2V 250,000,000,000

PGI
VCL 25%
EGI 30,000,000,000
OE 9,000,000,000 30%
NOI 21,000,000,000

rasio pendapatan bersih =

rasio pendapatan bersih =

rasio pendapatan bersih =

E-GIM =

E-GIM =

E-GIM =

Rp =

Rp =

Rp =

3 modal pinjaman 60%

bunga pinjaman 15%
investasi bebas resiko 8%
Beta 0.85
Risk Premium 10%
Rp ?

R = M
R = 60%
R = 21.91%

debt to equity pasar 65%

Beta unleverage 0.85

Beta leverage unleverage

0.85
 Beta leverage 2.43

4 Nilai Tanah 200,000,000,000

Nilai Bangunan 350,000,000,000
Nilai Mesin dan Peralatan 100,000,000,000
Nilai FF 80,000,000,000

tingkat kapitalisasi tanah 8%

sisa umur ekonomis
bangunan 40
mesin dan peralatan 15
FF 10
Rp?

Rp = Vt

Rp = 200,000,000,000

Rp = 81,816,666,666.67
730,000,000,000
Rp = 11.21%

Luas kotor 3,000

Dijual 22,000,000,000
sewa 150,000 per m2/bln
service charge 50,000 per m2/bln
Luas efektif 85%
Biaya Ops 35%
Tingkat hunian 70%

5 sebuah rumah dinilai KJPP

Nilai Tanahnya 3 kali Nilai Bangunan
RT 8%
Sisa umur Ekonomis Bangunan 25 tahun
R ?

R = Vt

R = 3

R = 0.36
4
 R = 9.00%

Vt = 3,000,000
Vb = 1,000,000
Vp = 4,000,000
It = Vt x Rt
Ib = Vb x Rb
Ip = 360,000

Rp = Ip
Vp
Rp = 360,000
4,000,000
Rp = 9.00%

gedung kantor
Luas
Sewa
SC
parkir

hotel
jumlah kamar
tarif kamar
FnB
Meeting room

apartemen
jumlah unit
sewa
harga jual

perkebunan kelapa sawit

luas TM
harga

mall
luas
sewa
gedung kantor
PGI luas efektif x sewa x 12 bulanan
VCL
EGI
OE
NOI
hotel harian
 365
366

1 investasi
modal 1,000,000,000
modal kerja 200,000,000
modal tetap 800,000,000
nilai sisa 100,000,000
umur ekonomis 7
modal pinjaman 700,000,000
bunga 14%
ke 16%
biaya var 40%
biaya tetap 100,000,000
pajak 22%

Penyusutan 100,000,000
Saldo awal pinjaman
cicilan
Saldo akhir pinjaman
bunga 14%

Pendapatan
Biaya
variable 40%
tetap
ebitda
penyusutan
ebit
bunga
ebt
pajak 22%
eat

arus kas perusahaan

eat
penyusutan
bunga *(1-Tax)
modal kerja
nilai sisa
- 1,000,000,000
df 12.44%
PV - 1,000,000,000
NPV 128,704,745
IRR 15.81%
2 hotel
PGI
VCL
EGI
OE
NOI

Tanah
Bangunan
Sarana Pelengkap
Mesin Peralatan
FF
dinilai pakai DCF
Nilai 500 M

Tujuan Penjaminan Utang Kredit 350

Hak Tanggungan Tanah dan Bangunan 300

Kasus Hotel FF sewa

Hotel normal
PGI 20,000,000,000
vcl 6,000,000,000 30%
EGI 14,000,000,000
OE 5,600,000,000
NOI 8,400,000,000

resiko beda
tingkat diskonto 14.80%
Nilai Pasar 56,756,756,756.76
56,800,000,000.00

Nilai FF 1,100,000,000.00

jika selisih dr hotel normal dengan dr hotel sewa FF 0.80%

wd 60%
we 40%
kd 14%
ke 16%
r 14.80%
biaya
biaya operasional
tnh, bgn, sp, mp, ff 5,600,000,000
FF 600,000,000

biaya sewa FF 100,000,000 perbulan

1,200,000,000
3 Rencana Gedung kantor yang akan dibangun
LT 1000 m2
KDB 30%
KLB 3
KDH 15% 150
KTB 30%
daerah perencanaan 450 m2
ketinggian bangunan 8 lantai
Parkir
1 lot parkir per 50 m2 LB 50
out door 25 m2 25
indoor 30 m2 30
BRB
bangunan utama 7,000,000 per m2
basement 5,000,000 per m2
PGI 5M
OE 25%
VCL 20%
pertumbuhan arus kas (stabil tahun 3) 3%
DR 14%
Hitung Nilai Pasar gedung
Hitung Nilai Pasar Tanah

PGI 10%
VCL 20%
EGI
OE 25%
NOI
TV 11%
dr 14%
PV 30,563,250,231
Nilai Pasar Properti 30,600,000,000

Nilai Tanah Nilai Pasar Properti - Nilai Bangunan

Nilai Bangunan
LB 2,400
Basement 900
Nilai Bangunan

Nilai Tanah Nilai Pasar Properti - Nilai Bangunan

Nilai Tanah 9,300,000,000
 NOI
EGI
21,000,000,000
30,000,000,000
0.7

V
EGI
250,000,000,000
30,000,000,000
8.33333333333333

rasio pendapatan bersih

E-GIM
0.7
8.33333333333333
8.40%

Re = Rf
Re = 8%
Re = 32.29%

x Rm + E
x 15% + 40%

35%

x (1+(1-tax)x debt/equity))
x 285.71%
Vt Rb = Rt
Vb
Vmp RMP = Rt
VFF
RFF = Rt

Rt

tahun
tahun
tahun

x Rt + Vb
Vt + Vb +
x 8% + 350,000,000,000
200,000,000,000 + 350,000,000,000 +

PGI 6,120,000,000
VCL 1,836,000,000 30%
EGI 4,284,000,000
OE 1,499,400,000 35%
NOI 2,784,600,000

R = I
V
R = 2,784,600,000
22,000,000,000
R = 12.66%

Vt : Vb
3: 1
Rb Rt + 100%
SUE

x Rt + Vb
Vt + Vb
x 8% + 1
3+ 1
240,000
120,000
wd 700,000,000 70%
we 300,000,000 30%
kd 14%
ke 16%
tax 22%
wacc 12.44%

1 2 3 4
700,000,000 600,000,000 500,000,000 400,000,000
100,000,000 100,000,000 100,000,000 100,000,000
600,000,000 500,000,000 400,000,000 300,000,000
98,000,000 84,000,000 70,000,000 56,000,000

1 2 3 4
500,000,000 550,000,000 600,000,000 600,000,000

200,000,000 220,000,000 240,000,000 240,000,000

100,000,000 100,000,000 100,000,000 100,000,000
200,000,000 230,000,000 260,000,000 260,000,000
100,000,000 100,000,000 100,000,000 100,000,000
100,000,000 130,000,000 160,000,000 160,000,000
98,000,000 84,000,000 70,000,000 56,000,000
2,000,000 46,000,000 90,000,000 104,000,000
440,000 10,120,000 19,800,000 22,880,000
1,560,000 35,880,000 70,200,000 81,120,000

1,560,000 35,880,000 70,200,000 81,120,000

100,000,000 100,000,000 100,000,000 100,000,000
76,440,000 65,520,000 54,600,000 43,680,000

178,000,000 201,400,000 224,800,000 224,800,000

0.889331578385685 0.790910656314 0.703381822341765 0.625539666271001
158,301,021 159,289,406 158,120,234 140,621,317
M
M

Hotel FF sewa
20,000,000,000
6,000,000,000 30%
14,000,000,000
6,200,000,000
7,800,000,000

14.00%
55,714,285,714.29
55,700,000,000.00

4,400,000,000
6,200,000,000
 Pertanyaan
Luas Bangunan 2,400
300
3000

450

parkir 48 lot
outdoor 550 m2 22 mobil
indoor 780 26 mobil

basement 2.6 lantai

basement 3 lantai
luas 900 m2
pertahun kenaikan 10% pertahun

1 2 3 4
5,000,000,000 5,500,000,000 6,050,000,000 6,231,500,000
1,000,000,000 1,100,000,000 1,210,000,000 1,246,300,000
4,000,000,000 4,400,000,000 4,840,000,000 4,985,200,000
1,000,000,000 1,100,000,000 1,210,000,000 1,246,300,000
3,000,000,000 3,300,000,000 3,630,000,000 3,738,900,000
33,990,000,000
0.87719298245614 0.769467528470298 0.674971516202
2,631,578,947 2,539,242,844 2,450,146,604 22,942,281,836

Properti - Nilai Bangunan

BRB
7,000,000 16,800,000,000
5,000,000 4,500,000,000
21,300,000,000

Properti - Nilai Bangunan

+ Beta x RPm
+ 2.43 x 10%

x Re
x 32.29%
+ 100% = 10.50%
SUE
+ 100% = 14.67%
SUE
+ 100% = 18.00%
SUE

x Rb + Vmp x Rmp
VMP + VFF
x 10.50% + 100,000,000,000 x 14.67%
100,000,000,000 + 80,000,000,000

= 12%

x Rb

x 12%
 5 6 7
300,000,000 200,000,000 100,000,000
100,000,000 100,000,000 100,000,000
200,000,000 100,000,000 -
42,000,000 28,000,000 14,000,000

5 6 7
650,000,000 650,000,000 700,000,000

260,000,000 260,000,000 280,000,000

100,000,000 100,000,000 100,000,000
290,000,000 290,000,000 320,000,000
100,000,000 100,000,000 100,000,000
190,000,000 190,000,000 220,000,000
42,000,000 28,000,000 14,000,000
148,000,000 162,000,000 206,000,000
32,560,000 35,640,000 45,320,000
115,440,000 126,360,000 160,680,000

115,440,000 126,360,000 160,680,000

100,000,000 100,000,000 100,000,000
32,760,000 21,840,000 10,920,000
200,000,000
100,000,000
248,200,000 248,200,000 571,600,000
0.556312178747645 0.494745988 0.43999323040876
138,076,683 122,795,954 251,500,131
+ VFF x RFF

+ 80,000,000,000 x 18.00%