Vacant Land Development Analysis in Wonorejo East Surabaya Using Highest and Best Use Method

Sumirat, Medina Ramadhani (2024) Vacant Land Development Analysis in Wonorejo East Surabaya Using Highest and Best Use Method. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

The distribution of the population and the population density in Surabaya is still uneven and tends to be concentrated in only a few districts. Wonorejo Sub District that is located in the Rungkut District is one of the districts with population density below Surabaya average but with a population growth rate above the city's average growth rate per month. But still, in this sub district there is currently an unused piece of land even though it is expected will soon be utilized due to the high population growth rate. The owner of the vacant land has already had a development plan; however, the owner development plan may not necessarily be the best development alternative if it is not simultaneously reviewed in terms of legal, physical, and financial aspects. The vacant land under analysis in Wonorejo, Rungkut, Surabaya has an area of ±25,350 m^2, located on a collector street, and is near mangrove ecotourism, residential complexes, horse racing track, university, MERR (Middle East Ring Road), and the coastal area. Also, near the vacant land, there is an infrastructure development plan, OERR (Outer East Ring Road), that is estimated will impact income levels, improves travel quality, increases financial activities, acts as a catalyst for demographic changes, and alters social behaviors. Driven by financial activities, the areas surrounding the developed zones will encounter increased land values due to improved accessibility, possibly making investment opportunities.
Utilizing the highest and best use strategy, the alternative land use options obtained from market analysis is Landed Housing, Apartment, and Mix-Use building consist of 80% residential area and 20% commercial area. From the analysis conducted, it was found that all of the alternatives meet the legal, physical, and financial aspects. The landed housing alternative have the value of NPV Rp74,817,759,618 with the productivity of -27.77%, the apartment alternative has the value of NPV Rp481,184,743,851 with the productivity of 200.65%, and the mix-use building NPV value is Rp477,749,645,400 with the productivity of 264.58%, making the mix-use building alternative provides the highest and best land value.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Highest Best Use Analysis, Investment, Land Development, Vacant Land, Investasi, Pengembangan Lahan, Lahan Kosong
Subjects:	H Social Sciences > HG Finance > HG4529 Investment analysis H Social Sciences > HT Communities. Classes. Races > HT133 City and Towns. Land use,urban T Technology > TA Engineering (General). Civil engineering (General) T Technology > TH Building construction > TH438 Construction industry--Management. Project management.
Divisions:	Faculty of Civil Engineering and Planning > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Medina Ramadhani Sumirat
Date Deposited:	02 Aug 2024 06:36
Last Modified:	02 Aug 2024 06:36
URI:	http://repository.its.ac.id/id/eprint/110502

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