ANALISA INVESTASI DALAM PENGAMBILAN KEPUTUSAN INVESTASI PADA PENGEMBANGAN LAPANGAN GOLF DAN PERUMAHAN CITRARAYA

Authors

  • Njo Anastasia Faculty of Economics, Petra Christian University
  • Sutoto Yakobus Alumni Pascasarjana Manajemen Konstruksi , Universitas Kristen Petra
  • Connie Susilawati Pengajar Pascasarjana Manajemen Konstruksi, Universitas Kristen Petra

:

https://doi.org/10.9744/jmk.3.1.pp.%2014-33

Keywords:

investment, risk, 9-hole golf course, lot golf, residential, return.

Abstract

Investment in the real estate sector has a great risk, therefore a developer needs to do investment analysis before making a decision. The decision is made by considering the returns from two investment alternatives. The first alternative examined is a 9-hole golf course and housing in proximity to the golf. The second alternative is residential property. Given the above conditions, the purpose of this research is to help the developer to make the proper investment decision, based on which alternative has the higher return. Two data collection methods are used in this research, including interviews and a survey which was done by distributing questionnaires to develop a profile of golfers and purchasers as well as potential residential purchasers. Forecasting analysis using the Holt-Winters model was used for forecasting the number of golfers. The Box-Jenkins model was utilized to forecast residential sales. The forecasting results were used for cash flow analysis. The results show that the first alternative produces a higher IRR (25,16%) per year and NPV of Rp.25.056.800.000 , relative to the the second alternative with an IRR of 16,72% per year and NPV of Rp.4.794.945.000. Thus, the first alternative, a 9-hole golf course and housing in proximity to the golf, was selected. Abstract in Bahasa Indonesia : Investasi di bidang real estat mengandung risiko besar, sehingga pengembang perlu melakukan analisa investasi sebelum mengambil keputusan. Pengambilan keputusan adalah dengan mempertimbangkan tingkat pengembalian dua alternatif investasi. Alternatif pertama adalah properti 9-hole lapangan golf dan perumahan dalam bentuk kavling golf. Alternatif kedua adalah properti perumahan saja. Dengan kondisi di atas, maka tujuan dari penelitian ini adalah membantu pengembang untuk memutuskan menginvestasikan dananya di alternatif pertama jika tingkat pengembalian investasinya lebih tinggi dibanding alternatif kedua. Metode penelitian yang digunakan adalah wawancara dan menyebarkan kuesioner untuk menganalisa deskripsi pemain golf dan pembeli serta calon pembeli rumah. Kemudian melakukan analisa peramalan dengan model Holt-Winters untuk meramalkan jumlah pemain golf dan model Box-Jenkins untuk meramalkan penjualan rumah. Dengan analisa permalan tersebut maka dilakukan analisa arus kas. Setelah melakukan analisa-analisa diatas, maka hasil penelitian menunjukkan alternatif pertama memiliki IRR 25,16% per tahun dan NPV Rp.25.056.800.000 lebih besar dari alternatif kedua yang IRR-nya 16,72% per tahun dan NPV Rp.4.794.945.000. Jadi keputusan investasi adalah pada alternatif pertama yaitu properti, 9-hole lapangan golf dan perumahan dalam bentuk kavling golf. Kata kunci: investasi, risiko, 9-hole lapangan golf, kavling golf, perumahan, tingkat pengembalian.

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Published

2004-06-04

How to Cite

Anastasia, N., Yakobus, S., & Susilawati, C. (2004). ANALISA INVESTASI DALAM PENGAMBILAN KEPUTUSAN INVESTASI PADA PENGEMBANGAN LAPANGAN GOLF DAN PERUMAHAN CITRARAYA . Jurnal Manajemen Dan Kewirausahaan, 3(1), pp. 14-33. https://doi.org/10.9744/jmk.3.1.pp. 14-33

Issue

Vol. 3 No. 1 (2001): MARCH 2001

Section

Articles

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