Analisis Nilai Pasar Properti Komersial Zalfa Hills Di Desa Ngadireso, Kecamatan Poncokusumo, Kabupaten Malang

Zain, Muhammad Ashif Barqia (2026) Analisis Nilai Pasar Properti Komersial Zalfa Hills Di Desa Ngadireso, Kecamatan Poncokusumo, Kabupaten Malang. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Zalfa Hills merupakan kawasan agrowisata dan resor yang berlokasi di Kecamatan Poncokusumo, Kabupaten Malang, yang memiliki potensi ekonomi dari kegiatan pariwisata dan penyediaan akomodasi. Seiring dengan perkembangan sektor pariwisata, diperlukan estimasi nilai pasar properti yang akurat sebagai dasar pengambilan keputusan terkait pengelolaan, pengembangan, dan penjaminan aset kawasan tersebut. Penelitian ini bertujuan untuk mengestimasi nilai pasar kawasan Zalfa Hills melalui penerapan dua pendekatan penilaian properti, yaitu pendekatan pendapatan, dan pendekatan biaya. Metode penelitian yang digunakan adalah metode kuantitatif dengan pendekatan penilaian properti. Data penelitian terdiri atas data primer dan data sekunder. Data primer diperoleh melalui observasi langsung di lokasi penelitian serta wawancara dengan pengelola dan narasumber terkait, sedangkan data sekunder diperoleh dari laporan keuangan, data pasar properti sejenis, serta literatur pendukung. Pendekatan pendapatan diterapkan dengan menganalisis potensi arus kas yang dihasilkan dari operasional kawasan wisata menggunakan metode kapitalisasi pendapatan. Sementara itu, pendekatan biaya digunakan untuk menghitung nilai properti berdasarkan biaya pembangunan ulang baru yang telah disesuaikan dengan penyusutan fisik, fungsional, dan ekonomi. Hasil penelitian menunjukkan bahwa nilai pasar Zalfa Hills berdasarkan pendekatan pendapatan dengan metode kapitalisasi langsung sebesar Rp13.402.000.000. Melalui pendekatan biaya, diperoleh nilai pasar tanah sebesar Rp1.770.885.652 dan nilai bangunan setelah depresiasi sebesar Rp1.480.203.604. Hasil rekonsiliasi nilai dengan bobot pendekatan pendapatan 55% dan pendekatan biaya 45% masing-masing senilai Rp7.371.100.000 dan Rp1.462.990.165. Indikasi nilai pasar hasil rekonsiliasi sebesar Rp8.834.090.165 yang dibulatkan menjadi Rp8.850.000.000. Dan nilai likuidasi bank tertinggi sebesar 80% senilai Rp7.080.000.000.
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Zalfa Hills is an agrotourism and resort area located in Poncokusumo District, Malang Regency, which has significant economic potential derived from tourism activities and accommodation services. Along with the development of the tourism sector, an accurate estimation of the property’s market value is required as a basis for decision-making related to asset management, development planning, and asset collateralization. This study aims to estimate the market value of the Zalfa Hills area by applying two property valuation approaches, namely the income approach, and cost approach. The research employs a quantitative method using a property valuation framework. The data used in this study consist of primary and secondary data. Primary data are obtained through direct observation at the research location and interviews with the property management and relevant sources, while secondary data are collected from financial reports, comparable property market data, and supporting literature. The income approach is applied by evaluating the potential cash flow generated from the operation of the tourism area using the income capitalization method. Meanwhile, the cost approach is used to estimate the property value based on the reproduction cost new, adjusted for physical, functional, and economic depreciation. The results showed that the market value of Zalfa Hills based on the Income Approach using the direct capitalization method was Rp13,402,000,000. Using the Cost Approach, the land value was estimated at Rp1,770,885,652 and the depreciated building value at Rp1,480,203,604. The reconciliation process, applying weights of 55% to the Income Approach and 45% to the Cost Approach, resulted in weighted values of Rp7,371,100,000 and Rp1,462,990,165, respectively. The reconciled indication of market value was Rp8,834,090,165, which was rounded to Rp8,850,000,000. Based on the highest bank liquidation rate of 80%, the estimated liquidation value was Rp7,080,000,000.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Zalfa Hills, nilai pasar, pendekatan pendapatan, pendekatan biaya, penilaian properti, Zalfa Hills, market value, income approach, cost approach, property valuation
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Divisions:	Faculty of Civil Engineering and Planning > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Muhammad Ashif Barqia Zain
Date Deposited:	28 Jul 2026 08:18
Last Modified:	28 Jul 2026 08:18
URI:	http://repository.its.ac.id/id/eprint/138840

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