REJUVENATION OF PT POS INDONESIA IDLE ASSETS INTO HOTEL BUSINESS (CASE STUDY OF CIKUTRA POST OFFICE)

• Main Author: Nurul Fitri, Hasna
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/46526
• Institution: Institut Teknologi Bandung

Improper asset utilization incurs costs for the company such as taxes and maintenance. Managing idle assets is also improving the performance of the company that will be generate profits. PT Pos Indonesia, as a state-owned company, has a lot of assets distributed all across Indonesia. Some of the assets of Pos Indonesia are unproductive now because Pos Indonesia's main business which is mail delivery service has experienced a decline. PT. Pos Indonesia plans to develop the asset on PH.H. Mustofa street no.72, Bandung. The 2,780 sqm of unproductive asset owned by Pos Indonesia has been evaluated using highest and best use analysis methods. The analysis of highest and best use is based on four evaluation criteria such as physical aspects (physically possible), legal aspects (legally permissible), financial aspects (financially feasible) and maximum productivity. The results of the analysis show that the highest and best use of the land is for hotels. The results of the feasibility study also show that the hotel project is feasible based on four criteria such as Net Present Value (NPV), Modified Internal Rate of Return (MIRR), Payback Period (PP), and Profitability Index (PI). The results of calculations show that NPV of the project is received because it has a positive value which is IDR 111,079,961,320. The MIRR of the project is 17.50% which is higher than WACC (10.55%), so the project is accepted. The profitability index is 1.96 which is acceptable because it is greater than 1.0. The project is around 9 years 2 months to return the initial investment, the payback period is still within the project lifetime of 10 years, therefore the project is accepted.