Analisis Investasi Pada Proyek Pembangunan Properti Residensial Perumahan : Apolline Residence

Cathabell, Vannya Cleosa Dea (2026) Analisis Investasi Pada Proyek Pembangunan Properti Residensial Perumahan : Apolline Residence. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Keterbatasan lahan serta meningkatnya harga properti di kawasan metropolitan, yang disertai dengan pelemahan daya beli masyarakat akibat kondisi ekonomi, mendorong pengembangan perumahan di kawasan suburban sebagai alternatif penyediaan hunian yang lebih terjangkau. Kondisi tersebut menuntut adanya perencanaan investasi yang komprehensif untuk memastikan penerimaan finansial proyek sekaligus mengidentifikasi batas toleransi terhadap berbagai perubahan yang berpotensi terjadi selama pelaksanaan investasi. Penelitian ini bertujuan menganalisis investasi untuk menentukan batas penerimaan investasi pada proyek pembangunan properti residensial Perumahan Apolline Residence di Kabupaten Gresik. Metode yang digunakan meliputi penyusunan variabel investasi, analisis arus kas, analisis capital budgeting menggunakan indikator Net Present Value (NPV), Internal Rate of Return (IRR), dan Payback Period (PP), serta analisis sensitivitas terhadap perubahan biaya investasi awal, biaya lahan, harga jual unit rumah, suku bunga pinjaman, dan biaya operasional. Hasil penelitian menunjukkan bahwa total kebutuhan investasi proyek sebesar Rp47.753.824.592,35 dengan nilai Minimum Attractive Rate of Return (MARR) sebesar 7,86%. Berdasarkan analisis capital budgeting, proyek dinyatakan menguntungkan secara finansial dengan nilai NPV sebesar Rp4.478.074.917, IRR sebesar 29,63%, dan Payback Period selama 6 tahun. Analisis sensitivitas menunjukkan bahwa proyek masih menguntungkan apabila terjadi kenaikan biaya investasi awal hingga 9,99% senilai Rp52.524.431.669, kenaikan biaya lahan hingga 15,66% senilai Rp31.316.086.098, serta penurunan harga jual unit rumah hingga -8,43% senilai Rp62.156.454.551, dengan harga jual unit rumah merupakan variabel yang paling sensitif terhadap penerimaan investasi. Pengembang disarankan untuk memprioritaskan strategi penetapan harga jual dan pemasaran, mempertimbangkan berbagai alternatif struktur pembiayaan, serta mengembangkan analisis sensitivitas terhadap variabel ekonomi lainnya guna meningkatkan ketahanan investasi terhadap perubahan kondisi pasar.
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Limited land availability and increasing property prices in metropolitan areas, coupled with declining purchasing power due to economic conditions, have encouraged the development of residential housing in suburban areas as a more affordable housing alternative. These conditions require comprehensive investment planning to ensure the financial feasibility of the project while identifying the acceptable limits of potential changes that may occur throughout the investment period. This study aims to evaluate the investment feasibility and determine the investment acceptance limits of the Apolline Residence residential housing development project in Gresik Regency. The research methodology includes the identification of investment variables, cash flow analysis, capital budgeting analysis using the Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) methods, as well as sensitivity analysis on changes in initial investment cost, land acquisition cost, residential unit selling price, loan interest rate, and operating cost. The results indicate that the total investment required for the project is IDR 47,753,824,592, with a Minimum Attractive Rate of Return (MARR) of 7.86%. Based on the capital budgeting analysis, the project is financially feasible, yielding a Net Present Value (NPV) of Rp4,478,074,917, an Internal Rate of Return (IRR) of 29.63%, and a Payback Period (PP) of 6 years. The sensitivity analysis indicates that the project remains financially feasible under an increase in the initial investment cost of up to 9.99% equivalent to Rp52,524,431,669, an increase in land acquisition cost of up to 15.66% equivalent to Rp31,316,086,098, and a decrease in the residential unit selling price of up to 8.43% equivalent to Rp62,156,454,551. Among these variables, the residential unit selling price is identified as the most sensitive factor affecting investment feasibility. Therefore, developers are recommended to prioritize pricing and marketing strategies, consider alternative financing structures, and extend sensitivity analyses to include additional economic variables in order to enhance the project's resilience to changing market conditions.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Investasi Properti, Hunian, Perumahan, Capital Budgeting, Arus Kas, Analisis Sensitivitas, Property Investment, Housing, Residential Development, Capital Budgeting, Cash Flow, Sensitivity Analysis
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Divisions:	Faculty of Civil, Planning, and Geo Engineering (CIVPLAN) > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Vannya Cleosa Dea Cathabell
Date Deposited:	28 Jul 2026 08:13
Last Modified:	28 Jul 2026 08:13
URI:	http://repository.its.ac.id/id/eprint/138859

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