Analisis Sensitivitas Investasi Proyek Revitalisasi Pasar Cheng Hoo Pandaan

Khoiriyah, Sabilatul (2026) Analisis Sensitivitas Investasi Proyek Revitalisasi Pasar Cheng Hoo Pandaan. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Revitalisasi pasar merupakan upaya strategis untuk meningkatkan fungsi ekonomi, kenyamanan, serta daya saing pasar agar mampu beradaptasi dengan perkembangan kebutuhan masyarakat dan dinamika perekonomian. Pasar Cheng Hoo Pandaan memiliki potensi sebagai pusat aktivitas perdagangan sekaligus kawasan pendukung kegiatan wisata, sehingga rencana revitalisasi perlu didukung oleh analisis investasi untuk menilai kinerja finansial proyek secara komprehensif. Penelitian ini menggunakan pendekatan kuantitatif berbasis penganggaran modal dengan menyusun arus kas proyek selama periode analisis 20 tahun pada tingkat diskonto sebesar 4,29%. Komponen arus kas terdiri dari biaya awal (konstruksi, lahan, dan pembongkaran), biaya operasional dan pemeliharaan, serta pendapatan yang bersumber dari sewa kios dan retribusi. Penelitian ini juga dilengkapi dengan analisis sensitivitas untuk melihat pengaruh perubahan variabel utama terhadap performa keuangan proyek. Hasil penelitian menunjukkan bahwa performa keuangan awal proyek berada dalam kondisi defisit dengan nilai Net Present Value (NPV) sebesar -Rp43.141.664.270,61, nilai Internal Rate of Return (IRR) yang tidak dapat didefinisikan, serta Payback Period yang tidak tercapai hingga akhir tahun ke-20. Hasil analisis sensitivitas menunjukkan bahwa skema komersial tanpa dukungan pendanaan pemerintah masih sangat terbatas, di mana penurunan biaya konstruksi hingga 0% tetap tidak mampu menghasilkan kondisi impas, sedangkan harga sewa kios perlu meningkat sekitar 4,26 kali, yaitu dari Rp325.000/m²/tahun menjadi Rp1.386.575/m²/tahun, agar proyek mencapai titik impas (NPV = 0). Sebagai alternatif, dukungan pendanaan pemerintah daerah dapat diterapkan untuk memperbaiki kondisi finansial proyek, baik melalui dukungan terhadap biaya investasi awal (Capital Expenditure/CAPEX) sebesar 79,77% maupun melalui kombinasi dukungan terhadap biaya investasi awal dan biaya operasional sebesar 72,37%, dengan skenario kombinasi menunjukkan kebutuhan dukungan pendanaan yang lebih rendah untuk mencapai kondisi impas.
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Market revitalization is a strategic effort to enhance economic functions, comfort, and market competitiveness to adapt to evolving public needs and economic dynamics. Cheng Hoo Pandaan Market has the potential to serve as a trading hub as well as a supporting area for tourism activities; thus, the revitalization plan needs to be supported by a financial analysis to comprehensively assess project performance. This study utilizes a quantitative approach based on capital budgeting by developing project cash flows over a 20-year analysis period at a discount rate of 4,29%. The cash flow components consist of initial costs (construction, land, and demolition), operational and maintenance expenses, as well as revenue generated from kiosk rentals and retribution fees. This study is also supplemented by a sensitivity analysis to examine the impact of changes in key variables on the project's financial performance. The results indicate that the project's initial financial performance is in a deficit condition, as reflected by a negative Net Present Value (NPV) of IDR 43,141,664,270.61, an undefined Internal Rate of Return (IRR), and a Payback Period that cannot be achieved within the 20-year analysis period. Furthermore, the sensitivity analysis demonstrates that a conventional commercial scheme without government funding support is insufficient to achieve financial break-even. Reducing construction costs to 0% still fails to bring the project to the break-even point, while the kiosk rental price must increase by approximately 4.26 times, from IDR 325,000/m²/year to IDR 1,386,575/m²/year, for the project to achieve a break-even condition (NPV = 0). As an alternative, local government funding support can be implemented to improve the project's financial performance, either through funding support for the initial investment cost (Capital Expenditure/CAPEX) of 79.77% or through a combination of funding support for the initial investment cost and operational expenditure of 72.37%, with the combined scheme requiring a lower level of funding support to achieve the break-even point.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Analisis Sensitivitas, Pasar Wisata, Penganggaran Modal, Revitalisasi Pasar, Capital Budgeting, Market Revitalization, Net Present Value (NPV), Sensitivity Analysis, Tourism Market
Subjects:	T Technology > TA Engineering (General). Civil engineering (General) T Technology > TH Building construction > TH437 Building--Cost control.
Divisions:	Faculty of Civil, Planning, and Geo Engineering (CIVPLAN) > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Sabilatul Khoiriyah
Date Deposited:	30 Jul 2026 01:12
Last Modified:	03 Aug 2026 06:55
URI:	http://repository.its.ac.id/id/eprint/139025

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