POTENTIAL FOR LAND VALUE CAPTURE IMPLEMENTATION USING HEDONIC PRICING APPROACH (THE CASE OF GEDEBAGE STATION AREA, BANDUNG)

• Main Author: NOVIANTI TUFAIL (NIM : 24213005), DWIANA
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/21828
• Institution: Institut Teknologi Bandung

Transit Oriented Development or TOD in Gedebage, Bandung, West Java, Indonesia, is capital intensive project. Government funding mechanism and farebox from transit development would likely be insufficient to fulfil the entire TOD financing needs. Nonetheless, TOD concept will increase location attractiveness due to good accessibility, both internally and externally. Increased attractiveness would promotes the rise of land value and property within TOD area. This yields potential financing sources for TOD known as, Land Value Capture (LVC). <br /> <br /> This study aimed to identify LVC mechanism potentials to fund TOD in Gedebage; by modelling the factors that affecting property and land value around the future Gedebage Station Area. To answer this question, this study used Hedonic Pricing Model which estimate property value, both internal factors of property and its externalities, such as accessibility. <br /> <br /> The results showed that, the variables that statistically significant in contributing to the increase of property value using NJOP indicator, are "Walking Distance to Pedestrian Way" and "Distance to The CBD (Central Business District)". Whereas, market sale price indicator shows three variables that contribute to the increase of property value; "Floor Size", "Distance to The CBD (Central Business District)" and "Number of Rooms". <br /> <br /> Furthermore, the increase of property value is influenced by neighborhood conditions. Thus, neighborhood design based on TOD concept (walkable and mixed use design) is recommended to increase attractiveness of the future TOD area in Gedebage.