Optimization of Income Property Base on Transit Oriented Development Using Hedonic Price Modelling
Gunawan, Mohammed Ali Berawi , Jufriady Tanjung , Ghefra Rizkan Gaffara
Civil Engineering Department, Faculty of Engineering, Universitas Indonesia, Depok 16424, Indonesia
Abstract
The application of transit oriented development (TOD) was felt to be relevant to support the Light rail transit (LRT) Jabodebek. The increase in property value in the area around the LRT line is significant to note in order to find out the potential revenue from the TOD project. This study aims to estimate property income (housing, commercial, office) in the development of TOD-based areas. Interview method used to get the variable characteristics of hedonic price modeling (HPM) suitability of TOD that will be used as benchmarks. The coefficient of increase in the value of the HPM of benchmarking, which has conformance characteristics with TOD Jabodebek will be used to calculate the magnitude of the increased value of the property. Based on the calculation, it was obtained that property income due to the influence of the hedonic coefficient increased by 161 billion rupiah with an internal rate of return (IRR) 11.7% on Ciracas TOD, Bekasi Timur TOD 74 billion rupiah with IRR 11.01%, TOD Cibubur 124 billion rupiah with IRR 19.51% and TOD Jaticempaka IDR 107 billion with IRR 12.01%
Keywords: Property, Transit Oriented Development, Hedonic Price Modeling
Topic: Civil Engineering