian besar
estimasi beta menggunakan data lima sampai dengan dua tahun. Semakin
lama periode estimasi akan semakin memberikan lebih informasi, akan
tetapi karakteristik risiko juga berubah seiring dengan periode waktu.
Jarak pengembalian (return interval), return saham dapat disajikan dalam
tahunan, bulanan, mingguan ataupun harian. Menggunakan data harian
akan meningkatkan jumlah observasi dalam regresi, akan tetapi akan
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atas aset fisik, organisasi atau harga tak berwujud penting lainnya, dan
tidak adanya/hilang atau rendahnya kemampuan pada bidang penting
persaingan bisnis. Hampir semua perusahaan mempunyai rintangan
persaingan (competitive liability), apakah kelemahan ini akan membuat
daya saing menjadi rentan/mudah diserang bergantung pada sebesar apa
kelemahan tersebut berperan terhadap pasar dan apakah
kelemahan/kemampuan yang hilang tersebut dapat diganti/ditutupi
dengan kekuatan yang tersedia.
Mengidentifikasi peluang pasar
Peluang pasar merupakan salah satu faktor utama dalam pembentukan
strategi, tanpa mengetahui peluang pasar dan potensinya terhadap
pertumbuhan dan keuntungan yang akan diraih, akan sulit untuk
menentukan strategi yang akan dibentuk. Peluang di sini dapat berupa
sesuatu yang sifatnya banyak atau langka, sekilas atau kekal, dapat juga
berupa jangkauan dari yang amat sangat menarik (sesuatu yang harus
dimiliki) sampai minat marginal (karena potensi perumbuhan dan
keuntungan dipertanyakan) sampai sesuatu yang tidak sesuai (karena
tidak cocok dengan kekuatan dan kemampuan). Dalam mengevaluasi
peluang dan merangking daya pikat, harus juga melihat peluang semua
industri sebagai suatu peluang. Peluang adalah relevan apabila berimbang
baik dengan sisi keuangan dan kemampuan organisasi, dapat memberikan
pertumbuhan dan keuntungan terbaik dan menghadirkan potensi
keuntungan bersaing.
Mengidentifikasi ancaman terhadap masa depan
Ancaman dapat berasal dari perkembangan teknologi yang lebih baik dan
murah, perkenalan produk baru atau pengembangan produk dari pesaing,
masuknya pesaing asing berbasis biaya murah ke dalam pangsa pasar,
peraturan baru yang lebih membebani dibandingkan pengaruhnya
terhadap pesaing, kepekaan atas peningkatan suku bunga, potensi
perseteruan pengambilalihan, pergerakan demografi yang tidak
menguntungkan, fluktuasi mata uang asing, aspek politik dan lain
sebagainya. Adalah tugas manajemen untuk mengidentifikasi ancaman
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SWOT Analysis
Internal External
Strenghts Opportunities
Weaknesses Threats
What emerging
What are we bad
Danger dangers must we
at relative to
points avoid or
competitors?
counter?
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Opportunities Threats
Exploit existing
Use existing
strenghts in
Strenghts strenghts to
areas of
counter threats
opportunity
Build new
Build new
strenghts first to
Weaknesses strenghts to
take advantage
counter threats
of opportunities
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(3.1)
Dimana: CF0 : arus kas investasi awal (initial cash outflow)
CF1,2,t : arus kas untuk setiap tahunnya sampai dengan
tahun t
i : biaya modal (cost of capital)
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(3.2)
Dimana: 0 : ekspektasi arus kas investasi
CF1,2,t : arus kas untuk setiap tahunnya sampai dengan
tahun t
(3.3)
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(3.4)
Dimana: ke : Cost of equity
kd : Cost of debt
kps : Cost of preferred stock
E : Equity
D : Debt
PS : Preferred stock
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(3.5)
Dimana: Ri : Cost of equity
Rf : Risk Free
β : Beta
(Rm-Rf) : Risk premium
(3.6)
Dimana: βi : beta
Cov (ri,rm) : covariance of return on i with the market portfolio
σ²m : variance market portfolio
Teknik analisis data yang digunakan untuk menghitung raw beta adalah
melakukan time series regression dengan memakai perangkat statistik program.
Menurut Damodaran (2002), standar prosedur dalam melakukan estimasi beta
adalah melakukan regresi pengembalian saham terhadap pengembalian pasar,
yaitu sebagai berikut:
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(3.7)
Dimana: Ri : stock return
Rm : market return
a : intercept from regression
b : slope of the regression ( βi )
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βL = βu [ 1 + ( 1 – t ) ( D/E ) ]
(3.9)
Dimana: βL : beta levered
βu : beta unlevered
t : tingkat pajak perusahaan
D/E : Debt to Equity Ratio (market value)
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tersebut akan terangkum pada analisis SWOT, yang proses analisisnya dapat
digambarkan dalam alur sebagai berikut:
Gambar 3.1
Tiga Langkah Analisis SWOT: Identifikasi, Penarikan Kesimpulan,
Penerjemahan ke Dalam Langkah Strategik
Sumber: Thompson, Strickland dan Gamble (2010, 114)
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PEMBAHASAN
4.1. Beta
Pendekatan estimasi beta yang digunakan adalah pendekatan bottom up
beta. Sesuai dengan proses bottom up, maka area bisnis yang diidentifikasi
sesuai dengan pembangunan International Student Housing adalah bisnis
properti. Berdasarkan kriteria yang telah ditetapkan dalam pengambilan sampel
untuk melakukan regresi, diketahui terdapat 8 perusahaan properti yang masuk
dalam kriteria. Rata-rata debt to equity ratio yang diperoleh dari laporan
keuangan dan laporan tahunan dari masing-masing perusahaan dirangkum dalam
tabel 4.1.
1 KIJA Kawasan Industri Jababeka Tbk 23,61% 17,61% 51,26% 85,84% 44,49%
2 ELTY Bakrieland Development Tbk 100,88% 78,58% 36,50% 69,52% 61,89%
3 CTRA Ciputra Development Tbk -4655,33% 45,94% 33,71% 37,72% 81,46%
4 SMRA Summarecon Agung Tbk 122,58% 124,54% 100,86% 130,92% 118,96%
5 CTRS Ciputra Surya Tbk 97,11% 64,15% 41,22% 44,16% 58,63%
6 CTRP Ciputra Property Tbk 12,33% 8,10% 10,15%
7 ASRI Alam Sutera Realty Tbk. 74,44% 73,75% 74,09%
8 BSDE Bumi Serpong Damai Tbk 111,12% 111,12%
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median dari unlevered beta semua perusahaan properti yang digunakan sebagai
sampel, yang diperlihatkan dalam tabel 4.2.
No Company's Name Raw Beta Adj Beta Average D/E Tax Rate Unlevered Beta
1 KIJA Kawasan Industri Jababeka Tbk 1.59 1.40 44.49% 30% 1.06
2 ELTY Bakrieland Development Tbk 1.88 1.58 61.89% 30% 1.11
3 CTRA Ciputra Development Tbk 1.55 1.37 81.46% 30% 0.87
4 SMRA Summarecon Agung Tbk 1.21 1.14 118.96% 30% 0.62
5 CTRS Ciputra Surya Tbk 1.73 1.49 58.63% 30% 1.05
6 CTRP Ciputra Property Tbk 1.67 1.44 10.15% 30% 1.35
7 ASRI Alam Sutera Realty Tbk. 1.35 1.24 74.09% 30% 0.81
8 BSDE Bumi Serpong Damai Tbk 2.43 1.95 111.12% 30% 1.10
Nilai median unlevered beta yang dihasilkan sebesar 1.06 (lihat Tabel
4.2). Selanjutnya nilai unlevered beta tersebut akan digunakan untuk menghitung
biaya modal.
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fund adalah sebesar 10% dari biaya service charge, yaitu Rp.1.000,- per
meter persegi.
Biaya abonemen listrik diasumsikan adalah standar untuk pemasangan
pertama yaitu 2,2 KVA (kilo volt ampere) dengan biaya abonemen
sebesar Rp. 69.476,- dan biaya abonemen air sebesar Rp. 61.436,-.
Peningkatan biaya pemeliharaan
Biaya pemeliharaan yang telah dijelaskan pada butir delapan diasumsikan
akan meningkat setiap tahunnya sebesar 10%. Persentase tersebut
berdasarkan praktek kenaikan biaya pemeliharaan sewajarnya.
Biaya pengelolaan dan perawatan gedung
Biaya pengelolaan dan perawatan gedung yang dimaksud adalah biaya
kebersihan, keamanan, umum dan administrasi, dan pengelolaan parkir.
Dimana biaya-biaya ini akan menjadi beban operator gedung (building
management), sehingga nilainya adalah sebesar nol rupiah untuk
manajemen UI selaku pengembang.
Biaya asuransi gedung
Biaya asuransi gedung diasumsikan sebesar nol persen karena biaya akan
dibayarkan oleh operator gedung melalui dana yang terkumpul lewat
service charge dan sinking fund. Sedangkan asuransi gedung pada masa
pembangunan sudah terkandung dalam Rencana Anggaran Biaya proyek.
Biaya dokumen legal
Atas transaksi sewa baik long lease maupun short lease akan dilegalisasi
menggunakan akta notaris, dimana legalisasi dimaksudkan untuk
mempertegas hak dan kewajiban masing-masing pihak. Biaya legalisasi
tersebut akan dibebankan ke penyewa.
Terminal value Bangunan
Pada akhir masa manfaatnya yaitu setelah bangunan berusia tiga puluh
tahun maka nilai sisa dari bangunan diasumsikan sebesar nol rupiah.
Asumsi nilai nol rupiah ditentukan dengan berdasarkan estimasi harapan
yang diambil adalah tingkat yang paling pesimis.
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No Pekerjaan Jumlah
Rekapitulasi Engineering Estimate Cost (EEC)
1 Pekerjaan Persiapan Rp 1.149.200.000
2 Pekerjaan Struktur Rp 15.057.344.490
3 Pekerjaan Arsitektur Rp 13.084.199.005
4 Mekanikal dan Elektrikal Rp 15.301.370.000
Sub Total 1 = Rp 44.592.113.495
Contingency 10% = Rp 4.459.211.350
Sub Total 2 = Rp 49.051.324.845
PPn 10% = Rp 4.905.132.484
Total EEC Rp 53.956.457.329
Interior dan furnitur Rp 6.000.000.000
Grand Total RAB Rp 59.956.457.329
Sumber: Direktorat Pengembangan Aset dan Ventura “telah diolah kembali”
Discount factor
Analisis arus kas menggunakan faktor diskon, yang sebelumnya telah
dihitung menggunakan model cost of capital. Perhitungan menghasilkan
faktor diskon sebesar 16,57 persen.
Nilai tanah
Berdasarkan informasi yang diberikan manajemen UI, diketahui total luas
tanah yang digunakan untuk pembangunan tower A adalah seluas 2.490
meter persegi. Nilai tanah diasunsikan menggunakan Nilai Jual Obyek
Pajak (NJOP) yaitu sebesar Rp. 1.800.000,- per meter persegi. Dengan
demikian total nilai tanah diasumsikan sebesar Rp. 4.482.000.000,-. Nilai
tanah dalam studi kelayakan diperhitungkan sebagai opportunity cost
dalam analisis capital budgeting. Harga tanah diasumsikan akan naik
sebesar 5% per tahunnya dengan demikian nilai tanah pada akhir tahun
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2041 adalah Rp. 21.356.467.662,-, nilai tanah ini akan menjadi terminal
value proyek di akhir masa sewa.
Harga Sewa
Harga sewa International Student Housing diasumsikan harus dapat
bersaing dengan kompetitor di sekitar kampus, terutama dengan
kompetitor yang telah hadir terlebih dahulu, yaitu Margonda Residence.
Harga unit menggunakan benchmark harga secondary market Margonda
Residence, dengan perhitungan pada tabel 4.5.
Benchmark
Margonda Residence Price per unit Square Meter Price per m2
Harga sewa unit hunian dibuat bertingkat sesuai dengan keunggulan yang
ada di masing-masing unit. Sebagai contoh tipe harga normal adalah unit
hunian yang berada di koridor dengan pemandangan melalui jendela
menghadap ke luar gedung, sedangkan view premium 3 adalah unit hunian
di lantai teratas dengan akses langsung menuju taman yang berada di
samping unit. Untuk area bisnis, harga merupakan informasi yang
didapat dari hasil survei Direktorat PAV. Khusus untuk area bisnis,
skema sewa yang ditawarkan hanya untuk sewa dengan jenis short lease.
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Room Type Nett (m2) Gross (m2) Total Unit Total (m2)
Salable Salable
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Dengan menggabungkan data harga per meter persegi dan tipe kamar
yang ada, maka dapat dirangkum harga unit hunian dalam Tabel 4.7. Perubahan
variabel tingkat occupancy dan distribusi tipe sewa, mewakili estimasi harapan
dan perkiraan yang nantinya akan menjadi dasar perhitungan NPV proyek.
Masing-masing asumsi yang didasari tingkat occupancy akan dibuat sub asumsi
sesuai pendistribusian tipe sewa, yang diperlihatkan dalam tabel 4.7.
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Room Type Gross (m2) Pricing Type Unit Price Rental Price per Unit*
(30 yrs Long Lease) (12 mth Short Lease)
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Analisis atas unit hunian akan mengikuti asumsi yang disajikan pada
Tabel 4.8, sedangkan untuk area bisnis, semua transaksi sewa hanya diasumsikan
untuk short lease. Oleh karena itu, dalam perhitungan dan analisis tidak akan ada
pendapatan long lease untuk area bisnis. Proporsi short lease area bisnis akan
mengikuti asumsi occoupancy rate.
Sesuai dengan asumsi pada Tabel 4.8 dapat dikatakan bahwa asumsi I
merupakan situasi optimis (optimistic ), asumsi II dan III adalah situasi moderat
(moderate) dan asumsi IV adalah situasi pesimis (pessimistic). Perubahan tingkat
occupancy dan distribusi jenis sewa dapat diuraikan lebih lanjut ke jumlah
masing-masing tipe unit, yang dapat dilihat lebih jelas pada Lampiran 3.
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No Company's Name Raw Beta Average D/E Tax Rate Unlevered Beta
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Analysis Method
Year of Payback Internal Rate of Profitability
Asumption Cash Flow NPV Cash Flow Year of Payback
(Discounted) Return (IRR) Index (PI)
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Profitability Index
Asumption NPV Cash Flow
(PI)
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Penjelasan atas proyeksi arus kas dan laporan keuangan selanjutnya akan
menggunakan hasil perhitungan dengan cost of capital 16.57%.
Arus kas
Dari perhitungan proyeksi arus kas diketahui total nilai arus kas bersih
dengan jumlah terbesar adalah asumsi I.5 dan terkecil adalah IV.1. Arus
kas masuk (cash inflow) dalam asumsi I.5 didapat dari penerimaan short
lease dengan asumsi tingkat occupancy seratus persen. Dengan demikian
selama tiga puluh tahun proyek akan menerima pendapatan short lease
secara terus menerus, sehingga total cash inflow tertinggi diperoleh
berdasarkan asumsi ini. Lebih dari itu, berdasarkan asumsi I.5, tidak ada
sisa unit stock yang mengharuskan proyek menanggung beban biaya
pemeliharaan.
Sebaliknya, asumsi IV.1 menghasilkan total arus kas bersih yang
terendah. Arus kas masuk didapat dari penerimaan long lease dengan
asumsi tingkat occupancy hanya tujuh puluh persen, sedangkan sisanya
sebesar tiga puluh persen adalah persediaan sampai dengan tahun 2041.
Kondisi ini semakin diperlemah dengan melihat sisi arus kas keluar,
proyek terbebani dengan biaya pemeliharaan unit stock sebesar tiga puluh
persen dari total unit tersedia untuk disewakan, dimana biaya ini harus
dibayarkan setiap bulannya di sisi lain proyek hanya menerima
pendapatan short lease atas unit komersial sesuai tingkat occupancy tujuh
puluh persen.
Apabila dilihat dari sisi penambahan arus kas (incremental cash flow)
yang dapat memberikan penambahan nilai kepada UI adalah asumsi I.5,
asumsi ini memberikan nilai kontribusi terbesar dengan total cash flow
Rp. 541.927.233.775,- dan nilai kontribusi terkecil untuk asumsi IV.1
sebesar Rp.50.808.814.253,-.
NPV
Dengan berdasarkan metode analisis NPV dengan tingkat diskon 16.57%
diketahui hasil perhitungan yang memberikan angka positif atau lebih dari
nol adalah asumsi I.1, I.2, I.3, I.4 dan I.5. Dengan NPV terbesar untuk
asumsi I.1 dengan kondisi tingkat occupancy seratus persen dan transaksi
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sewa seratus persen long lease. Hal ini dapat dimengerti, mengingat
dengan skema long lease maka semua uang sewa akan diterima di muka
seratus persen pada saat kesepakatan sewa menyewa tercapai, yang
diperkirakan pada tahun 2011. Dengan tingkat occupancy seratus persen,
maka UI tidak akan menanggung biaya pemeliharaan karena semua unit
laku tersewa. Kondisi tersebut akan menghasilkan arus kas bersih yang
tinggi di awal periode masa penyewaan gedung dan dengan
memperhitungkan nilai waktu uang, nilai bersih arus kas tersebut didiskon
pada tingkat diskon faktor yang rendah karena penerimaan terbesar
diasumsikan didapat pada awal periode. Faktor-faktor inilah yang
menghasilkan NPV dengan nilai tinggi. Dengan demikian proyek
dikatakan layak untuk dibangun apabila tercapai kondisi sesuai dengan
yang dimaksud dalam asumsi I.1, I.2, I.3, I.4 dan I.5, dengan nilai terbesar
untuk asumsi I.1 yaitu sebesar Rp. 3.517.319.838,- dan terendah untuk
asumsi I.5 yaitu sebesar Rp. 1.625.526.264,-.
Payback period
Apabila dihitung dengan menggunakan metode payback period,
pengembalian total investasi awal yang telah ditanamkan dalam proyek
akan tercapai antara tahun 2011 sampai dengan 2028, sedangkan dengan
metode discounted payback period, pengembalian investasi akan tercapai
antara tahun 2019 sampai dengan 2038 tergantung dari asumsi yang
digunakan. Dengan menggunakan metode discounted payback period,
pada beberapa asumsi, proyek tidak akan mencapai pengembalian
investasi, hal ini disebabkan net cash flow proyek adalah negatif, yaitu
dimulai dari asumsi II.1 sampai dengan IV.5. Menilik dari aturan umum
yang biasa digunakan dalam perhitungan payback, yaitu menerima proyek
bila payback sama atau kurang dari dua tahun. Baik untuk metode
payback period maupun discounted payback period, proyek dikatakan
layak untuk dibangun apabila asumsi I.1 tercapai. Titik impas (BEP)
dicapai dalam kurun waktu dua tahun untuk metode payback period, yaitu
pada tahun 2011 dan sepuluh tahun untuk metode discounted payback
period, yaitu pada tahun 2019.
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IRR
Dari laporan proyeksi arus kas, International Student Housing merupakan
proyek dengan cash flow awal negatif dan cash flow selanjutnya
positif.Maka dengan demikian diharapkan diperoleh nilai IRR tunggal.
Proyek dapat diterima apabila IRR lebih besar dari biaya modal. Jika
melihat dari persentase tingkat pengembalian proyek, diketahui yang
memiliki IRR terbesar adalah asumsi I.1 yaitu sebesar 20.90% sedangkan
nilai terkecil untuk asumsi IV.1 yaitu sebesar 6.19%. Dengan biaya modal
sebesar 16.57% maka proyek dapat diterima apabila asumsi I tercapai,
karena hanya IRR asumsi I yang lebih besar dari biaya modal proyek,
pada kondisi tersebut proyek akan memberikan nilai tambahan kepada UI
secara keseluruhan.
PI
Melihat dari tingkat ketergantungan arus kasnya, proyek International
Student Housing dapat dikatakan sebagai proyek independen karena arus
kas proyek tidak berhubungan dengan proyek lainnya. Sehingga
pengambilan keputusan didasari oleh aturan menerima proyek apabila PI
lebih besar dari satu. Hasil perhitungan dengan metode PI diketahui nilai
PI tidak ada yang lebih atau sama dengan satu, sebagian besar nilai PI
dibawah angka nol, hanya asumsi I yang menghasilkan angka positif,
yaitu 0.05 sampai dengan 0.03. Akan tetapi PI tidak hanya melihat angka
mutlak hasil perhitungan, tetapi juga harus mempertimbangkan
incremental cash flow yang didapat. Oleh karena itu, proyek dikatakan
layak dibangun apabila PI menghasilkan angka positif, dalam hal ini
asumsi I. PI positif menunjukkan adanya pengembalian atas investasi
proyek meskipun total return tidak sebesar nilai investasi awal.
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ASET
Aset Lancar
Kas 24.026.125.603 136.972.789.235
Piutang
Hak Guna Atas Tanah 4.482.000.000 -
Persediaan Bangunan 35.973.874.397 4.626.105.113
Total Aset Lancar 64.482.000.000 141.598.894.348
Aset Tetap
Aset Lainnya
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000
Laba Ditahan - 77.116.894.348
Total Modal 64.482.000.000 141.598.894.348
Laporan neraca disusun hanya untuk asumsi dengan hasil analisis yang
layak, dimana untuk setiap asumsi dibuat laporan neraca periode tiga puluh dua
tahun. Tabel 4.13 memperlihatkan laporan neraca yang dibuat berdasarkan
asumsi I.1, dan untuk lebih lengkapnya laporan neraca dapat dilihat pada
Lampiran 9.
Total kas yang terkumpul pada akhir tahun 2041 adalah sebesar Rp.
136.972.789.235,-, dimana nilai ini merupakan hasil kumulatif net cash
flow setiap tahunnya dari tahun 2010 sampai dengan 2041.
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Hak guna atas tanah merupakan biaya yang dicatat dimuka atas hak yang
diberikan negara kepada UI untuk mengelola tanah selama tiga puluh
tahun.
Saldo persediaan pada tahun 2010 sebesar Rp. 35.973.874.397,-
merupakan pengakuan atas kapitalisasi biaya proyek yang sudah
dikeluarkan pada tahun 2010, yaitu sebesar enam puluh persen dari total
RAB proyek. Sedangkan pada tahun 2041 saldo persediaan senilai Rp.
4.626.105.113,- adalah nilai persediaan area komersial, yang diasumsikan
hanya untuk short lease type, karena itu transaksi sewa tidak akan
membebankan persediaan ke harga pokok persediaan.
Modal dasar sebesar Rp. 4.482.000.000,- adalah nilai tanah yang menjadi
modal dasar awal pembangunan proyek. Setoran modal merupakan nilai
dana talangan yang diberikan UI untuk mendanai proyek International
Student Housing.
Saldo laba ditahan sebesar Rp. 77.116.894.348,- merupakan hasil
kumulatif laba bersih proyek yang dihitung dari proyeksi rugi laba selama
periode tiga puluh dua tahun. Diasumsikan UI belum menjadwalkan
adanya pengembalian dana talangan selama periode tersebut.
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Pendapatan
- Pendapatan Long Lease 68.626.015.000 68.626.015.000
- Pendapatan Short Lease 0 75.218.236.265
Total Pendapatan 68.626.015.000 143.844.251.265
Biaya Operasional
Total Biaya Operasional - -
Depresiasi 4.482.000.000
Laporan rugi laba disusun hanya untuk asumsi dengan hasil perhitungan
yang layak, dimana untuk setiap asumsi akan dibuat laporan rugi laba selama tiga
puluh dua tahun, tabel 4.14 menunjukkan laporan rugi laba yang dibuat
berdasarkan asumsi I.1, untuk lebih lengkapnya, laporan rugi laba dapat dilihat
pada Lampiran 14. Saldo yang tercantum pada tahun 2041 adalah saldo
kumulatif dari tahun 2010 sampai dengan 2041.
Pendapatan long lease hanya diterima sekali pada tahun 2011 yaitu
sebesar RP. 68.626.015.000,- sedangkan pendapatan short lease
merupakan penerimaan dari short lease area komersial untuk tahun 2012,
pada saat unit siap untuk serah terima, sampai dengan tahun 2041 senilai
Rp. 75.218.236.265,-.
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dapat terus dibuka meskipun dalam kondisi hujan, karena air hujan tidak
akan masuk ke dalam unit. Dengan demikian diharapkan unit tidak
memerlukan pendingin ruangan (air conditioner) karena sirkulasi udara
yang baik, penghematan energi telah dilakukan untuk menciptakan bumi
yang lebih baik, diharapkan konsep ini menjadi daya tarik untuk target
customer.
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BAB 5
KESIMPULAN DAN SARAN
5.1. Kesimpulan
Berdasarkan penelitian yang telah dilakukan, kelayakan proyek
International Student Housing dapat disimpulkan sebagai berikut:
Proyek layak secara komersial apabila unit berhasil tersewa seratus persen
(asumsi I).
Hasil perhitungan analisis capital budgeting diketahui proyek dianggap
layak secara komersial apabila unit berhasil tersewa seratus persen, yaitu
asumsi I (occupancy rate seratus persen), baik untuk long lease maupun
short lease. Hal ini didasari untuk asumsi I, NPV menghasilkan angka
lebih besar dari nol, yang berarti pembangunan International Student
Housing meningkatkan nilai UI secara keseluruhan sebesar nilai NPV.
Dengan nilai terbesar untuk asumsi I.1 yaitu sebesar Rp. 3.517.319.838,-
dan terendah untuk asumsi I.5 yaitu sebesar Rp. 1.625.526.264,-.
Dana talangan sebesar enam puluh milyar rupiah diharapkan akan dapat
terkumpul kembali antara tahun 2011 sampai dengan 2018.
Dana talangan UI dimaksudkan akan digunakan kembali untuk
pembangunan tower berikutnya. Dengan metode payback period
diketahui proyek akan memperoleh kembali dana talangan tersebut pada
tahun 2011 sampai dengan tahun 2018, bergantung pada asumsi yang
akan terealisasi.
Pertimbangan nilai non komersial bagi pengembangan dan masa depan
UI.
Akan tetapi terlepas dari perhitungan kuantitatif yang telah dilakukan,
manajemen UI perlu mempertimbangkan nilai non komersial bagi
pengembangan dan masa depan UI dan juga melihat aspek positive
externalities dari adanya Student Housing terhadap lingkungan dan UI
sendiri. Untuk mendukung visi UI menjadi universitas kelas dunia,
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5.2. Saran
Dari hasil analisis baik secara kuantitatif maupun kualitatif, penulis dapat
memberikan saran kepada manajemen UI agar keberhasilan proyek tercapai (key
success factors):
Pembentukan program marketing yang mendukung konsep penjualan
harga premium
Melihat dari hasil analisis SWOT, UI sebaiknya membentuk program
marketing yang menekankan keunggulan kenyamanan yang berbalur
konsep green building, sehingga penawaran unit proyek dengan harga
premium adalah sewajarnya.
Harga jual dapat ditinjau ulang (dinaikkan), terutama untuk foodcourt
area
Melihat dari kelayakan proyek yang hanya tercapai untuk asumsi I, maka
sebaiknya proyek menambah cash inflow dengan menaikkan harga unit
hunian secara bertahap, dengan strategi sebagai berikut:
- Memanfaatkan tenggat waktu kenaikan harga, sebagai contoh setelah
pelepasan harga perdana (early bird), harga kemudian dinaikkan
untuk “penjualan” periode beikutnya, demikian seterusnya dianalisis
dengan melihat minat target customer.
- Harga unit area komersial diasumsikan adalah sama tanpa
memperhatikan tata letak unit tersebut. Harga sebaiknya diatur sesuai
dengan keunggulan tata letak unit seperti halnya dengan harga
berjenjang yang telah diterapkan pada unit hunian. Harga area
foodcourt, pada praktek sewajarnya, dikenakan harga lebih mahal
dibandingkan area komersial umumnya.
Biaya proyek tidak boleh melebihi Rencana dan Anggaran Biaya (RAB)
RAB proyek telah ditetapkan pada awal perencanaan dan hasil analisis
capital budgeting menunjukkan kelayakan proyek sifatnya cenderung
Universitas Indonesia
Studi kelayakan..., Santi Dewi, FE UI, 2010.
74
Universitas Indonesia
Studi kelayakan..., Santi Dewi, FE UI, 2010.
DAFTAR REFERENSI
Anthony, R.N., Hawkins, D.F., Merchant, K.A. (2007). Accounting: Text &
cases. McGraw Hill.
Bodie, Z., Kane, A., Marcus, A.J. (2009). Investments. McGraw Hill.
Universitas Indonesia
75
Studi kelayakan..., Santi Dewi, FE UI, 2010.
Peterson, P.P., Fabozzi, F.J. (2002). Capital budgeting: Theory and practice,
John Wiley & Sons.
Pratt, S.P. (2002). Cost of capital: Estimation and applications. John Wiley &
Sons, Inc.
Ross, S.A., Westerfield, R.W., Jaffe, J., Jordan, B.D. (2008). Modern financial
management (8th ed). McGraw Hill.
Universitas Indonesia
76
Studi kelayakan..., Santi Dewi, FE UI, 2010.
Thompson, A.A., Strickland, A.J., Gamble, J.E. (2010). Crafting and executing
strategy: The quest for competitive advantage (17th ed). McGraw Hill.
Universitas Indonesia
77
Studi kelayakan..., Santi Dewi, FE UI, 2010.
Stock return Lampiran 1
25% Short Ls 50% Short Ls 75% Short Ls 25% Short Ls 50% Short Ls 75% Short Ls 25% Short Ls 50% Short Ls 75% Short Ls 25% Short Ls 50% Short Ls 75% Short Ls
Long Lease
Studio Type A 101 75 50 25 - 90 68 45 22 - 80 60 40 20 - 70 53 35 17 -
Studio Type B 101 75 50 25 - 90 68 45 22 - 80 60 40 20 - 70 53 35 17 -
One Bed Type A 13 9 6 3 - 11 8 5 2 - 10 7 5 2 - 9 6 4 2 -
Studio Diffable 13 9 6 3 - 11 8 5 2 - 10 7 5 2 - 9 6 4 2 -
Studio Type C 30 22 15 7 - 27 20 13 6 - 24 18 12 6 - 21 15 10 5 -
Studio Type D 30 22 15 7 - 27 20 13 6 - 24 18 12 6 - 21 15 10 5 -
One Bed Type B 2 1 1 0 - 1 1 0 0 - 1 1 0 0 - 1 1 0 0 -
Studio Diffable B 2 1 1 0 - 1 1 0 0 - 1 1 0 0 - 1 1 0 0 -
Studio Type E 12 9 6 3 - 10 8 5 2 - 9 7 4 2 - 8 6 4 2 -
Studio Type F 12 9 6 3 - 10 8 5 2 - 9 7 4 2 - 8 6 4 2 -
Studio Type G 4 3 2 1 - 3 2 1 0 - 3 2 1 0 - 2 2 1 0 -
Studio Type H 5 3 2 1 - 4 3 2 1 - 4 3 2 1 - 3 2 1 0 -
Studio Type I 24 18 12 6 - 21 16 10 5 - 19 14 9 4 - 16 12 8 4 -
Studio Type J 24 18 12 6 - 21 16 10 5 - 19 14 9 4 - 16 12 8 4 -
Studio Type A 9 6 4 2 - 8 6 4 2 - 7 5 3 1 - 6 4 3 1 -
Studio Type B 8 6 4 2 - 7 5 3 1 - 6 4 3 1 - 5 4 2 1 -
One Bed Type A 1 1 1 0 - 1 1 1 0 - 1 1 1 0 - 1 1 1 0 -
Studio Diffable A 1 1 1 0 - 1 1 1 0 - 1 1 1 0 - 1 1 1 0 -
Minimart - - - - - - - - - - - - - - - - - - - -
Laundry - - - - - - - - - - - - - - - - - - - -
Café - - - - - - - - - - - - - - - - - - - -
Café - - - - - - - - - - - - - - - - - - - -
Booth Tenant - - - - - - - - - - - - - - - - - - - -
Retail - - - - - - - - - - - - - - - - - - - -
Food Tenant - - - - - - - - - - - - - - - - - - - -
* Commercial Area dalam m2
Short Lease
Studio Type A - 26 51 76 101 - 22 45 68 90 - 20 40 60 80 - 17 35 53 70
Studio Type B - 26 51 76 101 - 22 45 68 90 - 20 40 60 80 - 17 35 53 70
One Bed Type A - 4 7 10 13 - 2 5 8 11 - 2 5 7 10 - 2 4 6 9
Studio Diffable - 4 7 10 13 - 2 5 8 11 - 2 5 7 10 - 2 4 6 9
Studio Type C - 8 15 23 30 - 6 13 20 27 - 6 12 18 24 - 5 10 15 21
Studio Type D - 8 15 23 30 - 6 13 20 27 - 6 12 18 24 - 5 10 15 21
One Bed Type B - 1 1 2 2 - 0 0 1 1 - 0 0 1 1 - 0 0 1 1
Studio Diffable B - 1 1 2 2 - 0 0 1 1 - 0 0 1 1 - 0 0 1 1
Studio Type E - 3 6 9 12 - 2 5 8 10 - 2 4 7 9 - 2 4 6 8
Studio Type F - 3 6 9 12 - 2 5 8 10 - 2 4 7 9 - 2 4 6 8
Studio Type G - 1 2 3 4 - 0 1 2 3 - 0 1 2 3 - 0 1 2 2
Studio Type H - 2 3 4 5 - 1 2 3 4 - 1 2 3 4 - 0 1 2 3
Studio Type I - 6 12 18 24 - 5 10 16 21 - 4 9 14 19 - 4 8 12 16
Studio Type J - 6 12 18 24 - 5 10 16 21 - 4 9 14 19 - 4 8 12 16
Studio Type A - 3 5 7 9 - 2 4 6 8 - 1 3 5 7 - 1 3 4 6
Studio Type B - 2 4 6 8 - 1 3 5 7 - 1 3 4 6 - 1 2 4 5
One Bed Type A - 0 0 1 1 - 0 0 1 1 - 0 0 1 1 - 0 0 1 1
Studio Diffable A - 0 0 1 1 - 0 0 1 1 - 0 0 1 1 - 0 0 1 1
Minimart 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60 81,60
Laundry 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00 56,00
Café 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50 51,50
Café 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00 84,00
Booth Tenant 59,25 59,25 59,25 59,25 59,25 53,33 53,33 53,33 53,33 53,33 47,40 47,40 47,40 47,40 47,40 41,48 41,48 41,48 41,48 41,48
Retail 391,70 391,70 391,70 391,70 391,70 352,53 352,53 352,53 352,53 352,53 313,36 313,36 313,36 313,36 313,36 274,19 274,19 274,19 274,19 274,19
Food Tenant 62,16 62,16 62,16 62,16 62,16 55,94 55,94 55,94 55,94 55,94 49,73 49,73 49,73 49,73 49,73 43,51 43,51 43,51 43,51 43,51
* Commercial Area in m2
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Masa Pembangunan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
m2 rp/m2
Investasi
Total Investasi Sesuai RAB 64.438.457.329 40.455.874.397 23.982.582.932
Total Terminal Value Tanah
Pendapatan
total unit unit price
Long Lease
Studio Type A 101 150.640.000 15.214.640.000
Studio Type B 101 139.760.000 14.115.760.000
One Bed Type A 13 226.000.000 2.938.000.000
Studio Diffable 13 209.760.000 2.726.880.000
Studio Type C 30 227.617.500 6.828.525.000
Studio Type D 30 215.985.000 6.479.550.000
One Bed Type B 2 233.062.500 466.125.000
Studio Diffable B 2 216.315.000 432.630.000
Studio Type E 12 155.347.500 1.864.170.000
Studio Type F 12 144.127.500 1.729.530.000
Studio Type G 4 193.375.000 773.500.000
Studio Type H 5 181.050.000 905.250.000
Studio Type I 24 234.515.000 5.628.360.000
Studio Type J 24 222.530.000 5.340.720.000
Studio Type A 9 164.762.500 1.482.862.500
Studio Type B 8 152.862.500 1.222.900.000
One Bed Type A 1 247.187.500 247.187.500
Studio Diffable A 1 229.425.000 229.425.000
Minimart 0 0 0
Laundry 0 0 0
Café 0 0 0
Café 0 0 0
Booth Tenant 0 0 0
Retail 0 0 0
Food Tenant 0 0 0
Total 0 68.626.015.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 0 18.076.800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type B 0 16.771.200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type A 0 27.120.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable 0 25.171.200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type C 0 27.314.100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type D 0 25.918.200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type B 0 27.967.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable B 0 25.957.800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type E 0 18.641.700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type F 0 17.295.300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type G 0 23.205.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type H 0 21.726.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type I 0 28.141.800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type J 0 26.703.600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type A 0 19.771.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type B 0 18.343.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type A 0 29.662.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 27.531.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minimart 82 1.440.000 117.504.000 123.379.200 129.548.160 136.025.568 142.826.846 149.968.189 157.466.598 165.339.928 173.606.924 182.287.271 191.401.634 200.971.716 211.020.302 221.571.317 232.649.883 244.282.377 256.496.496 269.321.320 282.787.386
Laundry 56 1.440.000 80.640.000 84.672.000 88.905.600 93.350.880 98.018.424 102.919.345 108.065.312 113.468.578 119.142.007 125.099.107 131.354.063 137.921.766 144.817.854 152.058.747 159.661.684 167.644.768 176.027.007 184.828.357 194.069.775
Café 52 1.440.000 74.160.000 77.868.000 81.761.400 85.849.470 90.141.944 94.649.041 99.381.493 104.350.567 109.568.096 115.046.500 120.798.826 126.838.767 133.180.705 139.839.740 146.831.727 154.173.314 161.881.979 169.976.078 178.474.882
Café 84 1.440.000 120.960.000 127.008.000 133.358.400 140.026.320 147.027.636 154.379.018 162.097.969 170.202.867 178.713.010 187.648.661 197.031.094 206.882.649 217.226.781 228.088.120 239.492.526 251.467.153 264.040.510 277.242.536 291.104.663
Booth Tenant 59 1.440.000 85.320.000 89.586.000 94.065.300 98.768.565 103.706.993 108.892.343 114.336.960 120.053.808 126.056.498 132.359.323 138.977.290 145.926.154 153.222.462 160.883.585 168.927.764 177.374.152 186.242.860 195.555.003 205.332.753
Retail 392 1.440.000 564.048.000 592.250.400 621.862.920 652.956.066 685.603.869 719.884.063 755.878.266 793.672.179 833.355.788 875.023.578 918.774.756 964.713.494 1.012.949.169 1.063.596.627 1.116.776.459 1.172.615.282 1.231.246.046 1.292.808.348 1.357.448.766
Food Tenant 62 1.440.000 89.510.400 93.985.920 98.685.216 103.619.477 108.800.451 114.240.473 119.952.497 125.950.122 132.247.628 138.860.009 145.803.010 153.093.160 160.747.818 168.785.209 177.224.469 186.085.693 195.389.978 205.159.476 215.417.450
Total 0 0 1.132.142.400 1.188.749.520 1.248.186.996 1.310.596.346 1.376.126.163 1.444.932.471 1.517.179.095 1.593.038.050 1.672.689.952 1.756.324.450 1.844.140.672 1.936.347.706 2.033.165.091 2.134.823.346 2.241.564.513 2.353.642.738 2.471.324.875 2.594.891.119 2.724.635.675
Total Pendapatan 0 68.626.015.000 1.132.142.400 1.188.749.520 1.248.186.996 1.310.596.346 1.376.126.163 1.444.932.471 1.517.179.095 1.593.038.050 1.672.689.952 1.756.324.450 1.844.140.672 1.936.347.706 2.033.165.091 2.134.823.346 2.241.564.513 2.353.642.738 2.471.324.875 2.594.891.119 2.724.635.675
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 2,5% 1.715.650.375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 5% 0 56.607.120 59.437.476 62.409.350 65.529.817 68.806.308 72.246.624 75.858.955 79.651.902 83.634.498 87.816.222 92.207.034 96.817.385 101.658.255 106.741.167 112.078.226 117.682.137 123.566.244 129.744.556 136.231.784
Biaya Promosi (Marketing Tools ) 1% 686.260.150 11.321.424 11.887.495 12.481.870 13.105.963 13.761.262 14.449.325 15.171.791 15.930.380 16.726.900 17.563.244 18.441.407 19.363.477 20.331.651 21.348.233 22.415.645 23.536.427 24.713.249 25.948.911 27.246.357
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 12.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 130.912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 0 2.401.910.525 67.928.544 71.324.971 74.891.220 78.635.781 82.567.570 86.695.948 91.030.746 95.582.283 100.361.397 105.379.467 110.648.440 116.180.862 121.989.905 128.089.401 134.493.871 141.218.564 148.279.493 155.693.467 163.478.141
Net Cash Flow (40.455.874.397) 42.241.521.543 1.064.213.856 1.117.424.549 1.173.295.776 1.231.960.565 1.293.558.593 1.358.236.523 1.426.148.349 1.497.455.767 1.572.328.555 1.650.944.983 1.733.492.232 1.820.166.843 1.911.175.186 2.006.733.945 2.107.070.642 2.212.424.174 2.323.045.383 2.439.197.652 2.561.157.535
Discount Factor (Adj Beta) 16,57% 1,00 0,86 0,74 0,63 0,54 0,46 0,40 0,34 0,29 0,25 0,22 0,19 0,16 0,14 0,12 0,10 0,09 0,07 0,06 0,05 0,05
PV of Net Cash Flow (40.455.874.397) 36.238.384.492 783.226.657 705.514.647 635.513.249 572.457.413 515.657.998 464.494.240 418.406.967 376.892.488 339.497.090 305.812.076 275.469.300 248.137.144 223.516.894 201.339.474 181.362.504 163.367.656 147.158.263 132.557.171 119.404.804
Cumulative Net Cash Flow 1.785.647.146 2.849.861.002 3.967.285.551 5.140.581.327 6.372.541.892 7.666.100.485 9.024.337.008 10.450.485.357 11.947.941.124 13.520.269.679 15.171.214.662 16.904.706.893 18.724.873.737 20.636.048.922 22.642.782.867 24.749.853.509 26.962.277.683 29.285.323.066 31.724.520.718 34.285.678.253
Cumulative PV of Net Cash Flow (4.217.489.905) (3.434.263.248) (2.728.748.601) (2.093.235.352) (1.520.777.939) (1.005.119.941) (540.625.702) (122.218.735) 254.673.753 594.170.843 899.982.919 1.175.452.219 1.423.589.363 1.647.106.257 1.848.445.731 2.029.808.235 2.193.175.891 2.340.334.154 2.472.891.325 2.592.296.129
Internal Rate of Return (IRR)
Profitability Index (PI)
Net Cash Flow for Balance Sheet (35.973.874.397) 42.241.521.543 1.064.213.856 1.117.424.549 1.173.295.776 1.231.960.565 1.293.558.593 1.358.236.523 1.426.148.349 1.497.455.767 1.572.328.555 1.650.944.983 1.733.492.232 1.820.166.843 1.911.175.186 2.006.733.945 2.107.070.642 2.212.424.174 2.323.045.383 2.439.197.652 2.561.157.535
Discount Factor (Raw Beta) 18,02% 1,00 0,85 0,72 0,61 0,52 0,44 0,37 0,31 0,27 0,23 0,19 0,16 0,14 0,12 0,10 0,08 0,07 0,06 0,05 0,04 0,04
PV of Net Cash Flow (40.455.874.397) 35.791.657.364 764.035.295 679.743.364 604.750.912 538.031.976 478.673.783 425.864.263 378.880.935 337.081.026 299.892.678 266.807.122 237.371.718 211.183.765 187.884.989 167.156.642 148.715.143 132.308.196 117.711.340 104.724.877 93.171.141
Profitability Index (PI)
Keterangan 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Total
20 21 22 23 24 25 26 27 28 29 30
Investasi
Total Investasi Sesuai RAB 64.438.457.329
Total Terminal Value Tanah (21.356.467.662) (21.356.467.662)
Pendapatan
Long Lease
Studio Type A 15.214.640.000
Studio Type B 14.115.760.000
One Bed Type A 2.938.000.000
Studio Diffable 2.726.880.000
Studio Type C 6.828.525.000
Studio Type D 6.479.550.000
One Bed Type B 466.125.000
Studio Diffable B 432.630.000
Studio Type E 1.864.170.000
Studio Type F 1.729.530.000
Studio Type G 773.500.000
Studio Type H 905.250.000
Studio Type I 5.628.360.000
Studio Type J 5.340.720.000
Studio Type A 1.482.862.500
Studio Type B 1.222.900.000
One Bed Type A 247.187.500
Studio Diffable A 229.425.000
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Total 0 0 0 0 0 0 0 0 0 0 0 68.626.015.000
Short Lease
Studio Type A 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type B 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type A 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type C 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type D 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type B 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable B 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type E 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type F 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type G 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type H 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type I 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type J 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type A 0 0 0 0 0 0 0 0 0 0 0 0
Studio Type B 0 0 0 0 0 0 0 0 0 0 0 0
One Bed Type A 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 0 0 0 0 0 0 0 0 0 0 0
Minimart 296.926.756 311.773.094 327.361.748 343.729.836 360.916.327 378.962.144 397.910.251 417.805.764 438.696.052 460.630.854 483.662.397 7.806.830.337
Laundry 203.773.264 213.961.927 224.660.023 235.893.024 247.687.676 260.072.059 273.075.662 286.729.446 301.065.918 316.119.214 331.925.174 5.357.628.663
Café 187.398.626 196.768.558 206.606.986 216.937.335 227.784.202 239.173.412 251.132.082 263.688.687 276.873.121 290.716.777 305.252.616 4.927.104.931
Café 305.659.896 320.942.890 336.990.035 353.839.537 371.531.514 390.108.089 409.613.494 430.094.168 451.598.877 474.178.821 497.887.762 8.036.442.994
Booth Tenant 215.599.391 226.379.360 237.698.328 249.583.245 262.062.407 275.165.527 288.923.804 303.369.994 318.538.493 334.465.418 351.188.689 5.668.562.469
Retail 1.425.321.204 1.496.587.264 1.571.416.627 1.649.987.459 1.732.486.831 1.819.111.173 1.910.066.732 2.005.570.068 2.105.848.572 2.211.141.000 2.321.698.050 37.474.699.056
Food Tenant 226.188.323 237.497.739 249.372.626 261.841.257 274.933.320 288.679.986 303.113.985 318.269.685 334.183.169 350.892.327 368.436.944 5.946.967.816
Total 2.860.867.459 3.003.910.832 3.154.106.373 3.311.811.692 3.477.402.277 3.651.272.391 3.833.836.010 4.025.527.811 4.226.804.201 4.438.144.411 4.660.051.632 75.218.236.265
Total Pendapatan 2.860.867.459 3.003.910.832 3.154.106.373 3.311.811.692 3.477.402.277 3.651.272.391 3.833.836.010 4.025.527.811 4.226.804.201 4.438.144.411 4.660.051.632 143.844.251.265
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 0 0 0 0 0 0 0 0 0 0 0 1.715.650.375
Biaya Komisi Short Lease 143.043.373 150.195.542 157.705.319 165.590.585 173.870.114 182.563.620 191.691.801 201.276.391 211.340.210 221.907.221 233.002.582 3.760.911.813
Biaya Promosi (Marketing Tools ) 28.608.675 30.039.108 31.541.064 33.118.117 34.774.023 36.512.724 38.338.360 40.255.278 42.268.042 44.381.444 46.600.516 1.438.442.513
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 171.652.048 180.234.650 189.246.382 198.708.702 208.644.137 219.076.343 230.030.161 241.531.669 253.608.252 266.288.665 279.603.098 6.915.004.701
Net Cash Flow 2.689.215.411 2.823.676.182 2.964.859.991 3.113.102.991 3.268.758.140 3.432.196.047 3.603.805.849 3.783.996.142 3.973.195.949 4.171.855.746 25.736.916.196 93.847.256.898
Discount Factor (Adj Beta) 0,04 0,03 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01
PV of Net Cash Flow 107.557.420 96.885.537 87.272.522 78.613.313 70.813.274 63.787.157 57.458.174 51.757.155 46.621.793 41.995.963 222.261.401 3.517.319.838
Cumulative Net Cash Flow 36.974.893.664 39.798.569.846 42.763.429.837 45.876.532.828 49.145.290.968 52.577.487.015 56.181.292.864 59.965.289.006 63.938.484.955 68.110.340.702 93.847.256.898 2011
Cumulative PV of Net Cash Flow 2.699.853.549 2.796.739.086 2.884.011.607 2.962.624.920 3.033.438.194 3.097.225.352 3.154.683.526 3.206.440.681 3.253.062.474 3.295.058.438 3.517.319.838 2019
Internal Rate of Return (IRR) 20,898%
Profitability Index (PI) 0,05
Net Cash Flow for Balance Sheet 2.689.215.411 2.823.676.182 2.964.859.991 3.113.102.991 3.268.758.140 3.432.196.047 3.603.805.849 3.783.996.142 3.973.195.949 4.171.855.746 4.380.448.534 76.972.789.235
Discount Factor (Raw Beta) 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01 0,01 0,01
PV of Net Cash Flow 82.892.067 73.747.028 65.610.913 58.372.411 51.932.495 46.203.061 41.105.724 36.570.749 32.536.094 28.946.560 151.309.588 2.178.998.822
Profitability Index (PI) 0,03
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Masa Pembangunan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Investasi
Total Investasi Sesuai RAB 64.438.457.329 40.455.874.397 23.982.582.932
Total Terminal Value Tanah
Pendapatan
total unit unit price
Long Lease
Studio Type A 75 150.640.000 11.298.000.000
Studio Type B 75 139.760.000 10.482.000.000
One Bed Type A 9 226.000.000 2.034.000.000
Studio Diffable 9 209.760.000 1.887.840.000
Studio Type C 22 227.617.500 5.007.585.000
Studio Type D 22 215.985.000 4.751.670.000
One Bed Type B 1 233.062.500 233.062.500
Studio Diffable B 1 216.315.000 216.315.000
Studio Type E 9 155.347.500 1.398.127.500
Studio Type F 9 144.127.500 1.297.147.500
Studio Type G 3 193.375.000 580.125.000
Studio Type H 3 181.050.000 543.150.000
Studio Type I 18 234.515.000 4.221.270.000
Studio Type J 18 222.530.000 4.005.540.000
Studio Type A 6 164.762.500 988.575.000
Studio Type B 6 152.862.500 917.175.000
One Bed Type A 1 247.187.500 247.187.500
Studio Diffable A 1 229.425.000 229.425.000
Minimart 0 0 0
Laundry 0 0 0
Café 0 0 0
Café 0 0 0
Booth Tenant 0 0 0
Retail 0 0 0
Food Tenant 0 0 0
Total 0 50.338.195.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 26 18.076.800 469.996.800 493.496.640 518.171.472 544.080.046 571.284.048 599.848.250 629.840.663 661.332.696 694.399.331 729.119.297 765.575.262 803.854.025 844.046.726 886.249.063 930.561.516 977.089.592 1.025.944.071 1.077.241.275 1.131.103.339 1.187.658.506
Studio Type B 26 16.771.200 436.051.200 457.853.760 480.746.448 504.783.770 530.022.959 556.524.107 584.350.312 613.567.828 644.246.219 676.458.530 710.281.457 745.795.530 783.085.306 822.239.571 863.351.550 906.519.127 951.845.084 999.437.338 1.049.409.205 1.101.879.665
One Bed Type A 4 27.120.000 108.480.000 113.904.000 119.599.200 125.579.160 131.858.118 138.451.024 145.373.575 152.642.254 160.274.367 168.288.085 176.702.489 185.537.614 194.814.494 204.555.219 214.782.980 225.522.129 236.798.235 248.638.147 261.070.054 274.123.557
Studio Diffable 4 25.171.200 100.684.800 105.719.040 111.004.992 116.555.242 122.383.004 128.502.154 134.927.262 141.673.625 148.757.306 156.195.171 164.004.930 172.205.176 180.815.435 189.856.207 199.349.017 209.316.468 219.782.291 230.771.406 242.309.976 254.425.475
Studio Type C 8 27.314.100 218.512.800 229.438.440 240.910.362 252.955.880 265.603.674 278.883.858 292.828.051 307.469.453 322.842.926 338.985.072 355.934.326 373.731.042 392.417.594 412.038.474 432.640.398 454.272.417 476.986.038 500.835.340 525.877.107 552.170.963
Studio Type D 8 25.918.200 207.345.600 217.712.880 228.598.524 240.028.450 252.029.873 264.631.366 277.862.935 291.756.081 306.343.885 321.661.080 337.744.134 354.631.340 372.362.907 390.981.053 410.530.105 431.056.611 452.609.441 475.239.913 499.001.909 523.952.004
One Bed Type B 1 27.967.500 27.967.500 29.365.875 30.834.169 32.375.877 33.994.671 35.694.405 37.479.125 39.353.081 41.320.735 43.386.772 45.556.110 47.833.916 50.225.612 52.736.892 55.373.737 58.142.424 61.049.545 64.102.022 67.307.123 70.672.480
Studio Diffable B 1 25.957.800 25.957.800 27.255.690 28.618.475 30.049.398 31.551.868 33.129.462 34.785.935 36.525.231 38.351.493 40.269.068 42.282.521 44.396.647 46.616.479 48.947.303 51.394.668 53.964.402 56.662.622 59.495.753 62.470.541 65.594.068
Studio Type E 3 18.641.700 55.925.100 58.721.355 61.657.423 64.740.294 67.977.309 71.376.174 74.944.983 78.692.232 82.626.843 86.758.186 91.096.095 95.650.900 100.433.445 105.455.117 110.727.873 116.264.266 122.077.480 128.181.354 134.590.421 141.319.942
Studio Type F 3 17.295.300 51.885.900 54.480.195 57.204.205 60.064.415 63.067.636 66.221.018 69.532.068 73.008.672 76.659.105 80.492.061 84.516.664 88.742.497 93.179.622 97.838.603 102.730.533 107.867.060 113.260.413 118.923.433 124.869.605 131.113.085
Studio Type G 1 23.205.000 23.205.000 24.365.250 25.583.513 26.862.688 28.205.823 29.616.114 31.096.919 32.651.765 34.284.354 35.998.571 37.798.500 39.688.425 41.672.846 43.756.488 45.944.313 48.241.528 50.653.605 53.186.285 55.845.599 58.637.879
Studio Type H 2 21.726.000 43.452.000 45.624.600 47.905.830 50.301.122 52.816.178 55.456.986 58.229.836 61.141.328 64.198.394 67.408.314 70.778.729 74.317.666 78.033.549 81.935.227 86.031.988 90.333.587 94.850.267 99.592.780 104.572.419 109.801.040
Studio Type I 6 28.141.800 168.850.800 177.293.340 186.158.007 195.465.907 205.239.203 215.501.163 226.276.221 237.590.032 249.469.534 261.943.010 275.040.161 288.792.169 303.231.777 318.393.366 334.313.035 351.028.686 368.580.121 387.009.127 406.359.583 426.677.562
Studio Type J 6 26.703.600 160.221.600 168.232.680 176.644.314 185.476.530 194.750.356 204.487.874 214.712.268 225.447.881 236.720.275 248.556.289 260.984.103 274.033.309 287.734.974 302.121.723 317.227.809 333.089.199 349.743.659 367.230.842 385.592.384 404.872.003
Studio Type A 3 19.771.500 59.314.500 62.280.225 65.394.236 68.663.948 72.097.145 75.702.003 79.487.103 83.461.458 87.634.531 92.016.257 96.617.070 101.447.924 106.520.320 111.846.336 117.438.653 123.310.585 129.476.115 135.949.921 142.747.417 149.884.787
Studio Type B 2 18.343.500 36.687.000 38.521.350 40.447.418 42.469.788 44.593.278 46.822.942 49.164.089 51.622.293 54.203.408 56.913.578 59.759.257 62.747.220 65.884.581 69.178.810 72.637.751 76.269.638 80.083.120 84.087.276 88.291.640 92.706.222
One Bed Type A 0 29.662.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 27.531.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minimart 82 1.440.000 117.504.000 123.379.200 129.548.160 136.025.568 142.826.846 149.968.189 157.466.598 165.339.928 173.606.924 182.287.271 191.401.634 200.971.716 211.020.302 221.571.317 232.649.883 244.282.377 256.496.496 269.321.320 282.787.386 296.926.756
Laundry 56 1.440.000 80.640.000 84.672.000 88.905.600 93.350.880 98.018.424 102.919.345 108.065.312 113.468.578 119.142.007 125.099.107 131.354.063 137.921.766 144.817.854 152.058.747 159.661.684 167.644.768 176.027.007 184.828.357 194.069.775 203.773.264
Café 52 1.440.000 74.160.000 77.868.000 81.761.400 85.849.470 90.141.944 94.649.041 99.381.493 104.350.567 109.568.096 115.046.500 120.798.826 126.838.767 133.180.705 139.839.740 146.831.727 154.173.314 161.881.979 169.976.078 178.474.882 187.398.626
Café 84 1.440.000 120.960.000 127.008.000 133.358.400 140.026.320 147.027.636 154.379.018 162.097.969 170.202.867 178.713.010 187.648.661 197.031.094 206.882.649 217.226.781 228.088.120 239.492.526 251.467.153 264.040.510 277.242.536 291.104.663 305.659.896
Booth Tenant 59 1.440.000 85.320.000 89.586.000 94.065.300 98.768.565 103.706.993 108.892.343 114.336.960 120.053.808 126.056.498 132.359.323 138.977.290 145.926.154 153.222.462 160.883.585 168.927.764 177.374.152 186.242.860 195.555.003 205.332.753 215.599.391
Retail 392 1.440.000 564.048.000 592.250.400 621.862.920 652.956.066 685.603.869 719.884.063 755.878.266 793.672.179 833.355.788 875.023.578 918.774.756 964.713.494 1.012.949.169 1.063.596.627 1.116.776.459 1.172.615.282 1.231.246.046 1.292.808.348 1.357.448.766 1.425.321.204
Food Tenant 62 1.440.000 89.510.400 93.985.920 98.685.216 103.619.477 108.800.451 114.240.473 119.952.497 125.950.122 132.247.628 138.860.009 145.803.010 153.093.160 160.747.818 168.785.209 177.224.469 186.085.693 195.389.978 205.159.476 215.417.450 226.188.323
Total 0 0 3.326.680.800 3.493.014.840 3.667.665.582 3.851.048.861 4.043.601.304 4.245.781.369 4.458.070.438 4.680.973.960 4.915.022.658 5.160.773.791 5.418.812.480 5.689.753.104 5.974.240.759 6.272.952.797 6.586.600.437 6.915.930.459 7.261.726.982 7.624.813.331 8.006.053.998 8.406.356.698
Total Pendapatan 0 50.338.195.000 3.326.680.800 3.493.014.840 3.667.665.582 3.851.048.861 4.043.601.304 4.245.781.369 4.458.070.438 4.680.973.960 4.915.022.658 5.160.773.791 5.418.812.480 5.689.753.104 5.974.240.759 6.272.952.797 6.586.600.437 6.915.930.459 7.261.726.982 7.624.813.331 8.006.053.998 8.406.356.698
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 2,5% 1.258.454.875 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 5% 0 166.334.040 174.650.742 183.383.279 192.552.443 202.180.065 212.289.068 222.903.522 234.048.698 245.751.133 258.038.690 270.940.624 284.487.655 298.712.038 313.647.640 329.330.022 345.796.523 363.086.349 381.240.667 400.302.700 420.317.835
Biaya Promosi (Marketing Tools ) 1% 503.381.950 33.266.808 34.930.148 36.676.656 38.510.489 40.436.013 42.457.814 44.580.704 46.809.740 49.150.227 51.607.738 54.188.125 56.897.531 59.742.408 62.729.528 65.866.004 69.159.305 72.617.270 76.248.133 80.060.540 84.063.567
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 12.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 130.912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 0 1.761.836.825 199.600.848 209.580.890 220.059.935 231.062.932 242.616.078 254.746.882 267.484.226 280.858.438 294.901.359 309.646.427 325.128.749 341.385.186 358.454.446 376.377.168 395.196.026 414.955.828 435.703.619 457.488.800 480.363.240 504.381.402
Net Cash Flow (40.455.874.397) 24.593.775.243 3.127.079.952 3.283.433.950 3.447.605.647 3.619.985.929 3.800.985.226 3.991.034.487 4.190.586.212 4.400.115.522 4.620.121.298 4.851.127.363 5.093.683.731 5.348.367.918 5.615.786.314 5.896.575.629 6.191.404.411 6.500.974.631 6.826.023.363 7.167.324.531 7.525.690.758 7.901.975.296
Discount Factor 16,57% 1,00 0,86 0,74 0,63 0,54 0,46 0,40 0,34 0,29 0,25 0,22 0,19 0,16 0,14 0,12 0,10 0,09 0,07 0,06 0,05 0,05 0,04
PV of Net Cash Flow (40.455.874.397) 21.098.640.646 2.301.428.761 2.073.080.233 1.867.388.523 1.682.105.612 1.515.206.533 1.364.867.237 1.229.444.655 1.107.458.747 997.576.322 898.596.467 809.437.427 729.124.776 656.780.773 591.614.766 532.914.552 480.038.593 432.409.004 389.505.239 350.858.399 316.046.112
Cumulative Net Cash Flow (15.862.099.154) (12.735.019.202) (9.451.585.252) (6.003.979.605) (2.383.993.676) 1.416.991.550 5.408.026.037 9.598.612.249 13.998.727.771 18.618.849.069 23.469.976.432 28.563.660.164 33.912.028.082 39.527.814.395 45.424.390.025 51.615.794.436 58.116.769.067 64.942.792.430 72.110.116.961 79.635.807.719 87.537.783.015
Cumulative PV of Net Cash Flow (19.357.233.751) (17.055.804.990) (14.982.724.757) (13.115.336.235) (11.433.230.623) (9.918.024.090) (8.553.156.853) (7.323.712.198) (6.216.253.450) (5.218.677.129) (4.320.080.661) (3.510.643.235) (2.781.518.459) (2.124.737.686) (1.533.122.920) (1.000.208.368) (520.169.776) (87.760.772) 301.744.467 652.602.866 968.648.978
Internal Rate of Return (IRR)
Profitability Index (PI)
Net Cash Flow for Balance Sheet (35.973.874.397) 24.593.775.243 3.127.079.952 3.283.433.950 3.447.605.647 3.619.985.929 3.800.985.226 3.991.034.487 4.190.586.212 4.400.115.522 4.620.121.298 4.851.127.363 5.093.683.731 5.348.367.918 5.615.786.314 5.896.575.629 6.191.404.411 6.500.974.631 6.826.023.363 7.167.324.531 7.525.690.758 7.901.975.296
Discount Factor (Raw Beta) 18,02% 1,00 0,85 0,72 0,61 0,52 0,44 0,37 0,31 0,27 0,23 0,19 0,16 0,14 0,12 0,10 0,08 0,07 0,06 0,05 0,04 0,04 0,03
PV of Net Cash Flow (40.455.874.397) 20.838.548.060 2.245.036.972 1.997.354.041 1.776.996.645 1.580.950.102 1.406.532.327 1.251.357.132 1.113.301.588 990.476.974 881.202.943 783.984.532 697.491.708 620.541.176 552.080.185 491.172.128 436.983.733 388.773.653 345.882.333 307.722.984 273.773.552 243.569.579
Profitability Index (PI)
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2040 Total
21 22 23 24 25 26 27 28 29 30
Investasi
Total Investasi Sesuai RAB 64.438.457.329
Total Terminal Value Tanah (21.356.467.662) (21.356.467.662)
Pendapatan
Long Lease
Studio Type A 11.298.000.000
Studio Type B 10.482.000.000
One Bed Type A 2.034.000.000
Studio Diffable 1.887.840.000
Studio Type C 5.007.585.000
Studio Type D 4.751.670.000
One Bed Type B 233.062.500
Studio Diffable B 216.315.000
Studio Type E 1.398.127.500
Studio Type F 1.297.147.500
Studio Type G 580.125.000
Studio Type H 543.150.000
Studio Type I 4.221.270.000
Studio Type J 4.005.540.000
Studio Type A 988.575.000
Studio Type B 917.175.000
One Bed Type A 247.187.500
Studio Diffable A 229.425.000
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Total 0 0 0 0 0 0 0 0 0 0 50.338.195.000
Short Lease
Studio Type A 1.247.041.431 1.309.393.502 1.374.863.178 1.443.606.336 1.515.786.653 1.591.575.986 1.671.154.785 1.754.712.524 1.842.448.151 1.934.570.558 31.226.045.722
Studio Type B 1.156.973.648 1.214.822.331 1.275.563.447 1.339.341.620 1.406.308.701 1.476.624.136 1.550.455.342 1.627.978.110 1.709.377.015 1.794.845.866 28.970.739.180
One Bed Type A 287.829.735 302.221.222 317.332.283 333.198.897 349.858.842 367.351.784 385.719.373 405.005.342 425.255.609 446.518.389 7.207.286.177
Studio Diffable 267.146.749 280.504.086 294.529.291 309.255.755 324.718.543 340.954.470 358.002.193 375.902.303 394.697.418 414.432.289 6.689.382.073
Studio Type C 579.779.511 608.768.486 639.206.911 671.167.256 704.725.619 739.961.900 776.959.995 815.807.995 856.598.394 899.428.314 14.517.738.597
Studio Type D 550.149.605 577.657.085 606.539.939 636.866.936 668.710.283 702.145.797 737.253.087 774.115.741 812.821.528 853.462.605 13.775.802.699
One Bed Type B 74.206.104 77.916.409 81.812.229 85.902.841 90.197.983 94.707.882 99.443.276 104.415.440 109.636.212 115.118.022 1.858.128.468
Studio Diffable B 68.873.771 72.317.460 75.933.333 79.729.999 83.716.499 87.902.324 92.297.440 96.912.313 101.757.928 106.845.825 1.724.606.316
Studio Type E 148.385.939 155.805.236 163.595.498 171.775.273 180.364.037 189.382.239 198.851.351 208.793.918 219.233.614 230.195.295 3.715.599.190
Studio Type F 137.668.739 144.552.176 151.779.785 159.368.774 167.337.213 175.704.074 184.489.278 193.713.741 203.399.428 213.569.400 3.447.239.398
Studio Type G 61.569.773 64.648.262 67.880.675 71.274.709 74.838.444 78.580.366 82.509.385 86.634.854 90.966.597 95.514.926 1.541.713.456
Studio Type H 115.291.092 121.055.646 127.108.429 133.463.850 140.137.043 147.143.895 154.501.090 162.226.144 170.337.451 178.854.324 2.886.900.802
Studio Type I 448.011.440 470.412.012 493.932.613 518.629.243 544.560.706 571.788.741 600.378.178 630.397.087 661.916.941 695.012.788 11.218.252.552
Studio Type J 425.115.604 446.371.384 468.689.953 492.124.451 516.730.673 542.567.207 569.695.567 598.180.345 628.089.363 659.493.831 10.644.938.449
Studio Type A 157.379.027 165.247.978 173.510.377 182.185.896 191.295.191 200.859.950 210.902.948 221.448.095 232.520.500 244.146.525 3.940.787.020
Studio Type B 97.341.533 102.208.610 107.319.040 112.684.992 118.319.242 124.235.204 130.446.964 136.969.312 143.817.778 151.008.667 2.437.441.998
One Bed Type A 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 0 0 0 0 0 0 0 0 0 0
Minimart 311.773.094 327.361.748 343.729.836 360.916.327 378.962.144 397.910.251 417.805.764 438.696.052 460.630.854 483.662.397 7.806.830.337
Laundry 213.961.927 224.660.023 235.893.024 247.687.676 260.072.059 273.075.662 286.729.446 301.065.918 316.119.214 331.925.174 5.357.628.663
Café 196.768.558 206.606.986 216.937.335 227.784.202 239.173.412 251.132.082 263.688.687 276.873.121 290.716.777 305.252.616 4.927.104.931
Café 320.942.890 336.990.035 353.839.537 371.531.514 390.108.089 409.613.494 430.094.168 451.598.877 474.178.821 497.887.762 8.036.442.994
Booth Tenant 226.379.360 237.698.328 249.583.245 262.062.407 275.165.527 288.923.804 303.369.994 318.538.493 334.465.418 351.188.689 5.668.562.469
Retail 1.496.587.264 1.571.416.627 1.649.987.459 1.732.486.831 1.819.111.173 1.910.066.732 2.005.570.068 2.105.848.572 2.211.141.000 2.321.698.050 37.474.699.056
Food Tenant 237.497.739 249.372.626 261.841.257 274.933.320 288.679.986 303.113.985 318.269.685 334.183.169 350.892.327 368.436.944 5.946.967.816
Total 8.826.674.532 9.268.008.259 9.731.408.672 10.217.979.106 10.728.878.061 11.265.321.964 11.828.588.062 12.420.017.465 13.041.018.338 13.693.069.255 221.020.838.362
Total Pendapatan 8.826.674.532 9.268.008.259 9.731.408.672 10.217.979.106 10.728.878.061 11.265.321.964 11.828.588.062 12.420.017.465 13.041.018.338 13.693.069.255 271.359.033.362
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 0 0 0 0 0 0 0 0 0 0 1.258.454.875
Biaya Komisi Short Lease 441.333.727 463.400.413 486.570.434 510.898.955 536.443.903 563.266.098 591.429.403 621.000.873 652.050.917 684.653.463 11.051.041.918
Biaya Promosi (Marketing Tools ) 88.266.745 92.680.083 97.314.087 102.179.791 107.288.781 112.653.220 118.285.881 124.200.175 130.410.183 136.930.693 2.713.590.334
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 529.600.472 556.080.496 583.884.520 613.078.746 643.732.684 675.919.318 709.715.284 745.201.048 782.461.100 821.584.155 15.023.087.127
Net Cash Flow 8.297.074.060 8.711.927.763 9.147.524.152 9.604.900.359 10.085.145.377 10.589.402.646 11.118.872.778 11.674.816.417 12.258.557.238 34.227.952.762 213.253.956.569
Discount Factor 0,03 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01
PV of Net Cash Flow 284.687.912 256.441.082 230.996.913 208.077.322 187.431.821 168.834.773 152.082.931 136.993.212 123.400.700 295.589.132 3.013.184.776
Cumulative Net Cash Flow 95.834.857.075 104.546.784.839 113.694.308.990 123.299.209.350 133.384.354.727 143.973.757.373 155.092.630.151 166.767.446.569 179.026.003.807 213.253.956.569 2016
Cumulative PV of Net Cash Flow 1.253.336.889 1.509.777.972 1.740.774.884 1.948.852.207 2.136.284.028 2.305.118.801 2.457.201.732 2.594.194.944 2.717.595.644 3.013.184.776 2029
Internal Rate of Return (IRR) 18,164%
Profitability Index (PI) 0,05
Net Cash Flow for Balance Sheet 8.297.074.060 8.711.927.763 9.147.524.152 9.604.900.359 10.085.145.377 10.589.402.646 11.118.872.778 11.674.816.417 12.258.557.238 12.871.485.100 196.379.488.907
Discount Factor (Raw Beta) 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01 0,01 0,01
PV of Net Cash Flow 216.697.849 192.790.734 171.521.162 152.598.149 135.762.811 120.784.826 107.459.281 95.603.873 85.056.409 201.229.136 247.362.180
Profitability Index (PI) 0,00
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Masa Pembangunan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Investasi
Total Investasi Sesuai RAB 64.438.457.329 40.455.874.397 23.982.582.932
Total Terminal Value Tanah
Pendapatan
total unit unit price
Long Lease
Studio Type A 50 150.640.000 7.532.000.000
Studio Type B 50 139.760.000 6.988.000.000
One Bed Type A 6 226.000.000 1.356.000.000
Studio Diffable 6 209.760.000 1.258.560.000
Studio Type C 15 227.617.500 3.414.262.500
Studio Type D 15 215.985.000 3.239.775.000
One Bed Type B 1 233.062.500 233.062.500
Studio Diffable B 1 216.315.000 216.315.000
Studio Type E 6 155.347.500 932.085.000
Studio Type F 6 144.127.500 864.765.000
Studio Type G 2 193.375.000 386.750.000
Studio Type H 2 181.050.000 362.100.000
Studio Type I 12 234.515.000 2.814.180.000
Studio Type J 12 222.530.000 2.670.360.000
Studio Type A 4 164.762.500 659.050.000
Studio Type B 4 152.862.500 611.450.000
One Bed Type A 1 247.187.500 247.187.500
Studio Diffable A 1 229.425.000 229.425.000
Minimart 0 0 0
Laundry 0 0 0
Café 0 0 0
Café 0 0 0
Booth Tenant 0 0 0
Retail 0 0 0
Food Tenant 0 0 0
Total 0 34.015.327.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 51 18.076.800 921.916.800 968.012.640 1.016.413.272 1.067.233.936 1.120.595.632 1.176.625.414 1.235.456.685 1.297.229.519 1.362.090.995 1.430.195.545 1.501.705.322 1.576.790.588 1.655.630.117 1.738.411.623 1.825.332.204 1.916.598.815 2.012.428.755 2.113.050.193 2.218.702.703 2.329.637.838
Studio Type B 51 16.771.200 855.331.200 898.097.760 943.002.648 990.152.780 1.039.660.419 1.091.643.440 1.146.225.612 1.203.536.893 1.263.713.738 1.326.899.425 1.393.244.396 1.462.906.616 1.536.051.946 1.612.854.544 1.693.497.271 1.778.172.134 1.867.080.741 1.960.434.778 2.058.456.517 2.161.379.343
One Bed Type A 7 27.120.000 189.840.000 199.332.000 209.298.600 219.763.530 230.751.707 242.289.292 254.403.756 267.123.944 280.480.141 294.504.149 309.229.356 324.690.824 340.925.365 357.971.633 375.870.215 394.663.726 414.396.912 435.116.757 456.872.595 479.716.225
Studio Diffable 7 25.171.200 176.198.400 185.008.320 194.258.736 203.971.673 214.170.256 224.878.769 236.122.708 247.928.843 260.325.285 273.341.550 287.008.627 301.359.058 316.427.011 332.248.362 348.860.780 366.303.819 384.619.010 403.849.960 424.042.458 445.244.581
Studio Type C 15 27.314.100 409.711.500 430.197.075 451.706.929 474.292.275 498.006.889 522.907.233 549.052.595 576.505.225 605.330.486 635.597.010 667.376.861 700.745.704 735.782.989 772.572.139 811.200.746 851.760.783 894.348.822 939.066.263 986.019.576 1.035.320.555
Studio Type D 15 25.918.200 388.773.000 408.211.650 428.622.233 450.053.344 472.556.011 496.183.812 520.993.002 547.042.653 574.394.785 603.114.525 633.270.251 664.933.763 698.180.451 733.089.474 769.743.948 808.231.145 848.642.702 891.074.837 935.628.579 982.410.008
One Bed Type B 1 27.967.500 27.967.500 29.365.875 30.834.169 32.375.877 33.994.671 35.694.405 37.479.125 39.353.081 41.320.735 43.386.772 45.556.110 47.833.916 50.225.612 52.736.892 55.373.737 58.142.424 61.049.545 64.102.022 67.307.123 70.672.480
Studio Diffable B 1 25.957.800 25.957.800 27.255.690 28.618.475 30.049.398 31.551.868 33.129.462 34.785.935 36.525.231 38.351.493 40.269.068 42.282.521 44.396.647 46.616.479 48.947.303 51.394.668 53.964.402 56.662.622 59.495.753 62.470.541 65.594.068
Studio Type E 6 18.641.700 111.850.200 117.442.710 123.314.846 129.480.588 135.954.617 142.752.348 149.889.965 157.384.464 165.253.687 173.516.371 182.192.190 191.301.799 200.866.889 210.910.234 221.455.745 232.528.533 244.154.959 256.362.707 269.180.843 282.639.885
Studio Type F 6 17.295.300 103.771.800 108.960.390 114.408.410 120.128.830 126.135.271 132.442.035 139.064.137 146.017.344 153.318.211 160.984.121 169.033.327 177.484.994 186.359.243 195.677.206 205.461.066 215.734.119 226.520.825 237.846.866 249.739.210 262.226.170
Studio Type G 2 23.205.000 46.410.000 48.730.500 51.167.025 53.725.376 56.411.645 59.232.227 62.193.839 65.303.531 68.568.707 71.997.143 75.597.000 79.376.850 83.345.692 87.512.977 91.888.626 96.483.057 101.307.210 106.372.570 111.691.199 117.275.759
Studio Type H 3 21.726.000 65.178.000 68.436.900 71.858.745 75.451.682 79.224.266 83.185.480 87.344.754 91.711.991 96.297.591 101.112.470 106.168.094 111.476.499 117.050.324 122.902.840 129.047.982 135.500.381 142.275.400 149.389.170 156.858.628 164.701.560
Studio Type I 12 28.141.800 337.701.600 354.586.680 372.316.014 390.931.815 410.478.405 431.002.326 452.552.442 475.180.064 498.939.067 523.886.021 550.080.322 577.584.338 606.463.555 636.786.732 668.626.069 702.057.372 737.160.241 774.018.253 812.719.166 853.355.124
Studio Type J 12 26.703.600 320.443.200 336.465.360 353.288.628 370.953.059 389.500.712 408.975.748 429.424.535 450.895.762 473.440.550 497.112.578 521.968.207 548.066.617 575.469.948 604.243.445 634.455.618 666.178.398 699.487.318 734.461.684 771.184.768 809.744.007
Studio Type A 5 19.771.500 98.857.500 103.800.375 108.990.394 114.439.913 120.161.909 126.170.005 132.478.505 139.102.430 146.057.552 153.360.429 161.028.451 169.079.873 177.533.867 186.410.560 195.731.088 205.517.642 215.793.525 226.583.201 237.912.361 249.807.979
Studio Type B 4 18.343.500 73.374.000 77.042.700 80.894.835 84.939.577 89.186.556 93.645.883 98.328.178 103.244.586 108.406.816 113.827.157 119.518.514 125.494.440 131.769.162 138.357.620 145.275.501 152.539.276 160.166.240 168.174.552 176.583.280 185.412.444
One Bed Type A 0 29.662.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 27.531.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minimart 82 1.440.000 117.504.000 123.379.200 129.548.160 136.025.568 142.826.846 149.968.189 157.466.598 165.339.928 173.606.924 182.287.271 191.401.634 200.971.716 211.020.302 221.571.317 232.649.883 244.282.377 256.496.496 269.321.320 282.787.386 296.926.756
Laundry 56 1.440.000 80.640.000 84.672.000 88.905.600 93.350.880 98.018.424 102.919.345 108.065.312 113.468.578 119.142.007 125.099.107 131.354.063 137.921.766 144.817.854 152.058.747 159.661.684 167.644.768 176.027.007 184.828.357 194.069.775 203.773.264
Café 52 1.440.000 74.160.000 77.868.000 81.761.400 85.849.470 90.141.944 94.649.041 99.381.493 104.350.567 109.568.096 115.046.500 120.798.826 126.838.767 133.180.705 139.839.740 146.831.727 154.173.314 161.881.979 169.976.078 178.474.882 187.398.626
Café 84 1.440.000 120.960.000 127.008.000 133.358.400 140.026.320 147.027.636 154.379.018 162.097.969 170.202.867 178.713.010 187.648.661 197.031.094 206.882.649 217.226.781 228.088.120 239.492.526 251.467.153 264.040.510 277.242.536 291.104.663 305.659.896
Booth Tenant 59 1.440.000 85.320.000 89.586.000 94.065.300 98.768.565 103.706.993 108.892.343 114.336.960 120.053.808 126.056.498 132.359.323 138.977.290 145.926.154 153.222.462 160.883.585 168.927.764 177.374.152 186.242.860 195.555.003 205.332.753 215.599.391
Retail 392 1.440.000 564.048.000 592.250.400 621.862.920 652.956.066 685.603.869 719.884.063 755.878.266 793.672.179 833.355.788 875.023.578 918.774.756 964.713.494 1.012.949.169 1.063.596.627 1.116.776.459 1.172.615.282 1.231.246.046 1.292.808.348 1.357.448.766 1.425.321.204
Food Tenant 62 1.440.000 89.510.400 93.985.920 98.685.216 103.619.477 108.800.451 114.240.473 119.952.497 125.950.122 132.247.628 138.860.009 145.803.010 153.093.160 160.747.818 168.785.209 177.224.469 186.085.693 195.389.978 205.159.476 215.417.450 226.188.323
Total 0 0 5.285.424.900 5.549.696.145 5.827.180.952 6.118.540.000 6.424.467.000 6.745.690.350 7.082.974.867 7.437.123.611 7.808.979.791 8.199.428.781 8.609.400.220 9.039.870.231 9.491.863.742 9.966.456.929 10.464.779.776 10.988.018.765 11.537.419.703 12.114.290.688 12.720.005.223 13.356.005.484
Total Pendapatan 0 34.015.327.500 5.285.424.900 5.549.696.145 5.827.180.952 6.118.540.000 6.424.467.000 6.745.690.350 7.082.974.867 7.437.123.611 7.808.979.791 8.199.428.781 8.609.400.220 9.039.870.231 9.491.863.742 9.966.456.929 10.464.779.776 10.988.018.765 11.537.419.703 12.114.290.688 12.720.005.223 13.356.005.484
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 2,5% 850.383.188 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 5% 0 264.271.245 277.484.807 291.359.048 305.927.000 321.223.350 337.284.517 354.148.743 371.856.181 390.448.990 409.971.439 430.470.011 451.993.512 474.593.187 498.322.846 523.238.989 549.400.938 576.870.985 605.714.534 636.000.261 667.800.274
Biaya Promosi (Marketing Tools ) 1% 340.153.275 52.854.249 55.496.961 58.271.810 61.185.400 64.244.670 67.456.903 70.829.749 74.371.236 78.089.798 81.994.288 86.094.002 90.398.702 94.918.637 99.664.569 104.647.798 109.880.188 115.374.197 121.142.907 127.200.052 133.560.055
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 12.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 130.912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 0 1.190.536.463 317.125.494 332.981.769 349.630.857 367.112.400 385.468.020 404.741.421 424.978.492 446.227.417 468.538.787 491.965.727 516.564.013 542.392.214 569.511.825 597.987.416 627.886.787 659.281.126 692.245.182 726.857.441 763.200.313 801.360.329
Net Cash Flow (40.455.874.397) 8.842.208.106 4.968.299.406 5.216.714.376 5.477.550.095 5.751.427.600 6.038.998.980 6.340.948.929 6.657.996.375 6.990.896.194 7.340.441.004 7.707.463.054 8.092.836.207 8.497.478.017 8.922.351.918 9.368.469.514 9.836.892.989 10.328.737.639 10.845.174.521 11.387.433.247 11.956.804.909 12.554.645.155
Discount Factor 16,57% 1,00 0,86 0,74 0,63 0,54 0,46 0,40 0,34 0,29 0,25 0,22 0,19 0,16 0,14 0,12 0,10 0,09 0,07 0,06 0,05 0,05 0,04
PV of Net Cash Flow (40.455.874.397) 7.585.601.214 3.656.506.172 3.293.706.413 2.966.903.766 2.672.526.587 2.407.357.610 2.168.498.787 1.953.339.615 1.759.528.608 1.584.947.594 1.427.688.566 1.286.032.832 1.158.432.226 1.043.492.195 939.956.552 846.693.750 762.684.515 687.010.703 618.845.273 557.443.239 502.133.535
Cumulative Net Cash Flow (31.613.666.292) (26.645.366.886) (21.428.652.509) (15.951.102.414) (10.199.674.814) (4.160.675.834) 2.180.273.095 8.838.269.470 15.829.165.664 23.169.606.668 30.877.069.722 38.969.905.928 47.467.383.945 56.389.735.863 65.758.205.377 75.595.098.366 85.923.836.005 96.769.010.526 108.156.443.773 120.113.248.682 132.667.893.837
Cumulative PV of Net Cash Flow (32.870.273.183) (29.213.767.011) (25.920.060.598) (22.953.156.832) (20.280.630.245) (17.873.272.635) (15.704.773.848) (13.751.434.233) (11.991.905.625) (10.406.958.030) (8.979.269.464) (7.693.236.632) (6.534.804.406) (5.491.312.211) (4.551.355.659) (3.704.661.908) (2.941.977.394) (2.254.966.691) (1.636.121.418) (1.078.678.179) (576.544.644)
Internal Rate of Return (IRR)
Profitability Index (PI)
Net Cash Flow for Balance Sheet (35.973.874.397) 8.842.208.106 4.968.299.406 5.216.714.376 5.477.550.095 5.751.427.600 6.038.998.980 6.340.948.929 6.657.996.375 6.990.896.194 7.340.441.004 7.707.463.054 8.092.836.207 8.497.478.017 8.922.351.918 9.368.469.514 9.836.892.989 10.328.737.639 10.845.174.521 11.387.433.247 11.956.804.909 12.554.645.155
Discount Factor (Raw Beta) 18,02% 1,00 0,85 0,72 0,61 0,52 0,44 0,37 0,31 0,27 0,23 0,19 0,16 0,14 0,12 0,10 0,08 0,07 0,06 0,05 0,04 0,04 0,03
PV of Net Cash Flow (40.455.874.397) 7.492.090.041 3.566.910.992 3.173.392.766 2.823.289.302 2.511.810.882 2.234.696.212 1.988.154.122 1.768.811.704 1.573.668.162 1.400.053.764 1.245.593.315 1.108.173.662 985.914.784 877.144.075 780.373.457 694.279.025 617.682.930 549.537.274 488.909.763 434.970.962 386.982.941
Profitability Index (PI)
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Total
21 22 23 24 25 26 27 28 29 30
Investasi
Total Investasi Sesuai RAB 64.438.457.329
Total Terminal Value Tanah (21.356.467.662) (21.356.467.662)
Pendapatan
Long Lease
Studio Type A 7.532.000.000
Studio Type B 6.988.000.000
One Bed Type A 1.356.000.000
Studio Diffable 1.258.560.000
Studio Type C 3.414.262.500
Studio Type D 3.239.775.000
One Bed Type B 233.062.500
Studio Diffable B 216.315.000
Studio Type E 932.085.000
Studio Type F 864.765.000
Studio Type G 386.750.000
Studio Type H 362.100.000
Studio Type I 2.814.180.000
Studio Type J 2.670.360.000
Studio Type A 659.050.000
Studio Type B 611.450.000
One Bed Type A 247.187.500
Studio Diffable A 229.425.000
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Total 0 0 0 0 0 0 0 0 0 0 34.015.327.500
Short Lease
Studio Type A 2.446.119.730 2.568.425.716 2.696.847.002 2.831.689.352 2.973.273.820 3.121.937.511 3.278.034.386 3.441.936.106 3.614.032.911 3.794.734.556 61.251.089.686
Studio Type B 2.269.448.310 2.382.920.726 2.502.066.762 2.627.170.100 2.758.528.605 2.896.455.035 3.041.277.787 3.193.341.676 3.353.008.760 3.520.659.198 56.827.219.161
One Bed Type A 503.702.036 528.887.138 555.331.495 583.098.070 612.252.973 642.865.622 675.008.903 708.759.348 744.197.316 781.407.181 12.612.750.810
Studio Diffable 467.506.810 490.882.151 515.426.258 541.197.571 568.257.450 596.670.322 626.503.839 657.829.030 690.720.482 725.256.506 11.706.418.628
Studio Type C 1.087.086.583 1.141.440.912 1.198.512.957 1.258.438.605 1.321.360.536 1.387.428.562 1.456.799.990 1.529.639.990 1.606.121.990 1.686.428.089 27.220.759.869
Studio Type D 1.031.530.509 1.083.107.034 1.137.262.386 1.194.125.505 1.253.831.780 1.316.523.369 1.382.349.538 1.451.467.015 1.524.040.366 1.600.242.384 25.829.630.060
One Bed Type B 74.206.104 77.916.409 81.812.229 85.902.841 90.197.983 94.707.882 99.443.276 104.415.440 109.636.212 115.118.022 1.858.128.468
Studio Diffable B 68.873.771 72.317.460 75.933.333 79.729.999 83.716.499 87.902.324 92.297.440 96.912.313 101.757.928 106.845.825 1.724.606.316
Studio Type E 296.771.879 311.610.473 327.190.997 343.550.546 360.728.074 378.764.477 397.702.701 417.587.836 438.467.228 460.390.590 7.431.198.381
Studio Type F 275.337.479 289.104.353 303.559.570 318.737.549 334.674.426 351.408.148 368.978.555 387.427.483 406.798.857 427.138.800 6.894.478.795
Studio Type G 123.139.546 129.296.524 135.761.350 142.549.418 149.676.888 157.160.733 165.018.769 173.269.708 181.933.193 191.029.853 3.083.426.913
Studio Type H 172.936.638 181.583.470 190.662.643 200.195.775 210.205.564 220.715.842 231.751.634 243.339.216 255.506.177 268.281.486 4.330.351.203
Studio Type I 896.022.880 940.824.024 987.865.226 1.037.258.487 1.089.121.411 1.143.577.482 1.200.756.356 1.260.794.174 1.323.833.882 1.390.025.576 22.436.505.104
Studio Type J 850.231.207 892.742.768 937.379.906 984.248.901 1.033.461.346 1.085.134.414 1.139.391.134 1.196.360.691 1.256.178.726 1.318.987.662 21.289.876.898
Studio Type A 262.298.378 275.413.297 289.183.962 303.643.160 318.825.318 334.766.584 351.504.913 369.080.158 387.534.166 406.910.875 6.567.978.367
Studio Type B 194.683.066 204.417.219 214.638.080 225.369.984 236.638.483 248.470.407 260.893.928 273.938.624 287.635.555 302.017.333 4.874.883.997
One Bed Type A 0 0 0 0 0 0 0 0 0 0 0
Studio Diffable A 0 0 0 0 0 0 0 0 0 0 0
Minimart 311.773.094 327.361.748 343.729.836 360.916.327 378.962.144 397.910.251 417.805.764 438.696.052 460.630.854 483.662.397 7.806.830.337
Laundry 213.961.927 224.660.023 235.893.024 247.687.676 260.072.059 273.075.662 286.729.446 301.065.918 316.119.214 331.925.174 5.357.628.663
Café 196.768.558 206.606.986 216.937.335 227.784.202 239.173.412 251.132.082 263.688.687 276.873.121 290.716.777 305.252.616 4.927.104.931
Café 320.942.890 336.990.035 353.839.537 371.531.514 390.108.089 409.613.494 430.094.168 451.598.877 474.178.821 497.887.762 8.036.442.994
Booth Tenant 226.379.360 237.698.328 249.583.245 262.062.407 275.165.527 288.923.804 303.369.994 318.538.493 334.465.418 351.188.689 5.668.562.469
Retail 1.496.587.264 1.571.416.627 1.649.987.459 1.732.486.831 1.819.111.173 1.910.066.732 2.005.570.068 2.105.848.572 2.211.141.000 2.321.698.050 37.474.699.056
Food Tenant 237.497.739 249.372.626 261.841.257 274.933.320 288.679.986 303.113.985 318.269.685 334.183.169 350.892.327 368.436.944 5.946.967.816
Total 14.023.805.758 14.724.996.046 15.461.245.848 16.234.308.140 17.046.023.547 17.898.324.725 18.793.240.961 19.732.903.009 20.719.548.160 21.755.525.568 351.157.538.920
Total Pendapatan 14.023.805.758 14.724.996.046 15.461.245.848 16.234.308.140 17.046.023.547 17.898.324.725 18.793.240.961 19.732.903.009 20.719.548.160 21.755.525.568 385.172.866.420
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 0 0 0 0 0 0 0 0 0 0 850.383.188
Biaya Komisi Short Lease 701.190.288 736.249.802 773.062.292 811.715.407 852.301.177 894.916.236 939.662.048 986.645.150 1.035.977.408 1.087.776.278 17.557.876.946
Biaya Promosi (Marketing Tools ) 140.238.058 147.249.960 154.612.458 162.343.081 170.460.235 178.983.247 187.932.410 197.329.030 207.195.482 217.555.256 3.851.728.664
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 841.428.345 883.499.763 927.674.751 974.058.488 1.022.761.413 1.073.899.483 1.127.594.458 1.183.974.181 1.243.172.890 1.305.331.534 22.259.988.798
Net Cash Flow 13.182.377.412 13.841.496.283 14.533.571.097 15.260.249.652 16.023.262.135 16.824.425.241 17.665.646.503 18.548.928.829 19.476.375.270 41.806.661.696 319.830.887.955
Discount Factor 0,03 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01
PV of Net Cash Flow 452.311.679 407.433.163 367.007.509 330.592.902 297.791.364 268.244.406 241.629.107 217.654.586 196.058.826 361.038.095 2.563.216.993
Cumulative Net Cash Flow 145.850.271.249 159.691.767.532 174.225.338.629 189.485.588.281 205.508.850.416 222.333.275.657 239.998.922.161 258.547.850.989 278.024.226.259 319.830.887.955 2017
Cumulative PV of Net Cash Flow (124.232.966) 283.200.197 650.207.707 980.800.609 1.278.591.973 1.546.836.379 1.788.465.485 2.006.120.072 2.202.178.898 2.563.216.993 2033
Internal Rate of Return (IRR) 17,456%
Profitability Index (PI) 0,04
Net Cash Flow for Balance Sheet 13.182.377.412 13.841.496.283 14.533.571.097 15.260.249.652 16.023.262.135 16.824.425.241 17.665.646.503 18.548.928.829 19.476.375.270 20.450.194.034 302.956.420.293
Discount Factor (Raw Beta) 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01 0,01 0,01
PV of Net Cash Flow 344.289.181 306.305.596 272.512.536 242.447.685 215.699.727 191.902.729 170.731.127 151.895.274 135.137.480 245.785.031 (1.476.727.894)
Profitability Index (PI) (0,02)
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Masa Pembangunan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Investasi
Total Investasi Sesuai RAB 64.438.457.329 40.455.874.397 23.982.582.932
Total Terminal Value Tanah
Pendapatan
total unit unit price
Long Lease
Studio Type A 25 150.640.000 3.766.000.000
Studio Type B 25 139.760.000 3.494.000.000
One Bed Type A 3 226.000.000 678.000.000
Studio Diffable 3 209.760.000 629.280.000
Studio Type C 7 227.617.500 1.593.322.500
Studio Type D 7 215.985.000 1.511.895.000
One Bed Type B 0 233.062.500 0
Studio Diffable B 0 216.315.000 0
Studio Type E 3 155.347.500 466.042.500
Studio Type F 3 144.127.500 432.382.500
Studio Type G 1 193.375.000 193.375.000
Studio Type H 1 181.050.000 181.050.000
Studio Type I 6 234.515.000 1.407.090.000
Studio Type J 6 222.530.000 1.335.180.000
Studio Type A 2 164.762.500 329.525.000
Studio Type B 2 152.862.500 305.725.000
One Bed Type A 0 247.187.500 0
Studio Diffable A 0 229.425.000 0
Minimart 0 0 0
Laundry 0 0 0
Café 0 0 0
Café 0 0 0
Booth Tenant 0 0 0
Retail 0 0 0
Food Tenant 0 0 0
Total 0 16.322.867.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 76 18.076.800 1.373.836.800 1.442.528.640 1.514.655.072 1.590.387.826 1.669.907.217 1.753.402.578 1.841.072.707 1.933.126.342 2.029.782.659 2.131.271.792 2.237.835.382 2.349.727.151 2.467.213.508 2.590.574.184 2.720.102.893 2.856.108.037 2.998.913.439 3.148.859.111 3.306.302.067
Studio Type B 76 16.771.200 1.274.611.200 1.338.341.760 1.405.258.848 1.475.521.790 1.549.297.880 1.626.762.774 1.708.100.913 1.793.505.958 1.883.181.256 1.977.340.319 2.076.207.335 2.180.017.702 2.289.018.587 2.403.469.516 2.523.642.992 2.649.825.141 2.782.316.399 2.921.432.218 3.067.503.829
One Bed Type A 10 27.120.000 271.200.000 284.760.000 298.998.000 313.947.900 329.645.295 346.127.560 363.433.938 381.605.635 400.685.916 420.720.212 441.756.223 463.844.034 487.036.236 511.388.047 536.957.450 563.805.322 591.995.588 621.595.368 652.675.136
Studio Diffable 10 25.171.200 251.712.000 264.297.600 277.512.480 291.388.104 305.957.509 321.255.385 337.318.154 354.184.062 371.893.265 390.487.928 410.012.324 430.512.941 452.038.588 474.640.517 498.372.543 523.291.170 549.455.728 576.928.515 605.774.941
Studio Type C 23 27.314.100 628.224.300 659.635.515 692.617.291 727.248.155 763.610.563 801.791.091 841.880.646 883.974.678 928.173.412 974.582.083 1.023.311.187 1.074.476.746 1.128.200.583 1.184.610.612 1.243.841.143 1.306.033.200 1.371.334.860 1.439.901.603 1.511.896.683
Studio Type D 23 25.918.200 596.118.600 625.924.530 657.220.757 690.081.794 724.585.884 760.815.178 798.855.937 838.798.734 880.738.671 924.775.604 971.014.384 1.019.565.104 1.070.543.359 1.124.070.527 1.180.274.053 1.239.287.756 1.301.252.144 1.366.314.751 1.434.630.488
One Bed Type B 2 27.967.500 55.935.000 58.731.750 61.668.338 64.751.754 67.989.342 71.388.809 74.958.250 78.706.162 82.641.470 86.773.544 91.112.221 95.667.832 100.451.224 105.473.785 110.747.474 116.284.848 122.099.090 128.204.045 134.614.247
Studio Diffable B 2 25.957.800 51.915.600 54.511.380 57.236.949 60.098.796 63.103.736 66.258.923 69.571.869 73.050.463 76.702.986 80.538.135 84.565.042 88.793.294 93.232.959 97.894.607 102.789.337 107.928.804 113.325.244 118.991.506 124.941.081
Studio Type E 9 18.641.700 167.775.300 176.164.065 184.972.268 194.220.882 203.931.926 214.128.522 224.834.948 236.076.696 247.880.530 260.274.557 273.288.285 286.952.699 301.300.334 316.365.351 332.183.618 348.792.799 366.232.439 384.544.061 403.771.264
Studio Type F 9 17.295.300 155.657.700 163.440.585 171.612.614 180.193.245 189.202.907 198.663.053 208.596.205 219.026.015 229.977.316 241.476.182 253.549.991 266.227.491 279.538.865 293.515.809 308.191.599 323.601.179 339.781.238 356.770.300 374.608.815
Studio Type G 3 23.205.000 69.615.000 73.095.750 76.750.538 80.588.064 84.617.468 88.848.341 93.290.758 97.955.296 102.853.061 107.995.714 113.395.499 119.065.274 125.018.538 131.269.465 137.832.938 144.724.585 151.960.814 159.558.855 167.536.798
Studio Type H 4 21.726.000 86.904.000 91.249.200 95.811.660 100.602.243 105.632.355 110.913.973 116.459.672 122.282.655 128.396.788 134.816.627 141.557.459 148.635.332 156.067.098 163.870.453 172.063.976 180.667.175 189.700.533 199.185.560 209.144.838
Studio Type I 18 28.141.800 506.552.400 531.880.020 558.474.021 586.397.722 615.717.608 646.503.489 678.828.663 712.770.096 748.408.601 785.829.031 825.120.483 866.376.507 909.695.332 955.180.099 1.002.939.104 1.053.086.059 1.105.740.362 1.161.027.380 1.219.078.749
Studio Type J 18 26.703.600 480.664.800 504.698.040 529.932.942 556.429.589 584.251.069 613.463.622 644.136.803 676.343.643 710.160.825 745.668.867 782.952.310 822.099.926 863.204.922 906.365.168 951.683.426 999.267.598 1.049.230.977 1.101.692.526 1.156.777.153
Studio Type A 7 19.771.500 138.400.500 145.320.525 152.586.551 160.215.879 168.226.673 176.638.006 185.469.907 194.743.402 204.480.572 214.704.601 225.439.831 236.711.822 248.547.413 260.974.784 274.023.523 287.724.699 302.110.934 317.216.481 333.077.305
Studio Type B 6 18.343.500 110.061.000 115.564.050 121.342.253 127.409.365 133.779.833 140.468.825 147.492.266 154.866.880 162.610.224 170.740.735 179.277.772 188.241.660 197.653.743 207.536.430 217.913.252 228.808.914 240.249.360 252.261.828 264.874.919
One Bed Type A 1 29.662.500 29.662.500 31.145.625 32.702.906 34.338.052 36.054.954 37.857.702 39.750.587 41.738.116 43.825.022 46.016.273 48.317.087 50.732.941 53.269.588 55.933.068 58.729.721 61.666.207 64.749.517 67.986.993 71.386.343
Studio Diffable A 1 27.531.000 27.531.000 28.907.550 30.352.928 31.870.574 33.464.103 35.137.308 36.894.173 38.738.882 40.675.826 42.709.617 44.845.098 47.087.353 49.441.721 51.913.807 54.509.497 57.234.972 60.096.720 63.101.556 66.256.634
Minimart 82 1.440.000 117.504.000 123.379.200 129.548.160 136.025.568 142.826.846 149.968.189 157.466.598 165.339.928 173.606.924 182.287.271 191.401.634 200.971.716 211.020.302 221.571.317 232.649.883 244.282.377 256.496.496 269.321.320 282.787.386
Laundry 56 1.440.000 80.640.000 84.672.000 88.905.600 93.350.880 98.018.424 102.919.345 108.065.312 113.468.578 119.142.007 125.099.107 131.354.063 137.921.766 144.817.854 152.058.747 159.661.684 167.644.768 176.027.007 184.828.357 194.069.775
Café 52 1.440.000 74.160.000 77.868.000 81.761.400 85.849.470 90.141.944 94.649.041 99.381.493 104.350.567 109.568.096 115.046.500 120.798.826 126.838.767 133.180.705 139.839.740 146.831.727 154.173.314 161.881.979 169.976.078 178.474.882
Café 84 1.440.000 120.960.000 127.008.000 133.358.400 140.026.320 147.027.636 154.379.018 162.097.969 170.202.867 178.713.010 187.648.661 197.031.094 206.882.649 217.226.781 228.088.120 239.492.526 251.467.153 264.040.510 277.242.536 291.104.663
Booth Tenant 59 1.440.000 85.320.000 89.586.000 94.065.300 98.768.565 103.706.993 108.892.343 114.336.960 120.053.808 126.056.498 132.359.323 138.977.290 145.926.154 153.222.462 160.883.585 168.927.764 177.374.152 186.242.860 195.555.003 205.332.753
Retail 392 1.440.000 564.048.000 592.250.400 621.862.920 652.956.066 685.603.869 719.884.063 755.878.266 793.672.179 833.355.788 875.023.578 918.774.756 964.713.494 1.012.949.169 1.063.596.627 1.116.776.459 1.172.615.282 1.231.246.046 1.292.808.348 1.357.448.766
Food Tenant 62 1.440.000 89.510.400 93.985.920 98.685.216 103.619.477 108.800.451 114.240.473 119.952.497 125.950.122 132.247.628 138.860.009 145.803.010 153.093.160 160.747.818 168.785.209 177.224.469 186.085.693 195.389.978 205.159.476 215.417.450
Total 0 0 7.408.520.100 7.778.946.105 8.167.893.410 8.576.288.081 9.005.102.485 9.455.357.609 9.928.125.489 10.424.531.764 10.945.758.352 11.493.046.270 12.067.698.583 12.671.083.512 13.304.637.688 13.969.869.572 14.668.363.051 15.401.781.204 16.171.870.264 16.980.463.777 17.829.486.966
Total Pendapatan 0 16.322.867.500 7.408.520.100 7.778.946.105 8.167.893.410 8.576.288.081 9.005.102.485 9.455.357.609 9.928.125.489 10.424.531.764 10.945.758.352 11.493.046.270 12.067.698.583 12.671.083.512 13.304.637.688 13.969.869.572 14.668.363.051 15.401.781.204 16.171.870.264 16.980.463.777 17.829.486.966
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 2,5% 408.071.688 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 5% 0 370.426.005 388.947.305 408.394.671 428.814.404 450.255.124 472.767.880 496.406.274 521.226.588 547.287.918 574.652.313 603.384.929 633.554.176 665.231.884 698.493.479 733.418.153 770.089.060 808.593.513 849.023.189 891.474.348
Biaya Promosi (Marketing Tools ) 1% 163.228.675 74.085.201 77.789.461 81.678.934 85.762.881 90.051.025 94.553.576 99.281.255 104.245.318 109.457.584 114.930.463 120.676.986 126.710.835 133.046.377 139.698.696 146.683.631 154.017.812 161.718.703 169.804.638 178.294.870
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 12.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 130.912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 0 571.300.363 444.511.206 466.736.766 490.073.605 514.577.285 540.306.149 567.321.457 595.687.529 625.471.906 656.745.501 689.582.776 724.061.915 760.265.011 798.278.261 838.192.174 880.101.783 924.106.872 970.312.216 1.018.827.827 1.069.769.218
Net Cash Flow (40.455.874.397) (8.231.015.794) 6.964.008.894 7.312.209.339 7.677.819.806 8.061.710.796 8.464.796.336 8.888.036.152 9.332.437.960 9.799.059.858 10.289.012.851 10.803.463.494 11.343.636.668 11.910.818.502 12.506.359.427 13.131.677.398 13.788.261.268 14.477.674.331 15.201.558.048 15.961.635.950 16.759.717.748
Discount Factor 16,57% 1,00 0,86 0,74 0,63 0,54 0,46 0,40 0,34 0,29 0,25 0,22 0,19 0,16 0,14 0,12 0,10 0,09 0,07 0,06 0,05 0,05
PV of Net Cash Flow (40.455.874.397) (7.061.268.255) 5.125.283.205 4.616.750.900 4.158.675.339 3.746.050.188 3.374.365.841 3.039.560.140 2.737.973.971 2.466.311.282 2.221.603.056 2.001.174.861 1.802.617.626 1.623.761.305 1.462.651.168 1.317.526.432 1.186.801.021 1.069.046.229 962.975.106 867.428.396 781.361.861
Cumulative Net Cash Flow (48.686.890.192) (41.722.881.298) (34.410.671.959) (26.732.852.153) (18.671.141.357) (10.206.345.022) (1.318.308.869) 8.014.129.091 17.813.188.949 28.102.201.800 38.905.665.294 50.249.301.962 62.160.120.464 74.666.479.891 87.798.157.289 101.586.418.557 116.064.092.888 131.265.650.936 147.227.286.886 163.987.004.634
Cumulative PV of Net Cash Flow (47.517.142.652) (42.391.859.447) (37.775.108.547) (33.616.433.208) (29.870.383.020) (26.496.017.179) (23.456.457.039) (20.718.483.068) (18.252.171.786) (16.030.568.730) (14.029.393.869) (12.226.776.243) (10.603.014.938) (9.140.363.771) (7.822.837.339) (6.636.036.318) (5.566.990.089) (4.604.014.983) (3.736.586.587) (2.955.224.726)
Internal Rate of Return (IRR)
Profitability Index (PI)
Net Cash Flow for Balance Sheet (35.973.874.397) (8.231.015.794) 6.964.008.894 7.312.209.339 7.677.819.806 8.061.710.796 8.464.796.336 8.888.036.152 9.332.437.960 9.799.059.858 10.289.012.851 10.803.463.494 11.343.636.668 11.910.818.502 12.506.359.427 13.131.677.398 13.788.261.268 14.477.674.331 15.201.558.048 15.961.635.950 16.759.717.748
Discount Factor (Raw Beta) 18,02% 1,00 0,85 0,72 0,61 0,52 0,44 0,37 0,31 0,27 0,23 0,19 0,16 0,14 0,12 0,10 0,08 0,07 0,06 0,05 0,04 0,04
PV of Net Cash Flow (40.455.874.397) (6.974.220.774) 4.999.698.658 4.448.108.626 3.957.372.574 3.520.776.808 3.132.348.320 2.786.773.071 2.479.323.292 2.205.792.804 1.962.439.473 1.745.934.014 1.553.314.445 1.381.945.564 1.229.482.896 1.093.840.619 973.163.030 865.799.154 770.280.160 685.299.267 609.693.861
Profitability Index (PI)
Keterangan 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Total
20 21 22 23 24 25 26 27 28 29 30
Investasi
Total Investasi Sesuai RAB 64.438.457.329
Total Terminal Value Tanah (21.356.467.662) (21.356.467.662)
Pendapatan
Long Lease
Studio Type A 3.766.000.000
Studio Type B 3.494.000.000
One Bed Type A 678.000.000
Studio Diffable 629.280.000
Studio Type C 1.593.322.500
Studio Type D 1.511.895.000
One Bed Type B 0
Studio Diffable B 0
Studio Type E 466.042.500
Studio Type F 432.382.500
Studio Type G 193.375.000
Studio Type H 181.050.000
Studio Type I 1.407.090.000
Studio Type J 1.335.180.000
Studio Type A 329.525.000
Studio Type B 305.725.000
One Bed Type A 0
Studio Diffable A 0
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Total 0 0 0 0 0 0 0 0 0 0 0 16.322.867.500
Short Lease
Studio Type A 3.471.617.170 3.645.198.029 3.827.457.930 4.018.830.827 4.219.772.368 4.430.760.986 4.652.299.036 4.884.913.987 5.129.159.687 5.385.617.671 5.654.898.555 91.276.133.649
Studio Type B 3.220.879.021 3.381.922.972 3.551.019.121 3.728.570.077 3.914.998.580 4.110.748.509 4.316.285.935 4.532.100.232 4.758.705.243 4.996.640.505 5.246.472.531 84.683.699.142
One Bed Type A 685.308.893 719.574.338 755.553.055 793.330.707 832.997.243 874.647.105 918.379.460 964.298.433 1.012.513.355 1.063.139.022 1.116.295.973 18.018.215.443
Studio Diffable 636.063.688 667.866.872 701.260.216 736.323.226 773.139.388 811.796.357 852.386.175 895.005.484 939.755.758 986.743.546 1.036.080.723 16.723.455.183
Studio Type C 1.587.491.518 1.666.866.094 1.750.209.398 1.837.719.868 1.929.605.861 2.026.086.155 2.127.390.462 2.233.759.985 2.345.447.985 2.462.720.384 2.585.856.403 41.738.498.465
Studio Type D 1.506.362.013 1.581.680.113 1.660.764.119 1.743.802.325 1.830.992.441 1.922.542.063 2.018.669.166 2.119.602.625 2.225.582.756 2.336.861.894 2.453.704.989 39.605.432.759
One Bed Type B 141.344.959 148.412.207 155.832.817 163.624.458 171.805.681 180.395.965 189.415.764 198.886.552 208.830.879 219.272.423 230.236.045 3.716.256.935
Studio Diffable B 131.188.136 137.747.542 144.634.919 151.866.665 159.459.999 167.432.999 175.804.649 184.594.881 193.824.625 203.515.856 213.691.649 3.449.212.631
Studio Type E 423.959.827 445.157.818 467.415.709 490.786.495 515.325.820 541.092.111 568.146.716 596.554.052 626.381.755 657.700.842 690.585.884 11.146.797.571
Studio Type F 393.339.255 413.006.218 433.656.529 455.339.356 478.106.323 502.011.640 527.112.221 553.467.833 581.141.224 610.198.285 640.708.200 10.341.718.193
Studio Type G 175.913.638 184.709.320 193.944.786 203.642.025 213.824.126 224.515.333 235.741.099 247.528.154 259.904.562 272.899.790 286.544.779 4.625.140.369
Studio Type H 219.602.080 230.582.184 242.111.293 254.216.858 266.927.700 280.274.086 294.287.790 309.002.179 324.452.288 340.674.903 357.708.648 5.773.801.603
Studio Type I 1.280.032.686 1.344.034.320 1.411.236.036 1.481.797.838 1.555.887.730 1.633.682.117 1.715.366.223 1.801.134.534 1.891.191.260 1.985.750.823 2.085.038.365 33.654.757.656
Studio Type J 1.214.616.010 1.275.346.811 1.339.114.151 1.406.069.859 1.476.373.352 1.550.192.019 1.627.701.620 1.709.086.701 1.794.541.036 1.884.268.088 1.978.481.493 31.934.815.347
Studio Type A 349.731.171 367.217.729 385.578.615 404.857.546 425.100.424 446.355.445 468.673.217 492.106.878 516.712.222 542.547.833 569.675.224 9.195.169.714
Studio Type B 278.118.665 292.024.599 306.625.829 321.957.120 338.054.976 354.957.725 372.705.611 391.340.892 410.907.936 431.453.333 453.026.000 7.312.325.995
One Bed Type A 74.955.660 78.703.443 82.638.615 86.770.546 91.109.073 95.664.527 100.447.753 105.470.141 110.743.648 116.280.831 122.094.872 1.970.742.314
Studio Diffable A 69.569.466 73.047.939 76.700.336 80.535.353 84.562.121 88.790.227 93.229.738 97.891.225 102.785.786 107.925.075 113.321.329 1.829.127.911
Minimart 296.926.756 311.773.094 327.361.748 343.729.836 360.916.327 378.962.144 397.910.251 417.805.764 438.696.052 460.630.854 483.662.397 7.806.830.337
Laundry 203.773.264 213.961.927 224.660.023 235.893.024 247.687.676 260.072.059 273.075.662 286.729.446 301.065.918 316.119.214 331.925.174 5.357.628.663
Café 187.398.626 196.768.558 206.606.986 216.937.335 227.784.202 239.173.412 251.132.082 263.688.687 276.873.121 290.716.777 305.252.616 4.927.104.931
Café 305.659.896 320.942.890 336.990.035 353.839.537 371.531.514 390.108.089 409.613.494 430.094.168 451.598.877 474.178.821 497.887.762 8.036.442.994
Booth Tenant 215.599.391 226.379.360 237.698.328 249.583.245 262.062.407 275.165.527 288.923.804 303.369.994 318.538.493 334.465.418 351.188.689 5.668.562.469
Retail 1.425.321.204 1.496.587.264 1.571.416.627 1.649.987.459 1.732.486.831 1.819.111.173 1.910.066.732 2.005.570.068 2.105.848.572 2.211.141.000 2.321.698.050 37.474.699.056
Food Tenant 226.188.323 237.497.739 249.372.626 261.841.257 274.933.320 288.679.986 303.113.985 318.269.685 334.183.169 350.892.327 368.436.944 5.946.967.816
Total 18.720.961.314 19.657.009.380 20.639.859.849 21.671.852.841 22.755.445.483 23.893.217.758 25.087.878.645 26.342.272.578 27.659.386.207 29.042.355.517 30.494.473.293 492.213.537.147
Total Pendapatan 18.720.961.314 19.657.009.380 20.639.859.849 21.671.852.841 22.755.445.483 23.893.217.758 25.087.878.645 26.342.272.578 27.659.386.207 29.042.355.517 30.494.473.293 508.536.404.647
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 0 0 0 0 0 0 0 0 0 0 0 408.071.688
Biaya Komisi Short Lease 936.048.066 982.850.469 1.031.992.992 1.083.592.642 1.137.772.274 1.194.660.888 1.254.393.932 1.317.113.629 1.382.969.310 1.452.117.776 1.524.723.665 24.610.676.857
Biaya Promosi (Marketing Tools ) 187.209.613 196.570.094 206.398.598 216.718.528 227.554.455 238.932.178 250.878.786 263.422.726 276.593.862 290.423.555 304.944.733 5.085.364.046
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 1.123.257.679 1.179.420.563 1.238.391.591 1.300.311.170 1.365.326.729 1.433.593.065 1.505.272.719 1.580.536.355 1.659.563.172 1.742.541.331 1.829.668.398 30.104.112.591
Net Cash Flow 17.597.703.635 18.477.588.817 19.401.468.258 20.371.541.671 21.390.118.754 22.459.624.692 23.582.605.927 24.761.736.223 25.999.823.034 27.299.814.186 50.021.272.557 435.350.302.389
Discount Factor 0,04 0,03 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01
PV of Net Cash Flow 703.834.877 634.000.147 571.094.441 514.430.261 463.388.319 417.410.776 375.995.140 338.688.777 305.083.964 274.813.431 431.978.642 2.075.494.048
Cumulative Net Cash Flow 181.584.708.270 200.062.297.087 219.463.765.345 239.835.307.015 261.225.425.770 283.685.050.462 307.267.656.388 332.029.392.611 358.029.215.646 385.329.029.831 435.350.302.389 2018
Cumulative PV of Net Cash Flow (2.251.389.849) (1.617.389.702) (1.046.295.261) (531.865.000) (68.476.681) 348.934.094 724.929.234 1.063.618.011 1.368.701.974 1.643.515.405 2.075.494.048 2036
Internal Rate of Return (IRR) 17,090%
Profitability Index (PI) 0,03
Net Cash Flow for Balance Sheet 17.597.703.635 18.477.588.817 19.401.468.258 20.371.541.671 21.390.118.754 22.459.624.692 23.582.605.927 24.761.736.223 25.999.823.034 27.299.814.186 28.664.804.895 418.475.834.727
Discount Factor (Raw Beta) 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01 0,01 0,01
PV of Net Cash Flow 542.429.596 482.586.238 429.345.077 381.977.730 339.836.168 302.343.860 268.987.878 239.311.883 212.909.882 189.420.673 294.079.449 (3.345.480.103)
Profitability Index (PI) (0,05)
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Masa Pembangunan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Investasi
Total Investasi Sesuai RAB 64.438.457.329 40.455.874.397 23.982.582.932
Total Terminal Value Tanah
Pendapatan
total unit unit price
Long Lease
Studio Type A 0 150.640.000 0
Studio Type B 0 139.760.000 0
One Bed Type A 0 226.000.000 0
Studio Diffable 0 209.760.000 0
Studio Type C 0 227.617.500 0
Studio Type D 0 215.985.000 0
One Bed Type B 0 233.062.500 0
Studio Diffable B 0 216.315.000 0
Studio Type E 0 155.347.500 0
Studio Type F 0 144.127.500 0
Studio Type G 0 193.375.000 0
Studio Type H 0 181.050.000 0
Studio Type I 0 234.515.000 0
Studio Type J 0 222.530.000 0
Studio Type A 0 164.762.500 0
Studio Type B 0 152.862.500 0
One Bed Type A 0 247.187.500 0
Studio Diffable A 0 229.425.000 0
Minimart 0 0 0
Laundry 0 0 0
Café 0 0 0
Café 0 0 0
Booth Tenant 0 0 0
Retail 0 0 0
Food Tenant 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 101 18.076.800 1.825.756.800 1.917.044.640 2.012.896.872 2.113.541.716 2.219.218.801 2.330.179.741 2.446.688.729 2.569.023.165 2.697.474.323 2.832.348.039 2.973.965.441 3.122.663.713 3.278.796.899 3.442.736.744 3.614.873.581 3.795.617.260 3.985.398.123 4.184.668.029 4.393.901.431
Studio Type B 101 16.771.200 1.693.891.200 1.778.585.760 1.867.515.048 1.960.890.800 2.058.935.340 2.161.882.107 2.269.976.213 2.383.475.023 2.502.648.775 2.627.781.213 2.759.170.274 2.897.128.788 3.041.985.227 3.194.084.488 3.353.788.713 3.521.478.149 3.697.552.056 3.882.429.659 4.076.551.142
One Bed Type A 13 27.120.000 352.560.000 370.188.000 388.697.400 408.132.270 428.538.884 449.965.828 472.464.119 496.087.325 520.891.691 546.936.276 574.283.090 602.997.244 633.147.106 664.804.462 698.044.685 732.946.919 769.594.265 808.073.978 848.477.677
Studio Diffable 13 25.171.200 327.225.600 343.586.880 360.766.224 378.804.535 397.744.762 417.632.000 438.513.600 460.439.280 483.461.244 507.634.306 533.016.022 559.666.823 587.650.164 617.032.672 647.884.306 680.278.521 714.292.447 750.007.069 787.507.423
Studio Type C 30 27.314.100 819.423.000 860.394.150 903.413.858 948.584.550 996.013.778 1.045.814.467 1.098.105.190 1.153.010.450 1.210.660.972 1.271.194.021 1.334.753.722 1.401.491.408 1.471.565.978 1.545.144.277 1.622.401.491 1.703.521.566 1.788.697.644 1.878.132.526 1.972.039.152
Studio Type D 30 25.918.200 777.546.000 816.423.300 857.244.465 900.106.688 945.112.023 992.367.624 1.041.986.005 1.094.085.305 1.148.789.570 1.206.229.049 1.266.540.501 1.329.867.527 1.396.360.903 1.466.178.948 1.539.487.895 1.616.462.290 1.697.285.405 1.782.149.675 1.871.257.159
One Bed Type B 2 27.967.500 55.935.000 58.731.750 61.668.338 64.751.754 67.989.342 71.388.809 74.958.250 78.706.162 82.641.470 86.773.544 91.112.221 95.667.832 100.451.224 105.473.785 110.747.474 116.284.848 122.099.090 128.204.045 134.614.247
Studio Diffable B 2 25.957.800 51.915.600 54.511.380 57.236.949 60.098.796 63.103.736 66.258.923 69.571.869 73.050.463 76.702.986 80.538.135 84.565.042 88.793.294 93.232.959 97.894.607 102.789.337 107.928.804 113.325.244 118.991.506 124.941.081
Studio Type E 12 18.641.700 223.700.400 234.885.420 246.629.691 258.961.176 271.909.234 285.504.696 299.779.931 314.768.927 330.507.374 347.032.742 364.384.380 382.603.599 401.733.778 421.820.467 442.911.491 465.057.065 488.309.919 512.725.414 538.361.685
Studio Type F 12 17.295.300 207.543.600 217.920.780 228.816.819 240.257.660 252.270.543 264.884.070 278.128.274 292.034.687 306.636.422 321.968.243 338.066.655 354.969.988 372.718.487 391.354.411 410.922.132 431.468.238 453.041.650 475.693.733 499.478.420
Studio Type G 4 23.205.000 92.820.000 97.461.000 102.334.050 107.450.753 112.823.290 118.464.455 124.387.677 130.607.061 137.137.414 143.994.285 151.193.999 158.753.699 166.691.384 175.025.953 183.777.251 192.966.114 202.614.419 212.745.140 223.382.397
Studio Type H 5 21.726.000 108.630.000 114.061.500 119.764.575 125.752.804 132.040.444 138.642.466 145.574.589 152.853.319 160.495.985 168.520.784 176.946.823 185.794.164 195.083.873 204.838.066 215.079.970 225.833.968 237.125.667 248.981.950 261.431.047
Studio Type I 24 28.141.800 675.403.200 709.173.360 744.632.028 781.863.629 820.956.811 862.004.651 905.104.884 950.360.128 997.878.135 1.047.772.041 1.100.160.643 1.155.168.676 1.212.927.109 1.273.573.465 1.337.252.138 1.404.114.745 1.474.320.482 1.548.036.506 1.625.438.332
Studio Type J 24 26.703.600 640.886.400 672.930.720 706.577.256 741.906.119 779.001.425 817.951.496 858.849.071 901.791.524 946.881.101 994.225.156 1.043.936.413 1.096.133.234 1.150.939.896 1.208.486.890 1.268.911.235 1.332.356.797 1.398.974.637 1.468.923.368 1.542.369.537
Studio Type A 9 19.771.500 177.943.500 186.840.675 196.182.709 205.991.844 216.291.436 227.106.008 238.461.309 250.384.374 262.903.593 276.048.772 289.851.211 304.343.772 319.560.960 335.539.008 352.315.959 369.931.756 388.428.344 407.849.762 428.242.250
Studio Type B 8 18.343.500 146.748.000 154.085.400 161.789.670 169.879.154 178.373.111 187.291.767 196.656.355 206.489.173 216.813.631 227.654.313 239.037.029 250.988.880 263.538.324 276.715.240 290.551.002 305.078.552 320.332.480 336.349.104 353.166.559
One Bed Type A 1 29.662.500 29.662.500 31.145.625 32.702.906 34.338.052 36.054.954 37.857.702 39.750.587 41.738.116 43.825.022 46.016.273 48.317.087 50.732.941 53.269.588 55.933.068 58.729.721 61.666.207 64.749.517 67.986.993 71.386.343
Studio Diffable A 1 27.531.000 27.531.000 28.907.550 30.352.928 31.870.574 33.464.103 35.137.308 36.894.173 38.738.882 40.675.826 42.709.617 44.845.098 47.087.353 49.441.721 51.913.807 54.509.497 57.234.972 60.096.720 63.101.556 66.256.634
Minimart 82 1.440.000 117.504.000 123.379.200 129.548.160 136.025.568 142.826.846 149.968.189 157.466.598 165.339.928 173.606.924 182.287.271 191.401.634 200.971.716 211.020.302 221.571.317 232.649.883 244.282.377 256.496.496 269.321.320 282.787.386
Laundry 56 1.440.000 80.640.000 84.672.000 88.905.600 93.350.880 98.018.424 102.919.345 108.065.312 113.468.578 119.142.007 125.099.107 131.354.063 137.921.766 144.817.854 152.058.747 159.661.684 167.644.768 176.027.007 184.828.357 194.069.775
Café 52 1.440.000 74.160.000 77.868.000 81.761.400 85.849.470 90.141.944 94.649.041 99.381.493 104.350.567 109.568.096 115.046.500 120.798.826 126.838.767 133.180.705 139.839.740 146.831.727 154.173.314 161.881.979 169.976.078 178.474.882
Café 84 1.440.000 120.960.000 127.008.000 133.358.400 140.026.320 147.027.636 154.379.018 162.097.969 170.202.867 178.713.010 187.648.661 197.031.094 206.882.649 217.226.781 228.088.120 239.492.526 251.467.153 264.040.510 277.242.536 291.104.663
Booth Tenant 59 1.440.000 85.320.000 89.586.000 94.065.300 98.768.565 103.706.993 108.892.343 114.336.960 120.053.808 126.056.498 132.359.323 138.977.290 145.926.154 153.222.462 160.883.585 168.927.764 177.374.152 186.242.860 195.555.003 205.332.753
Retail 392 1.440.000 564.048.000 592.250.400 621.862.920 652.956.066 685.603.869 719.884.063 755.878.266 793.672.179 833.355.788 875.023.578 918.774.756 964.713.494 1.012.949.169 1.063.596.627 1.116.776.459 1.172.615.282 1.231.246.046 1.292.808.348 1.357.448.766
Food Tenant 62 1.440.000 89.510.400 93.985.920 98.685.216 103.619.477 108.800.451 114.240.473 119.952.497 125.950.122 132.247.628 138.860.009 145.803.010 153.093.160 160.747.818 168.785.209 177.224.469 186.085.693 195.389.978 205.159.476 215.417.450
Total 0 0 9.367.264.200 9.835.627.410 10.327.408.781 10.843.779.220 11.385.968.181 11.955.266.590 12.553.029.919 13.180.681.415 13.839.715.486 14.531.701.260 15.258.286.323 16.021.200.639 16.822.260.671 17.663.373.705 18.546.542.390 19.473.869.509 20.447.562.985 21.469.941.134 22.543.438.191
Total Pendapatan 0 0 9.367.264.200 9.835.627.410 10.327.408.781 10.843.779.220 11.385.968.181 11.955.266.590 12.553.029.919 13.180.681.415 13.839.715.486 14.531.701.260 15.258.286.323 16.021.200.639 16.822.260.671 17.663.373.705 18.546.542.390 19.473.869.509 20.447.562.985 21.469.941.134 22.543.438.191
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 2,5% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 5% 0 468.363.210 491.781.371 516.370.439 542.188.961 569.298.409 597.763.329 627.651.496 659.034.071 691.985.774 726.585.063 762.914.316 801.060.032 841.113.034 883.168.685 927.327.119 973.693.475 1.022.378.149 1.073.497.057 1.127.171.910
Biaya Promosi (Marketing Tools ) 1% 0 93.672.642 98.356.274 103.274.088 108.437.792 113.859.682 119.552.666 125.530.299 131.806.814 138.397.155 145.317.013 152.582.863 160.212.006 168.222.607 176.633.737 185.465.424 194.738.695 204.475.630 214.699.411 225.434.382
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 12.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 130.912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 0 0 562.035.852 590.137.645 619.644.527 650.626.753 683.158.091 717.315.995 753.181.795 790.840.885 830.382.929 871.902.076 915.497.179 961.272.038 1.009.335.640 1.059.802.422 1.112.792.543 1.168.432.171 1.226.853.779 1.288.196.468 1.352.606.291
Net Cash Flow (40.455.874.397) (23.982.582.932) 8.805.228.348 9.245.489.765 9.707.764.254 10.193.152.466 10.702.810.090 11.237.950.594 11.799.848.124 12.389.840.530 13.009.332.557 13.659.799.184 14.342.789.144 15.059.928.601 15.812.925.031 16.603.571.282 17.433.749.846 18.305.437.339 19.220.709.206 20.181.744.666 21.190.831.899
Discount Factor 16,57% 1,00 0,86 0,74 0,63 0,54 0,46 0,40 0,34 0,29 0,25 0,22 0,19 0,16 0,14 0,12 0,10 0,09 0,07 0,06 0,05 0,05
PV of Net Cash Flow (40.455.874.397) (20.574.307.687) 6.480.360.617 5.837.377.080 5.258.190.583 4.736.471.163 4.266.516.918 3.843.191.689 3.461.868.931 3.118.381.143 2.808.974.328 2.530.266.961 2.279.213.031 2.053.068.755 1.849.362.590 1.665.868.218 1.500.580.219 1.351.692.150 1.217.576.805 1.096.768.430 987.946.701
Cumulative Net Cash Flow (64.438.457.329) (55.633.228.981) (46.387.739.216) (36.679.974.962) (26.486.822.496) (15.784.012.406) (4.546.061.812) 7.253.786.312 19.643.626.842 32.652.959.399 46.312.758.583 60.655.547.727 75.715.476.328 91.528.401.358 108.131.972.641 125.565.722.487 143.871.159.826 163.091.869.032 183.273.613.698 204.464.445.597
Cumulative PV of Net Cash Flow (61.030.182.084) (54.549.821.467) (48.712.444.388) (43.454.253.805) (38.717.782.642) (34.451.265.724) (30.608.074.035) (27.146.205.104) (24.027.823.960) (21.218.849.632) (18.688.582.671) (16.409.369.640) (14.356.300.885) (12.506.938.295) (10.841.070.077) (9.340.489.858) (7.988.797.707) (6.771.220.902) (5.674.452.472) (4.686.505.771)
Internal Rate of Return (IRR)
Profitability Index (PI)
Net Cash Flow for Balance Sheet (35.973.874.397) (23.982.582.932) 8.805.228.348 9.245.489.765 9.707.764.254 10.193.152.466 10.702.810.090 11.237.950.594 11.799.848.124 12.389.840.530 13.009.332.557 13.659.799.184 14.342.789.144 15.059.928.601 15.812.925.031 16.603.571.282 17.433.749.846 18.305.437.339 19.220.709.206 20.181.744.666 21.190.831.899
Discount Factor (Raw Beta) 18,02% 1,00 0,85 0,72 0,61 0,52 0,44 0,37 0,31 0,27 0,23 0,19 0,16 0,14 0,12 0,10 0,08 0,07 0,06 0,05 0,04 0,04
PV of Net Cash Flow (40.455.874.397) (20.320.678.792) 6.321.572.678 5.624.147.350 5.003.665.231 4.451.637.589 3.960.512.205 3.523.570.061 3.134.833.408 2.788.983.992 2.481.290.294 2.207.542.797 1.963.996.398 1.747.319.172 1.554.546.787 1.383.041.948 1.230.458.322 1.094.708.431 973.935.101 866.486.046 770.891.272
Profitability Index (PI)
Keterangan 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Total
20 21 22 23 24 25 26 27 28 29 30
Investasi
Total Investasi Sesuai RAB 64.438.457.329
Total Terminal Value Tanah (21.356.467.662) (21.356.467.662)
Pendapatan
Long Lease
Studio Type A 0
Studio Type B 0
One Bed Type A 0
Studio Diffable 0
Studio Type C 0
Studio Type D 0
One Bed Type B 0
Studio Diffable B 0
Studio Type E 0
Studio Type F 0
Studio Type G 0
Studio Type H 0
Studio Type I 0
Studio Type J 0
Studio Type A 0
Studio Type B 0
One Bed Type A 0
Studio Diffable A 0
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Total 0 0 0 0 0 0 0 0 0 0 0 0
Short Lease
Studio Type A 4.613.596.502 4.844.276.328 5.086.490.144 5.340.814.651 5.607.855.384 5.888.248.153 6.182.660.561 6.491.793.589 6.816.383.268 7.157.202.431 7.515.062.553 121.301.177.613
Studio Type B 4.280.378.699 4.494.397.634 4.719.117.515 4.955.073.391 5.202.827.061 5.462.968.414 5.736.116.834 6.022.922.676 6.324.068.810 6.640.272.250 6.972.285.863 112.540.179.123
One Bed Type A 890.901.561 935.446.639 982.218.971 1.031.329.919 1.082.896.415 1.137.041.236 1.193.893.298 1.253.587.963 1.316.267.361 1.382.080.729 1.451.184.766 23.423.680.076
Studio Diffable 826.882.794 868.226.934 911.638.280 957.220.194 1.005.081.204 1.055.335.264 1.108.102.027 1.163.507.129 1.221.682.485 1.282.766.609 1.346.904.940 21.740.491.737
Studio Type C 2.070.641.110 2.174.173.165 2.282.881.824 2.397.025.915 2.516.877.211 2.642.721.071 2.774.857.125 2.913.599.981 3.059.279.980 3.212.243.979 3.372.856.178 54.441.519.737
Studio Type D 1.964.820.017 2.063.061.017 2.166.214.068 2.274.524.772 2.388.251.010 2.507.663.561 2.633.046.739 2.764.699.076 2.902.934.030 3.048.080.731 3.200.484.768 51.659.260.121
One Bed Type B 141.344.959 148.412.207 155.832.817 163.624.458 171.805.681 180.395.965 189.415.764 198.886.552 208.830.879 219.272.423 230.236.045 3.716.256.935
Studio Diffable B 131.188.136 137.747.542 144.634.919 151.866.665 159.459.999 167.432.999 175.804.649 184.594.881 193.824.625 203.515.856 213.691.649 3.449.212.631
Studio Type E 565.279.769 593.543.758 623.220.946 654.381.993 687.101.093 721.456.147 757.528.955 795.405.403 835.175.673 876.934.456 920.781.179 14.862.396.762
Studio Type F 524.452.341 550.674.958 578.208.705 607.119.141 637.475.098 669.348.853 702.816.295 737.957.110 774.854.966 813.597.714 854.277.600 13.788.957.591
Studio Type G 234.551.517 246.279.093 258.593.048 271.522.700 285.098.835 299.353.777 314.321.466 330.037.539 346.539.416 363.866.387 382.059.706 6.166.853.825
Studio Type H 274.502.600 288.227.730 302.639.116 317.771.072 333.659.626 350.342.607 367.859.737 386.252.724 405.565.360 425.843.628 447.135.810 7.217.252.004
Studio Type I 1.706.710.248 1.792.045.761 1.881.648.049 1.975.730.451 2.074.516.974 2.178.242.822 2.287.154.963 2.401.512.712 2.521.588.347 2.647.667.765 2.780.051.153 44.873.010.208
Studio Type J 1.619.488.014 1.700.462.414 1.785.485.535 1.874.759.812 1.968.497.802 2.066.922.693 2.170.268.827 2.278.782.269 2.392.721.382 2.512.357.451 2.637.975.324 42.579.753.796
Studio Type A 449.654.362 472.137.080 495.743.934 520.531.131 546.557.687 573.885.572 602.579.850 632.708.843 664.344.285 697.561.499 732.439.574 11.822.361.061
Studio Type B 370.824.887 389.366.132 408.834.438 429.276.160 450.739.968 473.276.967 496.940.815 521.787.856 547.877.248 575.271.111 604.034.666 9.749.767.993
One Bed Type A 74.955.660 78.703.443 82.638.615 86.770.546 91.109.073 95.664.527 100.447.753 105.470.141 110.743.648 116.280.831 122.094.872 1.970.742.314
Studio Diffable A 69.569.466 73.047.939 76.700.336 80.535.353 84.562.121 88.790.227 93.229.738 97.891.225 102.785.786 107.925.075 113.321.329 1.829.127.911
Minimart 296.926.756 311.773.094 327.361.748 343.729.836 360.916.327 378.962.144 397.910.251 417.805.764 438.696.052 460.630.854 483.662.397 7.806.830.337
Laundry 203.773.264 213.961.927 224.660.023 235.893.024 247.687.676 260.072.059 273.075.662 286.729.446 301.065.918 316.119.214 331.925.174 5.357.628.663
Café 187.398.626 196.768.558 206.606.986 216.937.335 227.784.202 239.173.412 251.132.082 263.688.687 276.873.121 290.716.777 305.252.616 4.927.104.931
Café 305.659.896 320.942.890 336.990.035 353.839.537 371.531.514 390.108.089 409.613.494 430.094.168 451.598.877 474.178.821 497.887.762 8.036.442.994
Booth Tenant 215.599.391 226.379.360 237.698.328 249.583.245 262.062.407 275.165.527 288.923.804 303.369.994 318.538.493 334.465.418 351.188.689 5.668.562.469
Retail 1.425.321.204 1.496.587.264 1.571.416.627 1.649.987.459 1.732.486.831 1.819.111.173 1.910.066.732 2.005.570.068 2.105.848.572 2.211.141.000 2.321.698.050 37.474.699.056
Food Tenant 226.188.323 237.497.739 249.372.626 261.841.257 274.933.320 288.679.986 303.113.985 318.269.685 334.183.169 350.892.327 368.436.944 5.946.967.816
Total 23.670.610.100 24.854.140.605 26.096.847.636 27.401.690.017 28.771.774.518 30.210.363.244 31.720.881.406 33.306.925.477 34.972.271.751 36.720.885.338 38.556.929.605 622.350.237.704
Total Pendapatan 23.670.610.100 24.854.140.605 26.096.847.636 27.401.690.017 28.771.774.518 30.210.363.244 31.720.881.406 33.306.925.477 34.972.271.751 36.720.885.338 38.556.929.605 622.350.237.704
Biaya
Biaya Penjualan dan Promosi
Biaya Komisi Long Lease 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Komisi Short Lease 1.183.530.505 1.242.707.030 1.304.842.382 1.370.084.501 1.438.588.726 1.510.518.162 1.586.044.070 1.665.346.274 1.748.613.588 1.836.044.267 1.927.846.480 31.117.511.885
Biaya Promosi (Marketing Tools ) 236.706.101 248.541.406 260.968.476 274.016.900 287.717.745 302.103.632 317.208.814 333.069.255 349.722.718 367.208.853 385.569.296 6.223.502.377
Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) 0 0 0 0 0 0 0 0 0 0 0 0
Biaya Abonemen Air & Listrik (per unit) 0 0 0 0 0 0 0 0 0 0 0 0
Total Biaya 1.420.236.606 1.491.248.436 1.565.810.858 1.644.101.401 1.726.306.471 1.812.621.795 1.903.252.884 1.998.415.529 2.098.336.305 2.203.253.120 2.313.415.776 37.341.014.262
Net Cash Flow 22.250.373.494 23.362.892.169 24.531.036.777 25.757.588.616 27.045.468.047 28.397.741.450 29.817.628.522 31.308.509.948 32.873.935.446 34.517.632.218 57.599.981.491 541.927.233.775
Discount Factor 0,04 0,03 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01
PV of Net Cash Flow 889.922.300 801.623.914 722.086.522 650.440.857 585.903.899 527.770.319 475.404.772 428.234.952 385.745.338 347.471.557 497.427.605 1.625.526.264
Cumulative Net Cash Flow 226.714.819.091 250.077.711.260 274.608.748.038 300.366.336.654 327.411.804.701 355.809.546.151 385.627.174.673 416.935.684.621 449.809.620.067 484.327.252.284 541.927.233.775 2018
Cumulative PV of Net Cash Flow (3.796.583.471) (2.994.959.557) (2.272.873.035) (1.622.432.178) (1.036.528.279) (508.757.960) (33.353.188) 394.881.764 780.627.102 1.128.098.660 1.625.526.264 2038
Internal Rate of Return (IRR) 16,893%
Profitability Index (PI) 0,03
Net Cash Flow for Balance Sheet 22.250.373.494 23.362.892.169 24.531.036.777 25.757.588.616 27.045.468.047 28.397.741.450 29.817.628.522 31.308.509.948 32.873.935.446 34.517.632.218 36.243.513.829 525.052.766.113
Discount Factor (Raw Beta) 0,03 0,03 0,02 0,02 0,02 0,01 0,01 0,01 0,01 0,01 0,01
PV of Net Cash Flow 685.842.958 610.177.570 542.859.940 482.969.104 429.685.704 382.280.776 340.105.782 302.583.728 269.201.283 239.501.744 338.635.343 (5.069.570.178)
Profitability Index (PI) (0,08)
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASET
Aset Lancar
Kas 24.026.125.603 66.267.647.146 67.331.861.002 68.449.285.551 69.622.581.327 70.854.541.892 72.148.100.485 73.506.337.008 74.932.485.357 76.429.941.124 78.002.269.679
Piutang
Hak Guna Atas Tanah 4.482.000.000 4.482.000.000 4.332.600.000 4.183.200.000 4.033.800.000 3.884.400.000 3.735.000.000 3.585.600.000 3.436.200.000 3.286.800.000 3.137.400.000
Persediaan Bangunan 35.973.874.397 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113
Total Aset Lancar 64.482.000.000 75.375.752.259 76.290.566.115 77.258.590.663 78.282.486.440 79.365.047.005 80.509.205.598 81.718.042.121 82.994.790.470 84.342.846.237 85.765.774.792
Aset Tetap
Aset Lainnya
TOTAL ASET 64.482.000.000 75.375.752.259 76.290.566.115 77.258.590.663 78.282.486.440 79.365.047.005 80.509.205.598 81.718.042.121 82.994.790.470 84.342.846.237 85.765.774.792
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan - 10.893.752.259 11.808.566.115 12.776.590.663 13.800.486.440 14.883.047.005 16.027.205.598 17.236.042.121 18.512.790.470 19.860.846.237 21.283.774.792
Total Modal 64.482.000.000 75.375.752.259 76.290.566.115 77.258.590.663 78.282.486.440 79.365.047.005 80.509.205.598 81.718.042.121 82.994.790.470 84.342.846.237 85.765.774.792
TOTAL LIABILITAS 64.482.000.000 75.375.752.259 76.290.566.115 77.258.590.663 78.282.486.440 79.365.047.005 80.509.205.598 81.718.042.121 82.994.790.470 84.342.846.237 85.765.774.792
Keterangan 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
ASET
Aset Lancar
Kas 79.653.214.662 81.386.706.893 83.206.873.737 85.118.048.922 87.124.782.867 89.231.853.509 91.444.277.683 93.767.323.066 96.206.520.718 98.767.678.253 101.456.893.664
Piutang
Hak Guna Atas Tanah 2.988.000.000 2.838.600.000 2.689.200.000 2.539.800.000 2.390.400.000 2.241.000.000 2.091.600.000 1.942.200.000 1.792.800.000 1.643.400.000 1.494.000.000
Persediaan Bangunan 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113
Total Aset Lancar 87.267.319.774 88.851.412.006 90.522.178.849 92.283.954.035 94.141.287.980 96.098.958.622 98.161.982.796 100.335.628.179 102.625.425.831 105.037.183.365 107.576.998.777
Aset Tetap
Aset Lainnya
TOTAL ASET 87.267.319.774 88.851.412.006 90.522.178.849 92.283.954.035 94.141.287.980 96.098.958.622 98.161.982.796 100.335.628.179 102.625.425.831 105.037.183.365 107.576.998.777
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 22.785.319.774 24.369.412.006 26.040.178.849 27.801.954.035 29.659.287.980 31.616.958.622 33.679.982.796 35.853.628.179 38.143.425.831 40.555.183.365 43.094.998.777
Total Modal 87.267.319.774 88.851.412.006 90.522.178.849 92.283.954.035 94.141.287.980 96.098.958.622 98.161.982.796 100.335.628.179 102.625.425.831 105.037.183.365 107.576.998.777
TOTAL LIABILITAS 87.267.319.774 88.851.412.006 90.522.178.849 92.283.954.035 94.141.287.980 96.098.958.622 98.161.982.796 100.335.628.179 102.625.425.831 105.037.183.365 107.576.998.777
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
ASET
Aset Lancar
Kas 104.280.569.846 107.245.429.837 110.358.532.828 113.627.290.968 117.059.487.015 120.663.292.864 124.447.289.006 128.420.484.955 132.592.340.702 136.972.789.235
Piutang
Hak Guna Atas Tanah 1.344.600.000 1.195.200.000 1.045.800.000 896.400.000 747.000.000 597.600.000 448.200.000 298.800.000 149.400.000 -
Persediaan Bangunan 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113 4.626.105.113
Total Aset Lancar 110.251.274.959 113.066.734.950 116.030.437.940 119.149.796.080 122.432.592.127 125.886.997.977 129.521.594.119 133.345.390.068 137.367.845.814 141.598.894.348
Aset Tetap
Aset Lainnya
TOTAL ASET 110.251.274.959 113.066.734.950 116.030.437.940 119.149.796.080 122.432.592.127 125.886.997.977 129.521.594.119 133.345.390.068 137.367.845.814 141.598.894.348
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 45.769.274.959 48.584.734.950 51.548.437.940 54.667.796.080 57.950.592.127 61.404.997.977 65.039.594.119 68.863.390.068 72.885.845.814 77.116.894.348
Total Modal 110.251.274.959 113.066.734.950 116.030.437.940 119.149.796.080 122.432.592.127 125.886.997.977 129.521.594.119 133.345.390.068 137.367.845.814 141.598.894.348
TOTAL LIABILITAS 110.251.274.959 113.066.734.950 116.030.437.940 119.149.796.080 122.432.592.127 125.886.997.977 129.521.594.119 133.345.390.068 137.367.845.814 141.598.894.348
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASET
Aset Lancar
Kas 24.026.125.603 48.619.900.846 51.746.980.798 55.030.414.748 58.478.020.395 62.098.006.324 65.898.991.550 69.890.026.037 74.080.612.249 78.480.727.771 83.100.849.069
Piutang
Hak Guna Atas Tanah 4.482.000.000 4.482.000.000 4.332.600.000 4.183.200.000 4.033.800.000 3.884.400.000 3.735.000.000 3.585.600.000 3.436.200.000 3.286.800.000 3.137.400.000
Persediaan Bangunan 35.973.874.397 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188
Total Aset Lancar 64.482.000.000 72.475.828.034 75.453.507.986 78.587.541.935 81.885.747.582 85.356.333.512 89.007.918.738 92.849.553.225 96.890.739.437 101.141.454.959 105.612.176.257
Aset Tetap
Aset Lainnya
TOTAL ASET 64.482.000.000 72.475.828.034 75.453.507.986 78.587.541.935 81.885.747.582 85.356.333.512 89.007.918.738 92.849.553.225 96.890.739.437 101.141.454.959 105.612.176.257
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan - 7.993.828.034 10.971.507.986 14.105.541.935 17.403.747.582 20.874.333.512 24.525.918.738 28.367.553.225 32.408.739.437 36.659.454.959 41.130.176.257
Total Modal 64.482.000.000 72.475.828.034 75.453.507.986 78.587.541.935 81.885.747.582 85.356.333.512 89.007.918.738 92.849.553.225 96.890.739.437 101.141.454.959 105.612.176.257
TOTAL LIABILITAS 64.482.000.000 72.475.828.034 75.453.507.986 78.587.541.935 81.885.747.582 85.356.333.512 89.007.918.738 92.849.553.225 96.890.739.437 101.141.454.959 105.612.176.257
Keterangan 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
ASET
Aset Lancar
Kas 87.951.976.432 93.045.660.164 98.394.028.082 104.009.814.395 109.906.390.025 116.097.794.436 122.598.769.067 129.424.792.430 136.592.116.961 144.117.807.719 152.019.783.015
Piutang
Hak Guna Atas Tanah 2.988.000.000 2.838.600.000 2.689.200.000 2.539.800.000 2.390.400.000 2.241.000.000 2.091.600.000 1.942.200.000 1.792.800.000 1.643.400.000 1.494.000.000
Persediaan Bangunan 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188
Total Aset Lancar 110.313.903.620 115.258.187.351 120.457.155.269 125.923.541.583 131.670.717.213 137.712.721.624 144.064.296.255 150.740.919.618 157.758.844.149 165.135.134.907 172.887.710.203
Aset Tetap
Aset Lainnya
TOTAL ASET 110.313.903.620 115.258.187.351 120.457.155.269 125.923.541.583 131.670.717.213 137.712.721.624 144.064.296.255 150.740.919.618 157.758.844.149 165.135.134.907 172.887.710.203
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 45.831.903.620 50.776.187.351 55.975.155.269 61.441.541.583 67.188.717.213 73.230.721.624 79.582.296.255 86.258.919.618 93.276.844.149 100.653.134.907 108.405.710.203
Total Modal 110.313.903.620 115.258.187.351 120.457.155.269 125.923.541.583 131.670.717.213 137.712.721.624 144.064.296.255 150.740.919.618 157.758.844.149 165.135.134.907 172.887.710.203
TOTAL LIABILITAS 110.313.903.620 115.258.187.351 120.457.155.269 125.923.541.583 131.670.717.213 137.712.721.624 144.064.296.255 150.740.919.618 157.758.844.149 165.135.134.907 172.887.710.203
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
ASET
Aset Lancar
Kas 160.316.857.075 169.028.784.839 178.176.308.990 187.781.209.350 197.866.354.727 208.455.757.373 219.574.630.151 231.249.446.569 243.508.003.807 256.379.488.907
Piutang
Hak Guna Atas Tanah 1.344.600.000 1.195.200.000 1.045.800.000 896.400.000 747.000.000 597.600.000 448.200.000 298.800.000 149.400.000 -
Persediaan Bangunan 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188 19.373.927.188
Total Aset Lancar 181.035.384.263 189.597.912.027 198.596.036.178 208.051.536.537 217.987.281.915 228.427.284.561 239.396.757.339 250.922.173.756 263.031.330.994 275.753.416.094
Aset Tetap
Aset Lainnya
TOTAL ASET 181.035.384.263 189.597.912.027 198.596.036.178 208.051.536.537 217.987.281.915 228.427.284.561 239.396.757.339 250.922.173.756 263.031.330.994 275.753.416.094
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 116.553.384.263 125.115.912.027 134.114.036.178 143.569.536.537 153.505.281.915 163.945.284.561 174.914.757.339 186.440.173.756 198.549.330.994 211.271.416.094
Total Modal 181.035.384.263 189.597.912.027 198.596.036.178 208.051.536.537 217.987.281.915 228.427.284.561 239.396.757.339 250.922.173.756 263.031.330.994 275.753.416.094
TOTAL LIABILITAS 181.035.384.263 189.597.912.027 198.596.036.178 208.051.536.537 217.987.281.915 228.427.284.561 239.396.757.339 250.922.173.756 263.031.330.994 275.753.416.094
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASET
Aset Lancar
Kas 24.026.125.603 32.868.333.709 37.836.633.115 43.053.347.491 48.530.897.586 54.282.325.186 60.321.324.166 66.662.273.095 73.320.269.470 80.311.165.664 87.651.606.668
Piutang
Hak Guna Atas Tanah 4.482.000.000 4.482.000.000 4.332.600.000 4.183.200.000 4.033.800.000 3.884.400.000 3.735.000.000 3.585.600.000 3.436.200.000 3.286.800.000 3.137.400.000
Persediaan Bangunan 35.973.874.397 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893
Total Aset Lancar 64.482.000.000 69.893.823.601 74.712.723.007 79.780.037.384 85.108.187.479 90.710.215.079 96.599.814.059 102.791.362.987 109.299.959.363 116.141.455.557 123.332.496.560
Aset Tetap
Aset Lainnya
TOTAL ASET 64.482.000.000 69.893.823.601 74.712.723.007 79.780.037.384 85.108.187.479 90.710.215.079 96.599.814.059 102.791.362.987 109.299.959.363 116.141.455.557 123.332.496.560
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan - 5.411.823.601 10.230.723.007 15.298.037.384 20.626.187.479 26.228.215.079 32.117.814.059 38.309.362.987 44.817.959.363 51.659.455.557 58.850.496.560
Total Modal 64.482.000.000 69.893.823.601 74.712.723.007 79.780.037.384 85.108.187.479 90.710.215.079 96.599.814.059 102.791.362.987 109.299.959.363 116.141.455.557 123.332.496.560
TOTAL LIABILITAS 64.482.000.000 69.893.823.601 74.712.723.007 79.780.037.384 85.108.187.479 90.710.215.079 96.599.814.059 102.791.362.987 109.299.959.363 116.141.455.557 123.332.496.560
Keterangan 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
ASET
Aset Lancar
Kas 95.359.069.722 103.451.905.928 111.949.383.945 120.871.735.863 130.240.205.377 140.077.098.366 150.405.836.005 161.251.010.526 172.638.443.773 184.595.248.682 197.149.893.837
Piutang
Hak Guna Atas Tanah 2.988.000.000 2.838.600.000 2.689.200.000 2.539.800.000 2.390.400.000 2.241.000.000 2.091.600.000 1.942.200.000 1.792.800.000 1.643.400.000 1.494.000.000
Persediaan Bangunan 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893
Total Aset Lancar 130.890.559.614 138.833.995.821 147.182.073.838 155.955.025.756 165.174.095.270 174.861.588.259 185.040.925.898 195.736.700.419 206.974.733.666 218.782.138.575 231.187.383.730
Aset Tetap
Aset Lainnya
TOTAL ASET 130.890.559.614 138.833.995.821 147.182.073.838 155.955.025.756 165.174.095.270 174.861.588.259 185.040.925.898 195.736.700.419 206.974.733.666 218.782.138.575 231.187.383.730
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 66.408.559.614 74.351.995.821 82.700.073.838 91.473.025.756 100.692.095.270 110.379.588.259 120.558.925.898 131.254.700.419 142.492.733.666 154.300.138.575 166.705.383.730
Total Modal 130.890.559.614 138.833.995.821 147.182.073.838 155.955.025.756 165.174.095.270 174.861.588.259 185.040.925.898 195.736.700.419 206.974.733.666 218.782.138.575 231.187.383.730
TOTAL LIABILITAS 130.890.559.614 138.833.995.821 147.182.073.838 155.955.025.756 165.174.095.270 174.861.588.259 185.040.925.898 195.736.700.419 206.974.733.666 218.782.138.575 231.187.383.730
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
ASET
Aset Lancar
Kas 210.332.271.249 224.173.767.532 238.707.338.629 253.967.588.281 269.990.850.416 286.815.275.657 304.480.922.161 323.029.850.989 342.506.226.259 362.956.420.293
Piutang
Hak Guna Atas Tanah 1.344.600.000 1.195.200.000 1.045.800.000 896.400.000 747.000.000 597.600.000 448.200.000 298.800.000 149.400.000 -
Persediaan Bangunan 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893 32.543.489.893
Total Aset Lancar 244.220.361.142 257.912.457.425 272.296.628.522 287.407.478.174 303.281.340.309 319.956.365.550 337.472.612.054 355.872.140.882 375.199.116.152 395.499.910.186
Aset Tetap
Aset Lainnya
TOTAL ASET 244.220.361.142 257.912.457.425 272.296.628.522 287.407.478.174 303.281.340.309 319.956.365.550 337.472.612.054 355.872.140.882 375.199.116.152 395.499.910.186
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 179.738.361.142 193.430.457.425 207.814.628.522 222.925.478.174 238.799.340.309 255.474.365.550 272.990.612.054 291.390.140.882 310.717.116.152 331.017.910.186
Total Modal 244.220.361.142 257.912.457.425 272.296.628.522 287.407.478.174 303.281.340.309 319.956.365.550 337.472.612.054 355.872.140.882 375.199.116.152 395.499.910.186
TOTAL LIABILITAS 244.220.361.142 257.912.457.425 272.296.628.522 287.407.478.174 303.281.340.309 319.956.365.550 337.472.612.054 355.872.140.882 375.199.116.152 395.499.910.186
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASET
Aset Lancar
Kas 24.026.125.603 15.795.109.809 22.759.118.703 30.071.328.041 37.749.147.847 45.810.858.643 54.275.654.978 63.163.691.131 72.496.129.091 82.295.188.949 92.584.201.800
Piutang
Hak Guna Atas Tanah 4.482.000.000 4.482.000.000 4.332.600.000 4.183.200.000 4.033.800.000 3.884.400.000 3.735.000.000 3.585.600.000 3.436.200.000 3.286.800.000 3.137.400.000
Persediaan Bangunan 35.973.874.397 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624
Total Aset Lancar 64.482.000.000 67.064.004.432 73.878.613.326 81.041.422.665 88.569.842.471 96.482.153.267 104.797.549.602 113.536.185.755 122.719.223.715 132.368.883.573 142.508.496.424
Aset Tetap
Aset Lainnya
TOTAL ASET 64.482.000.000 67.064.004.432 73.878.613.326 81.041.422.665 88.569.842.471 96.482.153.267 104.797.549.602 113.536.185.755 122.719.223.715 132.368.883.573 142.508.496.424
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan - 2.582.004.432 9.396.613.326 16.559.422.665 24.087.842.471 32.000.153.267 40.315.549.602 49.054.185.755 58.237.223.715 67.886.883.573 78.026.496.424
Total Modal 64.482.000.000 67.064.004.432 73.878.613.326 81.041.422.665 88.569.842.471 96.482.153.267 104.797.549.602 113.536.185.755 122.719.223.715 132.368.883.573 142.508.496.424
TOTAL LIABILITAS 64.482.000.000 67.064.004.432 73.878.613.326 81.041.422.665 88.569.842.471 96.482.153.267 104.797.549.602 113.536.185.755 122.719.223.715 132.368.883.573 142.508.496.424
Keterangan 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
ASET
Aset Lancar
Kas 103.387.665.294 114.731.301.962 126.642.120.464 139.148.479.891 152.280.157.289 166.068.418.557 180.546.092.888 195.747.650.936 211.709.286.886 228.469.004.634 246.066.708.270
Piutang
Hak Guna Atas Tanah 2.988.000.000 2.838.600.000 2.689.200.000 2.539.800.000 2.390.400.000 2.241.000.000 2.091.600.000 1.942.200.000 1.792.800.000 1.643.400.000 1.494.000.000
Persediaan Bangunan 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624
Total Aset Lancar 153.162.559.918 164.356.796.586 176.118.215.088 188.475.174.515 201.457.451.913 215.096.313.181 229.424.587.512 244.476.745.560 260.288.981.510 276.899.299.258 294.347.602.894
Aset Tetap
Aset Lainnya
TOTAL ASET 153.162.559.918 164.356.796.586 176.118.215.088 188.475.174.515 201.457.451.913 215.096.313.181 229.424.587.512 244.476.745.560 260.288.981.510 276.899.299.258 294.347.602.894
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 88.680.559.918 99.874.796.586 111.636.215.088 123.993.174.515 136.975.451.913 150.614.313.181 164.942.587.512 179.994.745.560 195.806.981.510 212.417.299.258 229.865.602.894
Total Modal 153.162.559.918 164.356.796.586 176.118.215.088 188.475.174.515 201.457.451.913 215.096.313.181 229.424.587.512 244.476.745.560 260.288.981.510 276.899.299.258 294.347.602.894
TOTAL LIABILITAS 153.162.559.918 164.356.796.586 176.118.215.088 188.475.174.515 201.457.451.913 215.096.313.181 229.424.587.512 244.476.745.560 260.288.981.510 276.899.299.258 294.347.602.894
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
ASET
Aset Lancar
Kas 264.544.297.087 283.945.765.345 304.317.307.015 325.707.425.770 348.167.050.462 371.749.656.388 396.511.392.611 422.511.215.646 449.811.029.831 478.475.834.727
Piutang
Hak Guna Atas Tanah 1.344.600.000 1.195.200.000 1.045.800.000 896.400.000 747.000.000 597.600.000 448.200.000 298.800.000 149.400.000 -
Persediaan Bangunan 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624 46.786.894.624
Total Aset Lancar 312.675.791.711 331.927.859.969 352.150.001.639 373.390.720.394 395.700.945.086 419.134.151.012 443.746.487.235 469.596.910.270 496.747.324.455 525.262.729.351
Aset Tetap
Aset Lainnya
TOTAL ASET 312.675.791.711 331.927.859.969 352.150.001.639 373.390.720.394 395.700.945.086 419.134.151.012 443.746.487.235 469.596.910.270 496.747.324.455 525.262.729.351
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 248.193.791.711 267.445.859.969 287.668.001.639 308.908.720.394 331.218.945.086 354.652.151.012 379.264.487.235 405.114.910.270 432.265.324.455 460.780.729.351
Total Modal 312.675.791.711 331.927.859.969 352.150.001.639 373.390.720.394 395.700.945.086 419.134.151.012 443.746.487.235 469.596.910.270 496.747.324.455 525.262.729.351
TOTAL LIABILITAS 312.675.791.711 331.927.859.969 352.150.001.639 373.390.720.394 395.700.945.086 419.134.151.012 443.746.487.235 469.596.910.270 496.747.324.455 525.262.729.351
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ASET
Aset Lancar
Kas 24.026.125.603 43.542.671 8.848.771.019 18.094.260.784 27.802.025.038 37.995.177.504 48.697.987.594 59.935.938.188 71.735.786.312 84.125.626.842 97.134.959.399
Piutang
Hak Guna Atas Tanah 4.482.000.000 4.482.000.000 4.332.600.000 4.183.200.000 4.033.800.000 3.884.400.000 3.735.000.000 3.585.600.000 3.436.200.000 3.286.800.000 3.137.400.000
Persediaan Bangunan 35.973.874.397 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329
Total Aset Lancar 64.482.000.000 64.482.000.000 73.137.828.348 82.233.918.113 91.792.282.367 101.836.034.833 112.389.444.923 123.477.995.517 135.128.443.641 147.368.884.171 160.228.816.728
Aset Tetap
Aset Lainnya
TOTAL ASET 64.482.000.000 64.482.000.000 73.137.828.348 82.233.918.113 91.792.282.367 101.836.034.833 112.389.444.923 123.477.995.517 135.128.443.641 147.368.884.171 160.228.816.728
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan - - 8.655.828.348 17.751.918.113 27.310.282.367 37.354.034.833 47.907.444.923 58.995.995.517 70.646.443.641 82.886.884.171 95.746.816.728
Total Modal 64.482.000.000 64.482.000.000 73.137.828.348 82.233.918.113 91.792.282.367 101.836.034.833 112.389.444.923 123.477.995.517 135.128.443.641 147.368.884.171 160.228.816.728
TOTAL LIABILITAS 64.482.000.000 64.482.000.000 73.137.828.348 82.233.918.113 91.792.282.367 101.836.034.833 112.389.444.923 123.477.995.517 135.128.443.641 147.368.884.171 160.228.816.728
Keterangan 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
ASET
Aset Lancar
Kas 110.794.758.583 125.137.547.727 140.197.476.328 156.010.401.358 172.613.972.641 190.047.722.487 208.353.159.826 227.573.869.032 247.755.613.698 268.946.445.597 291.196.819.091
Piutang
Hak Guna Atas Tanah 2.988.000.000 2.838.600.000 2.689.200.000 2.539.800.000 2.390.400.000 2.241.000.000 2.091.600.000 1.942.200.000 1.792.800.000 1.643.400.000 1.494.000.000
Persediaan Bangunan 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329
Total Aset Lancar 173.739.215.912 187.932.605.056 202.843.133.657 218.506.658.687 234.960.829.970 252.245.179.816 270.401.217.155 289.472.526.361 309.504.871.027 330.546.302.926 352.647.276.420
Aset Tetap
Aset Lainnya
TOTAL ASET 173.739.215.912 187.932.605.056 202.843.133.657 218.506.658.687 234.960.829.970 252.245.179.816 270.401.217.155 289.472.526.361 309.504.871.027 330.546.302.926 352.647.276.420
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 109.257.215.912 123.450.605.056 138.361.133.657 154.024.658.687 170.478.829.970 187.763.179.816 205.919.217.155 224.990.526.361 245.022.871.027 266.064.302.926 288.165.276.420
Total Modal 173.739.215.912 187.932.605.056 202.843.133.657 218.506.658.687 234.960.829.970 252.245.179.816 270.401.217.155 289.472.526.361 309.504.871.027 330.546.302.926 352.647.276.420
TOTAL LIABILITAS 173.739.215.912 187.932.605.056 202.843.133.657 218.506.658.687 234.960.829.970 252.245.179.816 270.401.217.155 289.472.526.361 309.504.871.027 330.546.302.926 352.647.276.420
Keterangan 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
ASET
Aset Lancar
Kas 314.559.711.260 339.090.748.038 364.848.336.654 391.893.804.701 420.291.546.151 450.109.174.673 481.417.684.621 514.291.620.067 548.809.252.284 585.052.766.113
Piutang
Hak Guna Atas Tanah 1.344.600.000 1.195.200.000 1.045.800.000 896.400.000 747.000.000 597.600.000 448.200.000 298.800.000 149.400.000 -
Persediaan Bangunan 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329 59.956.457.329
Total Aset Lancar 375.860.768.589 400.242.405.367 425.850.593.983 452.746.662.030 480.995.003.480 510.663.232.002 541.822.341.950 574.546.877.396 608.915.109.613 645.009.223.442
Aset Tetap
Aset Lainnya
TOTAL ASET 375.860.768.589 400.242.405.367 425.850.593.983 452.746.662.030 480.995.003.480 510.663.232.002 541.822.341.950 574.546.877.396 608.915.109.613 645.009.223.442
LIABILITAS
Kewajiban Lancar
Hutang Kontraktor
Hutang Lancar Lainnya
Total Kewajiban Lancar - - - - - - - - - -
Modal
Modal Dasar 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000 4.482.000.000
Setoran Modal 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000 60.000.000.000
Laba Ditahan 311.378.768.589 335.760.405.367 361.368.593.983 388.264.662.030 416.513.003.480 446.181.232.002 477.340.341.950 510.064.877.396 544.433.109.613 580.527.223.442
Total Modal 375.860.768.589 400.242.405.367 425.850.593.983 452.746.662.030 480.995.003.480 510.663.232.002 541.822.341.950 574.546.877.396 608.915.109.613 645.009.223.442
TOTAL LIABILITAS 375.860.768.589 400.242.405.367 425.850.593.983 452.746.662.030 480.995.003.480 510.663.232.002 541.822.341.950 574.546.877.396 608.915.109.613 645.009.223.442
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Pendapatan
- Pendapatan Long Lease 0 68.626.015.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 0 0 1.132.142.400 1.188.749.520 1.248.186.996 1.310.596.346 1.376.126.163 1.444.932.471 1.517.179.095 1.593.038.050 1.672.689.952 1.756.324.450 1.844.140.672 1.936.347.706 2.033.165.091 2.134.823.346 2.241.564.513 2.353.642.738
Total Pendapatan 0 68.626.015.000 1.132.142.400 1.188.749.520 1.248.186.996 1.310.596.346 1.376.126.163 1.444.932.471 1.517.179.095 1.593.038.050 1.672.689.952 1.756.324.450 1.844.140.672 1.936.347.706 2.033.165.091 2.134.823.346 2.241.564.513 2.353.642.738
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Short Lease
Studio Type A 0 19 0
Studio Type B 0 17 0
One Bed Type A 0 28 0
Studio Diffable 0 26 0
Studio Type C 0 28 0
Studio Type D 0 26 0
One Bed Type B 0 28 0
Studio Diffable B 0 26 0
Studio Type E 0 19 0
Studio Type F 0 17 0
Studio Type G 0 23 0
Studio Type H 0 21 0
Studio Type I 0 28 0
Studio Type J 0 26 0
Studio Type A 0 19 0
Studio Type B 0 17 0
One Bed Type A 0 28 0
Studio Diffable A 0 26 0
Minimart 82
Laundry 56
Café 52
Café 84
Booth Tenant 59
Retail 392
Food Tenant 62
LABA KOTOR - 13.295.662.784 1.132.142.400 1.188.749.520 1.248.186.996 1.310.596.346 1.376.126.163 1.444.932.471 1.517.179.095 1.593.038.050 1.672.689.952 1.756.324.450 1.844.140.672 1.936.347.706 2.033.165.091 2.134.823.346 2.241.564.513 2.353.642.738
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - - - - -
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - - - - -
- Biaya Keamanan, Kebersihan
- Biaya Umum & Administrasi
- Biaya Pengelolaan Parkir
- Biaya Asuransi
- Biaya PBB
Total Biaya Operasional - - - - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) - 10.893.752.259 1.064.213.856 1.117.424.549 1.173.295.776 1.231.960.565 1.293.558.593 1.358.236.523 1.426.148.349 1.497.455.767 1.572.328.555 1.650.944.983 1.733.492.232 1.820.166.843 1.911.175.186 2.006.733.945 2.107.070.642 2.212.424.174
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000
LABA SEBELUM BUNGA & PAJAK (EBIT) - 10.893.752.259 914.813.856 968.024.549 1.023.895.776 1.082.560.565 1.144.158.593 1.208.836.523 1.276.748.349 1.348.055.767 1.422.928.555 1.501.544.983 1.584.092.232 1.670.766.843 1.761.775.186 1.857.333.945 1.957.670.642 2.063.024.174
LABA BERSIH (NET INCOME) - 10.893.752.259 914.813.856 968.024.549 1.023.895.776 1.082.560.565 1.144.158.593 1.208.836.523 1.276.748.349 1.348.055.767 1.422.928.555 1.501.544.983 1.584.092.232 1.670.766.843 1.761.775.186 1.857.333.945 1.957.670.642 2.063.024.174
Keterangan 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041
(kumulatif)
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 68.626.015.000
- Pendapatan Short Lease 2.471.324.875 2.594.891.119 2.724.635.675 2.860.867.459 3.003.910.832 3.154.106.373 3.311.811.692 3.477.402.277 3.651.272.391 3.833.836.010 4.025.527.811 4.226.804.201 4.438.144.411 4.660.051.632 75.218.236.265
Total Pendapatan 2.471.324.875 2.594.891.119 2.724.635.675 2.860.867.459 3.003.910.832 3.154.106.373 3.311.811.692 3.477.402.277 3.651.272.391 3.833.836.010 4.025.527.811 4.226.804.201 4.438.144.411 4.660.051.632 143.844.251.265
Short Lease
Studio Type A 0 19 0
Studio Type B 0 17 0
One Bed Type A 0 28 0
Studio Diffable 0 26 0
Studio Type C 0 28 0
Studio Type D 0 26 0
One Bed Type B 0 28 0
Studio Diffable B 0 26 0
Studio Type E 0 19 0
Studio Type F 0 17 0
Studio Type G 0 23 0
Studio Type H 0 21 0
Studio Type I 0 28 0
Studio Type J 0 26 0
Studio Type A 0 19 0
Studio Type B 0 17 0
One Bed Type A 0 28 0
Studio Diffable A 0 26 0
0
Minimart 82 0
Laundry 56 0
Café 52 0
Café 84 0
Booth Tenant 59 0
Retail 392 0
Food Tenant 62 0
LABA KOTOR 2.471.324.875 2.594.891.119 2.724.635.675 2.860.867.459 3.003.910.832 3.154.106.373 3.311.811.692 3.477.402.277 3.651.272.391 3.833.836.010 4.025.527.811 4.226.804.201 4.438.144.411 4.660.051.632 88.513.899.049
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - 0
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - 0
- Biaya Keamanan, Kebersihan 0
- Biaya Umum & Administrasi 0
- Biaya Pengelolaan Parkir 0
- Biaya Asuransi 0
- Biaya PBB 0
Total Biaya Operasional - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) 2.323.045.383 2.439.197.652 2.561.157.535 2.689.215.411 2.823.676.182 2.964.859.991 3.113.102.991 3.268.758.140 3.432.196.047 3.603.805.849 3.783.996.142 3.973.195.949 4.171.855.746 4.380.448.534 81.598.894.348
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 4.482.000.000
LABA SEBELUM BUNGA & PAJAK (EBIT) 2.173.645.383 2.289.797.652 2.411.757.535 2.539.815.411 2.674.276.182 2.815.459.991 2.963.702.991 3.119.358.140 3.282.796.047 3.454.405.849 3.634.596.142 3.823.795.949 4.022.455.746 4.231.048.534 77.116.894.348
LABA BERSIH (NET INCOME) 2.173.645.383 2.289.797.652 2.411.757.535 2.539.815.411 2.674.276.182 2.815.459.991 2.963.702.991 3.119.358.140 3.282.796.047 3.454.405.849 3.634.596.142 3.823.795.949 4.022.455.746 4.231.048.534 77.116.894.348
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Pendapatan
- Pendapatan Long Lease 0 50.338.195.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 0 0 3.326.680.800 3.493.014.840 3.667.665.582 3.851.048.861 4.043.601.304 4.245.781.369 4.458.070.438 4.680.973.960 4.915.022.658 5.160.773.791 5.418.812.480 5.689.753.104 5.974.240.759 6.272.952.797 6.586.600.437 6.915.930.459
Total Pendapatan 0 50.338.195.000 3.326.680.800 3.493.014.840 3.667.665.582 3.851.048.861 4.043.601.304 4.245.781.369 4.458.070.438 4.680.973.960 4.915.022.658 5.160.773.791 5.418.812.480 5.689.753.104 5.974.240.759 6.272.952.797 6.586.600.437 6.915.930.459
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Short Lease
Studio Type A 26 19
Studio Type B 26 17
One Bed Type A 4 28
Studio Diffable 4 26
Studio Type C 8 28
Studio Type D 8 26
One Bed Type B 1 28
Studio Diffable B 1 26
Studio Type E 3 19
Studio Type F 3 17
Studio Type G 1 23
Studio Type H 2 21
Studio Type I 6 28
Studio Type J 6 26
Studio Type A 3 19
Studio Type B 2 17
One Bed Type A 0 28
Studio Diffable A 0 26
Minimart 82
Laundry 56
Café 52
Café 84
Booth Tenant 59
Retail 392
Food Tenant 62
LABA KOTOR - 9.755.664.859 3.326.680.800 3.493.014.840 3.667.665.582 3.851.048.861 4.043.601.304 4.245.781.369 4.458.070.438 4.680.973.960 4.915.022.658 5.160.773.791 5.418.812.480 5.689.753.104 5.974.240.759 6.272.952.797 6.586.600.437 6.915.930.459
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - - - - -
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - - - - -
- Biaya Keamanan, Kebersihan
- Biaya Umum & Administrasi
- Biaya Pengelolaan Parkir
- Biaya Asuransi
- Biaya PBB
Total Biaya Operasional - - - - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) - 7.993.828.034 3.127.079.952 3.283.433.950 3.447.605.647 3.619.985.929 3.800.985.226 3.991.034.487 4.190.586.212 4.400.115.522 4.620.121.298 4.851.127.363 5.093.683.731 5.348.367.918 5.615.786.314 5.896.575.629 6.191.404.411 6.500.974.631
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000
LABA SEBELUM BUNGA & PAJAK (EBIT) - 7.993.828.034 2.977.679.952 3.134.033.950 3.298.205.647 3.470.585.929 3.651.585.226 3.841.634.487 4.041.186.212 4.250.715.522 4.470.721.298 4.701.727.363 4.944.283.731 5.198.967.918 5.466.386.314 5.747.175.629 6.042.004.411 6.351.574.631
LABA BERSIH (NET INCOME) - 7.993.828.034 2.977.679.952 3.134.033.950 3.298.205.647 3.470.585.929 3.651.585.226 3.841.634.487 4.041.186.212 4.250.715.522 4.470.721.298 4.701.727.363 4.944.283.731 5.198.967.918 5.466.386.314 5.747.175.629 6.042.004.411 6.351.574.631
Keterangan 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041
(kumulatif)
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50.338.195.000
- Pendapatan Short Lease 7.261.726.982 7.624.813.331 8.006.053.998 8.406.356.698 8.826.674.532 9.268.008.259 9.731.408.672 10.217.979.106 10.728.878.061 11.265.321.964 11.828.588.062 12.420.017.465 13.041.018.338 13.693.069.255 221.020.838.362
Total Pendapatan 7.261.726.982 7.624.813.331 8.006.053.998 8.406.356.698 8.826.674.532 9.268.008.259 9.731.408.672 10.217.979.106 10.728.878.061 11.265.321.964 11.828.588.062 12.420.017.465 13.041.018.338 13.693.069.255 271.359.033.362
Short Lease
Studio Type A 26 19 0
Studio Type B 26 17 0
One Bed Type A 4 28 0
Studio Diffable 4 26 0
Studio Type C 8 28 0
Studio Type D 8 26 0
One Bed Type B 1 28 0
Studio Diffable B 1 26 0
Studio Type E 3 19 0
Studio Type F 3 17 0
Studio Type G 1 23 0
Studio Type H 2 21 0
Studio Type I 6 28 0
Studio Type J 6 26 0
Studio Type A 3 19 0
Studio Type B 2 17 0
One Bed Type A 0 28 0
Studio Diffable A 0 26 0
0
Minimart 82 0
Laundry 56 0
Café 52 0
Café 84 0
Booth Tenant 59 0
Retail 392 0
Food Tenant 62 0
LABA KOTOR 7.261.726.982 7.624.813.331 8.006.053.998 8.406.356.698 8.826.674.532 9.268.008.259 9.731.408.672 10.217.979.106 10.728.878.061 11.265.321.964 11.828.588.062 12.420.017.465 13.041.018.338 13.693.069.255 230.776.503.221
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - 0
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - 0
- Biaya Keamanan, Kebersihan 0
- Biaya Umum & Administrasi 0
- Biaya Pengelolaan Parkir 0
- Biaya Asuransi 0
- Biaya PBB 0
Total Biaya Operasional - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) 6.826.023.363 7.167.324.531 7.525.690.758 7.901.975.296 8.297.074.060 8.711.927.763 9.147.524.152 9.604.900.359 10.085.145.377 10.589.402.646 11.118.872.778 11.674.816.417 12.258.557.238 12.871.485.100 215.753.416.094
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 4.482.000.000
LABA SEBELUM BUNGA & PAJAK (EBIT) 6.676.623.363 7.017.924.531 7.376.290.758 7.752.575.296 8.147.674.060 8.562.527.763 8.998.124.152 9.455.500.359 9.935.745.377 10.440.002.646 10.969.472.778 11.525.416.417 12.109.157.238 12.722.085.100 211.271.416.094
LABA BERSIH (NET INCOME) 6.676.623.363 7.017.924.531 7.376.290.758 7.752.575.296 8.147.674.060 8.562.527.763 8.998.124.152 9.455.500.359 9.935.745.377 10.440.002.646 10.969.472.778 11.525.416.417 12.109.157.238 12.722.085.100 211.271.416.094
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Pendapatan
- Pendapatan Long Lease 0 34.015.327.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 0 0 5.285.424.900 5.549.696.145 5.827.180.952 6.118.540.000 6.424.467.000 6.745.690.350 7.082.974.867 7.437.123.611 7.808.979.791 8.199.428.781 8.609.400.220 9.039.870.231 9.491.863.742 9.966.456.929 10.464.779.776 10.988.018.765
Total Pendapatan 0 34.015.327.500 5.285.424.900 5.549.696.145 5.827.180.952 6.118.540.000 6.424.467.000 6.745.690.350 7.082.974.867 7.437.123.611 7.808.979.791 8.199.428.781 8.609.400.220 9.039.870.231 9.491.863.742 9.966.456.929 10.464.779.776 10.988.018.765
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Short Lease
Studio Type A 51 19
Studio Type B 51 17
One Bed Type A 7 28
Studio Diffable 7 26
Studio Type C 15 28
Studio Type D 15 26
One Bed Type B 1 28
Studio Diffable B 1 26
Studio Type E 6 19
Studio Type F 6 17
Studio Type G 2 23
Studio Type H 3 21
Studio Type I 12 28
Studio Type J 12 26
Studio Type A 5 19
Studio Type B 4 17
One Bed Type A 0 28
Studio Diffable A 0 26
Minimart 82
Laundry 56
Café 52
Café 84
Booth Tenant 59
Retail 392
Food Tenant 62
LABA KOTOR - 6.602.360.064 5.285.424.900 5.549.696.145 5.827.180.952 6.118.540.000 6.424.467.000 6.745.690.350 7.082.974.867 7.437.123.611 7.808.979.791 8.199.428.781 8.609.400.220 9.039.870.231 9.491.863.742 9.966.456.929 10.464.779.776 10.988.018.765
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - - - - -
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - - - - -
- Biaya Keamanan, Kebersihan
- Biaya Umum & Administrasi
- Biaya Pengelolaan Parkir
- Biaya Asuransi
- Biaya PBB
Total Biaya Operasional - - - - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) - 5.411.823.601 4.968.299.406 5.216.714.376 5.477.550.095 5.751.427.600 6.038.998.980 6.340.948.929 6.657.996.375 6.990.896.194 7.340.441.004 7.707.463.054 8.092.836.207 8.497.478.017 8.922.351.918 9.368.469.514 9.836.892.989 10.328.737.639
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000
LABA SEBELUM BUNGA & PAJAK (EBIT) - 5.411.823.601 4.818.899.406 5.067.314.376 5.328.150.095 5.602.027.600 5.889.598.980 6.191.548.929 6.508.596.375 6.841.496.194 7.191.041.004 7.558.063.054 7.943.436.207 8.348.078.017 8.772.951.918 9.219.069.514 9.687.492.989 10.179.337.639
LABA BERSIH (NET INCOME) - 5.411.823.601 4.818.899.406 5.067.314.376 5.328.150.095 5.602.027.600 5.889.598.980 6.191.548.929 6.508.596.375 6.841.496.194 7.191.041.004 7.558.063.054 7.943.436.207 8.348.078.017 8.772.951.918 9.219.069.514 9.687.492.989 10.179.337.639
Keterangan 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041
(kumulatif)
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34.015.327.500
- Pendapatan Short Lease 11.537.419.703 12.114.290.688 12.720.005.223 13.356.005.484 14.023.805.758 14.724.996.046 15.461.245.848 16.234.308.140 17.046.023.547 17.898.324.725 18.793.240.961 19.732.903.009 20.719.548.160 21.755.525.568 351.157.538.920
Total Pendapatan 11.537.419.703 12.114.290.688 12.720.005.223 13.356.005.484 14.023.805.758 14.724.996.046 15.461.245.848 16.234.308.140 17.046.023.547 17.898.324.725 18.793.240.961 19.732.903.009 20.719.548.160 21.755.525.568 385.172.866.420
Short Lease
Studio Type A 51 19 0
Studio Type B 51 17 0
One Bed Type A 7 28 0
Studio Diffable 7 26 0
Studio Type C 15 28 0
Studio Type D 15 26 0
One Bed Type B 1 28 0
Studio Diffable B 1 26 0
Studio Type E 6 19 0
Studio Type F 6 17 0
Studio Type G 2 23 0
Studio Type H 3 21 0
Studio Type I 12 28 0
Studio Type J 12 26 0
Studio Type A 5 19 0
Studio Type B 4 17 0
One Bed Type A 0 28 0
Studio Diffable A 0 26 0
0
Minimart 82 0
Laundry 56 0
Café 52 0
Café 84 0
Booth Tenant 59 0
Retail 392 0
Food Tenant 62 0
LABA KOTOR 11.537.419.703 12.114.290.688 12.720.005.223 13.356.005.484 14.023.805.758 14.724.996.046 15.461.245.848 16.234.308.140 17.046.023.547 17.898.324.725 18.793.240.961 19.732.903.009 20.719.548.160 21.755.525.568 357.759.898.984
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - 0
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - 0
- Biaya Keamanan, Kebersihan 0
- Biaya Umum & Administrasi 0
- Biaya Pengelolaan Parkir 0
- Biaya Asuransi 0
- Biaya PBB 0
Total Biaya Operasional - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) 10.845.174.521 11.387.433.247 11.956.804.909 12.554.645.155 13.182.377.412 13.841.496.283 14.533.571.097 15.260.249.652 16.023.262.135 16.824.425.241 17.665.646.503 18.548.928.829 19.476.375.270 20.450.194.034 335.499.910.186
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 4.482.000.000
LABA SEBELUM BUNGA & PAJAK (EBIT) 10.695.774.521 11.238.033.247 11.807.404.909 12.405.245.155 13.032.977.412 13.692.096.283 14.384.171.097 15.110.849.652 15.873.862.135 16.675.025.241 17.516.246.503 18.399.528.829 19.326.975.270 20.300.794.034 331.017.910.186
LABA BERSIH (NET INCOME) 10.695.774.521 11.238.033.247 11.807.404.909 12.405.245.155 13.032.977.412 13.692.096.283 14.384.171.097 15.110.849.652 15.873.862.135 16.675.025.241 17.516.246.503 18.399.528.829 19.326.975.270 20.300.794.034 331.017.910.186
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Pendapatan
- Pendapatan Long Lease 0 16.322.867.500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 0 0 7.408.520.100 7.778.946.105 8.167.893.410 8.576.288.081 9.005.102.485 9.455.357.609 9.928.125.489 10.424.531.764 10.945.758.352 11.493.046.270 12.067.698.583 12.671.083.512 13.304.637.688 13.969.869.572 14.668.363.051 15.401.781.204
Total Pendapatan 0 16.322.867.500 7.408.520.100 7.778.946.105 8.167.893.410 8.576.288.081 9.005.102.485 9.455.357.609 9.928.125.489 10.424.531.764 10.945.758.352 11.493.046.270 12.067.698.583 12.671.083.512 13.304.637.688 13.969.869.572 14.668.363.051 15.401.781.204
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Short Lease
Studio Type A 76 19
Studio Type B 76 17
One Bed Type A 10 28
Studio Diffable 10 26
Studio Type C 23 28
Studio Type D 23 26
One Bed Type B 2 28
Studio Diffable B 2 26
Studio Type E 9 19
Studio Type F 9 17
Studio Type G 3 23
Studio Type H 4 21
Studio Type I 18 28
Studio Type J 18 26
Studio Type A 7 19
Studio Type B 6 17
One Bed Type A 1 28
Studio Diffable A 1 26
Minimart 82
Laundry 56
Café 52
Café 84
Booth Tenant 59
Retail 392
Food Tenant 62
LABA KOTOR - 3.153.304.795 7.408.520.100 7.778.946.105 8.167.893.410 8.576.288.081 9.005.102.485 9.455.357.609 9.928.125.489 10.424.531.764 10.945.758.352 11.493.046.270 12.067.698.583 12.671.083.512 13.304.637.688 13.969.869.572 14.668.363.051 15.401.781.204
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - - - - -
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - - - - -
- Biaya Keamanan, Kebersihan
- Biaya Umum & Administrasi
- Biaya Pengelolaan Parkir
- Biaya Asuransi
- Biaya PBB
Total Biaya Operasional - - - - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) - 2.582.004.432 6.964.008.894 7.312.209.339 7.677.819.806 8.061.710.796 8.464.796.336 8.888.036.152 9.332.437.960 9.799.059.858 10.289.012.851 10.803.463.494 11.343.636.668 11.910.818.502 12.506.359.427 13.131.677.398 13.788.261.268 14.477.674.331
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000
LABA SEBELUM BUNGA & PAJAK (EBIT) - 2.582.004.432 6.814.608.894 7.162.809.339 7.528.419.806 7.912.310.796 8.315.396.336 8.738.636.152 9.183.037.960 9.649.659.858 10.139.612.851 10.654.063.494 11.194.236.668 11.761.418.502 12.356.959.427 12.982.277.398 13.638.861.268 14.328.274.331
LABA BERSIH (NET INCOME) - 2.582.004.432 6.814.608.894 7.162.809.339 7.528.419.806 7.912.310.796 8.315.396.336 8.738.636.152 9.183.037.960 9.649.659.858 10.139.612.851 10.654.063.494 11.194.236.668 11.761.418.502 12.356.959.427 12.982.277.398 13.638.861.268 14.328.274.331
Keterangan 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041
(kumulatif)
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16.322.867.500
- Pendapatan Short Lease 16.171.870.264 16.980.463.777 17.829.486.966 18.720.961.314 19.657.009.380 20.639.859.849 21.671.852.841 22.755.445.483 23.893.217.758 25.087.878.645 26.342.272.578 27.659.386.207 29.042.355.517 30.494.473.293 492.213.537.147
Total Pendapatan 16.171.870.264 16.980.463.777 17.829.486.966 18.720.961.314 19.657.009.380 20.639.859.849 21.671.852.841 22.755.445.483 23.893.217.758 25.087.878.645 26.342.272.578 27.659.386.207 29.042.355.517 30.494.473.293 508.536.404.647
Short Lease
Studio Type A 76 19 0
Studio Type B 76 17 0
One Bed Type A 10 28 0
Studio Diffable 10 26 0
Studio Type C 23 28 0
Studio Type D 23 26 0
One Bed Type B 2 28 0
Studio Diffable B 2 26 0
Studio Type E 9 19 0
Studio Type F 9 17 0
Studio Type G 3 23 0
Studio Type H 4 21 0
Studio Type I 18 28 0
Studio Type J 18 26 0
Studio Type A 7 19 0
Studio Type B 6 17 0
One Bed Type A 1 28 0
Studio Diffable A 1 26 0
0
Minimart 82 0
Laundry 56 0
Café 52 0
Café 84 0
Booth Tenant 59 0
Retail 392 0
Food Tenant 62 0
LABA KOTOR 16.171.870.264 16.980.463.777 17.829.486.966 18.720.961.314 19.657.009.380 20.639.859.849 21.671.852.841 22.755.445.483 23.893.217.758 25.087.878.645 26.342.272.578 27.659.386.207 29.042.355.517 30.494.473.293 495.366.841.942
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - 0
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - 0
- Biaya Keamanan, Kebersihan 0
- Biaya Umum & Administrasi 0
- Biaya Pengelolaan Parkir 0
- Biaya Asuransi 0
- Biaya PBB 0
Total Biaya Operasional - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) 15.201.558.048 15.961.635.950 16.759.717.748 17.597.703.635 18.477.588.817 19.401.468.258 20.371.541.671 21.390.118.754 22.459.624.692 23.582.605.927 24.761.736.223 25.999.823.034 27.299.814.186 28.664.804.895 465.262.729.351
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 4.482.000.000
LABA SEBELUM BUNGA & PAJAK (EBIT) 15.052.158.048 15.812.235.950 16.610.317.748 17.448.303.635 18.328.188.817 19.252.068.258 20.222.141.671 21.240.718.754 22.310.224.692 23.433.205.927 24.612.336.223 25.850.423.034 27.150.414.186 28.515.404.895 460.780.729.351
LABA BERSIH (NET INCOME) 15.052.158.048 15.812.235.950 16.610.317.748 17.448.303.635 18.328.188.817 19.252.068.258 20.222.141.671 21.240.718.754 22.310.224.692 23.433.205.927 24.612.336.223 25.850.423.034 27.150.414.186 28.515.404.895 460.780.729.351
Keterangan 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 0 0 9.367.264.200 9.835.627.410 10.327.408.781 10.843.779.220 11.385.968.181 11.955.266.590 12.553.029.919 13.180.681.415 13.839.715.486 14.531.701.260 15.258.286.323 16.021.200.639 16.822.260.671 17.663.373.705 18.546.542.390 19.473.869.509
Total Pendapatan 0 0 9.367.264.200 9.835.627.410 10.327.408.781 10.843.779.220 11.385.968.181 11.955.266.590 12.553.029.919 13.180.681.415 13.839.715.486 14.531.701.260 15.258.286.323 16.021.200.639 16.822.260.671 17.663.373.705 18.546.542.390 19.473.869.509
Minimart 0
Laundry 0
Café 0
Café 0
Booth Tenant 0
Retail 0
Food Tenant 0
Short Lease
Studio Type A 101 19
Studio Type B 101 17
One Bed Type A 13 28
Studio Diffable 13 26
Studio Type C 30 28
Studio Type D 30 26
One Bed Type B 2 28
Studio Diffable B 2 26
Studio Type E 12 19
Studio Type F 12 17
Studio Type G 4 23
Studio Type H 5 21
Studio Type I 24 28
Studio Type J 24 26
Studio Type A 9 19
Studio Type B 8 17
One Bed Type A 1 28
Studio Diffable A 1 26
Minimart 82
Laundry 56
Café 52
Café 84
Booth Tenant 59
Retail 392
Food Tenant 62
LABA KOTOR - - 9.367.264.200 9.835.627.410 10.327.408.781 10.843.779.220 11.385.968.181 11.955.266.590 12.553.029.919 13.180.681.415 13.839.715.486 14.531.701.260 15.258.286.323 16.021.200.639 16.822.260.671 17.663.373.705 18.546.542.390 19.473.869.509
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - - - - -
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - - - - -
- Biaya Keamanan, Kebersihan
- Biaya Umum & Administrasi
- Biaya Pengelolaan Parkir
- Biaya Asuransi
- Biaya PBB
Total Biaya Operasional - - - - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) - - 8.805.228.348 9.245.489.765 9.707.764.254 10.193.152.466 10.702.810.090 11.237.950.594 11.799.848.124 12.389.840.530 13.009.332.557 13.659.799.184 14.342.789.144 15.059.928.601 15.812.925.031 16.603.571.282 17.433.749.846 18.305.437.339
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000
LABA SEBELUM BUNGA & PAJAK (EBIT) - - 8.655.828.348 9.096.089.765 9.558.364.254 10.043.752.466 10.553.410.090 11.088.550.594 11.650.448.124 12.240.440.530 12.859.932.557 13.510.399.184 14.193.389.144 14.910.528.601 15.663.525.031 16.454.171.282 17.284.349.846 18.156.037.339
LABA BERSIH (NET INCOME) - - 8.655.828.348 9.096.089.765 9.558.364.254 10.043.752.466 10.553.410.090 11.088.550.594 11.650.448.124 12.240.440.530 12.859.932.557 13.510.399.184 14.193.389.144 14.910.528.601 15.663.525.031 16.454.171.282 17.284.349.846 18.156.037.339
Keterangan 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041
(kumulatif)
Pendapatan
- Pendapatan Long Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Pendapatan Short Lease 20.447.562.985 21.469.941.134 22.543.438.191 23.670.610.100 24.854.140.605 26.096.847.636 27.401.690.017 28.771.774.518 30.210.363.244 31.720.881.406 33.306.925.477 34.972.271.751 36.720.885.338 38.556.929.605 622.350.237.704
Total Pendapatan 20.447.562.985 21.469.941.134 22.543.438.191 23.670.610.100 24.854.140.605 26.096.847.636 27.401.690.017 28.771.774.518 30.210.363.244 31.720.881.406 33.306.925.477 34.972.271.751 36.720.885.338 38.556.929.605 622.350.237.704
Short Lease
Studio Type A 101 19 0
Studio Type B 101 17 0
One Bed Type A 13 28 0
Studio Diffable 13 26 0
Studio Type C 30 28 0
Studio Type D 30 26 0
One Bed Type B 2 28 0
Studio Diffable B 2 26 0
Studio Type E 12 19 0
Studio Type F 12 17 0
Studio Type G 4 23 0
Studio Type H 5 21 0
Studio Type I 24 28 0
Studio Type J 24 26 0
Studio Type A 9 19 0
Studio Type B 8 17 0
One Bed Type A 1 28 0
Studio Diffable A 1 26 0
0
Minimart 82 0
Laundry 56 0
Café 52 0
Café 84 0
Booth Tenant 59 0
Retail 392 0
Food Tenant 62 0
LABA KOTOR 20.447.562.985 21.469.941.134 22.543.438.191 23.670.610.100 24.854.140.605 26.096.847.636 27.401.690.017 28.771.774.518 30.210.363.244 31.720.881.406 33.306.925.477 34.972.271.751 36.720.885.338 38.556.929.605 622.350.237.704
Biaya Operasional
- Biaya Pemeliharaan atas unit stock
Biaya Service Charge & Sinking Fund (per m²) - - - - - - - - - - - - - - 0
Biaya Anodemen Air & Listrik (per unit) - - - - - - - - - - - - - - 0
- Biaya Keamanan, Kebersihan 0
- Biaya Umum & Administrasi 0
- Biaya Pengelolaan Parkir 0
- Biaya Asuransi 0
- Biaya PBB 0
Total Biaya Operasional - - - - - - - - - - - - - - -
LABA SEBELUM BUNGA, PAJAK & DEPRESIASI (EBITDA) 19.220.709.206 20.181.744.666 21.190.831.899 22.250.373.494 23.362.892.169 24.531.036.777 25.757.588.616 27.045.468.047 28.397.741.450 29.817.628.522 31.308.509.948 32.873.935.446 34.517.632.218 36.243.513.829 585.009.223.442
Depresiasi 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 149.400.000 4.482.000.000
LABA SEBELUM BUNGA & PAJAK (EBIT) 19.071.309.206 20.032.344.666 21.041.431.899 22.100.973.494 23.213.492.169 24.381.636.777 25.608.188.616 26.896.068.047 28.248.341.450 29.668.228.522 31.159.109.948 32.724.535.446 34.368.232.218 36.094.113.829 580.527.223.442
LABA BERSIH (NET INCOME) 19.071.309.206 20.032.344.666 21.041.431.899 22.100.973.494 23.213.492.169 24.381.636.777 25.608.188.616 26.896.068.047 28.248.341.450 29.668.228.522 31.159.109.948 32.724.535.446 34.368.232.218 36.094.113.829 580.527.223.442
Universitas Indonesia
Studi kelayakan..., Santi Dewi, FE UI, 2010.
9
Universitas Indonesia
Studi kelayakan..., Santi Dewi, FE UI, 2010.