FINANCIAL FEASIBILITY ANALYSIS OF BOARDING HOUSING PROJECT INVESTMENT IN BANDA ACEH (CASE STUDY: PT. TRIPUTRA MALAKA PROPERTI)

PT Triputra Malaka Properti is start-up company in property development. The company has planned a new property project in Banda Aceh. This project is based on the business model implemented by Melia Hotels or Condotel. In developing the hotel projects, Melia Hotel sells each hotel room to Investors as the initial capital of development from the project. The rooms built will be owned by investors and managed by the company. The investors will gain profit from hotel management. Looking at this business model, PT. Triputra Malaka Properti wants to make modifications to the business model on a smaller scale. The company plans to build boarding houses and sell them to investors, then the rooms will be managed by the company's management.As start-up the company has limited capital and just has Rp500,000,000 for this project. In this research, the market survey is conducted by using questionnaires to determine the student customer preference regarding boarding houses. All data is used to make financial projections in Discounted Cash Flow (DCF). This method is used to find out the results of financial projections in the present value. The financial feasibility criteria of this project are Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). Based on the calculation of the Budget Plan and financial modeling, the value of the project is Rp.1,760,660,000. Based on the results of financial modeling, explain that this project is financially feasible, where the project has a NPV value greater than 0 or positive in the amount of Rp.348,313,340. Internal Rate of Return is greater than the Weighted Average Cost of Capital with a rate of 37.7%, and a payback period of 2.2 years, or less than 3 years. Keywords:Boarding Housing, Property Investment, Feasibility Study