Evaluasi Skema Build-Lease Melalui Integrasi Business Model Canvas Dan Cash Conversion Cycle: Studi Kasus Proyek Pembangunan Tower Komersial

Hanriyanto, Hanriyanto (2026) Evaluasi Skema Build-Lease Melalui Integrasi Business Model Canvas Dan Cash Conversion Cycle: Studi Kasus Proyek Pembangunan Tower Komersial. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Skema Build-Lease merupakan alternatif pembiayaan proyek konstruksi yang semakin relevan diterapkan pada pengembangan gedung perkantoran di Indonesia. Namun demikian, kajian yang membahas efektivitas skema ini secara komprehensif masih terbatas, khususnya yang mengintegrasikan perspektif model bisnis dan efisiensi arus kas operasional. Penelitian ini bertujuan untuk mengevaluasi penerapan skema Build-Lease pada proyek BSI Tower PT PP (Persero) Tbk melalui integrasi Business Model Canvas (BMC) dan Construction Cash Conversion Cycle (C-CCC) sebagai pendekatan analisis strategis dan finansial. Metode penelitian menggunakan pendekatan mixed method berbasis studi kasus, yang mencakup lima tahapan utama, aitu: (1) analisis bibliometrik terhadap 107 publikasi Scopus periode 2017–2025 menggunakan perangkat lunak VOSviewer; (2) studi kasus proyek BSI Tower; (3) pemetaan sembilan blok Business Model Canvas (BMC); (4) simulasi arus kas dan perhitungan Net Present Value (NPV) selama periode operasional 30 tahun; serta (5) analisis Construction Cash Conversion Cycle (C-CCC) yang divalidasi melalui expert judgment dari praktisi industri konstruksi dan keuangan. Hasil analisis ibliometrik menunjukkan empat klaster utama penelitian, yaitu financial performance and business model innovation, public–private partnership and investment, project and risk management, serta digital construction and BIM integration. Temuan ini mengindikasikan adanya kesenjangan penelitian terkait integrasi BMC dan efisiensi arus kas pada proyek gedung komersial berbasis Build-Lease. Hasil studi kasus menunjukkan bahwa proyek BSI Tower memiliki arus kas operasional yang stabil dan meningkat secara bertahap, didukung oleh keberadaan Bank Syariah Indonesia sebagai anchor tenant. Berdasarkan simulasi arus kas dengan asumsi konservatif (tingkat diskonto 10% dan OPEX 45%), serta CAPEX yang dibatasi pada biaya pembangunan gedung, proyek menghasilkan nilai NPV positif, yang menegaskan bahwa investasi bangunan dalam skema Build-Lease layak secara finansial. Selain itu, nilai C-CCC sebesar 6,6 hari mencerminkan tingkat efisiensi modal kerja yang sangat tinggi. Setelah periode analisis 30 tahun, proyek masih memiliki keuntungan ekonomi lanjutan berupa keberlanjutan pendapatan sewa, potensi perpanjangan kontrak, dan nilai residu aset gedung. Penelitian ini menyimpulkan bahwa integrasi Business Model Canvas (BMC) dan Construction Cash Conversion Cycle (C-CCC) merupakan kerangka evaluasi yang relevan, aplikatif, dan komprehensif untuk menilai keberlanjutan finansial dan strategis proyek konstruksi berbasis Build-Lease, khususnya pada pengembangan gedung perkantoran di Indonesia.
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The Build–Lease scheme has emerged as an increasingly relevant financing alternative for office building development projects in Indonesia. However, comprehensive studies that evaluate the effectiveness of this scheme remain limited, particularly those integrating business model perspectives with operational cash flow efficiency. This study aims to evaluate the implementation of the Build–Lease scheme in the BSI Tower project of PT PP (Persero) Tbk through the integration of the Business Model Canvas (BMC) and the Construction Cash Conversion Cycle (C-CCC) as strategic and financial analysis frameworks. This research adopts a mixed-method case study approach, consisting of five main stages: (1) bibliometric analysis of 107 Scopus- indexed publications (2017–2025) using VOSviewer; (2) an in-depth case study of the BSI Tower project; (3) mapping of the nine building blocks of the Business Model Canvas (BMC); (4) long-term cash flow simulation and Net Present Value (NPV) analysis over a 30-year operational period; and (5) analysis of the Construction Cash Conversion Cycle (C-CCC) validated through expert judgment from construction and financial industry practitioners. The bibliometric analysis identifies four dominant research clusters: financial performance and business model innovation, public– private partnership and investment, project and risk management, and digital construction and BIM integration. These findings indicate a clear research gap related to the integration of business model frameworks and cash flow efficiency in Build– Lease-based commercial building projects. The case study results demonstrate that the BSI Tower project generates stable and gradually increasing operational cash flows, supported by the presence of Bank Syariah Indonesia as an anchor tenant. Based on conservative financial assumptions (a 10% discount rate and 45% operating expenditure ratio), and with CAPEX limited to building construction costs, the project produces a positive NPV, confirming that the building investment under the Build– Lease scheme is financially viable. Furthermore, the C-CCC value of 6.6 days reflects a very high level of working capital efficiency. Beyond the 30-year analysis horizon, the project continues to offer additional economic benefits, including sustained rental income, potential lease extensions, and residual asset value. This study concludes that the integration of the Business Model Canvas (BMC) and the Construction Cash Conversion Cycle (C-CCC) provides a relevant, practical, and comprehensive evaluation framework for assessing the strategic and financial sustainability of Build– Lease construction projects, particularly for office building developments in Indonesia.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Build-Lease, Business Model Canvas, Cash Conversion Cycle, BSI Tower, PT PP (Persero) Tbk Build-Lease, Business Model Canvas, Cash Conversion Cycle, BSI Tower, PT PP (Persero) Tbk
Subjects:	T Technology > TH Building construction > TH437 Building--Cost control. T Technology > TH Building construction > TH438 Construction industry--Management. Project management. T Technology > TH Building construction > TH438.13 Building information modeling.
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Hanriyanto Hanriyanto
Date Deposited:	26 Jan 2026 05:07
Last Modified:	27 Jan 2026 00:52
URI:	http://repository.its.ac.id/id/eprint/129721

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