Analysis Highest and Best Use of a Land on Penjaringan Asri XII Street Surabaya City

Harahap, Ihsan Raihan (2024) Analysis Highest and Best Use of a Land on Penjaringan Asri XII Street Surabaya City. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Surabaya's economic growth in 2022 is estimated to reach 6.51%, reflecting solid market capabilities. However, this significant economic growth is accompanied by an increase in the population, reaching 0.45% during the same period. Additionally, the population density in Surabaya in 2022 also experienced a significant increase, reaching 8,633 people per square kilometer. The phenomenon of high and increasing population density directly affects the demand for vacant land in the city. Therefore, optimizing the utilization of vacant land becomes an urgent need, considering the limited availability of land. A vacant land is located on Penjaringan Asri XII Street, Surabaya, which has not been fully utilized. The location of this land is strategic as it is close to residential areas and can be reached within approximately 10 minutes by car to the SIER industrial area. The landowner plans to develop housing on it. However, there is a possibility that other types of properties may yield greater profits. Therefore, a thorough analysis is required to determine the most suitable type of property to be developed on this land.
Highest and Best Use (HBU) analysis is an analysis that could assess most probable and optimal use of an asset, which is, legally permitted, physically possible, financially feasible, and generates the highest value from that asset. In the legal analysis, the maximum capacity is determined based on zoning and building codes. The physical analysis includes evaluating the land conditions, such as area, land shape, utilities, and accessibility, and determining the initial design for each alternative. The financial analysis involves calculating investment costs, property revenue, property expenses, and Net Present Value (NPV). The maximum productivity analysis aims to determine the type of property that generates the highest land value.
Based on the HBU analysis of the apartment, 3-star hotel, and landed housing alternatives, it is found that all alternatives meet the legal, physical, and financial aspects. However, for maximum productivity, the alternative that generates the best and highest land value increase is the 3-star hotel. The increase in land value for this alternative is Rp14,939,635/m², with a land productivity value of 281.71%.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Highest and Best Use, Investment, Land Productivity, Land Value
Subjects:	T Technology > TA Engineering (General). Civil engineering (General) T Technology > TH Building construction > TH438 Construction industry--Management. Project management.
Divisions:	Faculty of Civil, Planning, and Geo Engineering (CIVPLAN) > Civil Engineering > 22201-(S1) Undergraduate Thesis
Depositing User:	Ihsan Raihan Harahap
Date Deposited:	02 Aug 2024 06:42
Last Modified:	02 Aug 2024 06:42
URI:	http://repository.its.ac.id/id/eprint/110192

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