THE IMPACT OF JAKARTA-BANDUNG HIGH SPEED RAILWAY TEGALLUAR MEGAPROJECT ON LAND PRICE CHANGES USING HEDONIC PRICING MODEL METHOD

• Main Author: Maulidina Putri, Iffaty
• Format: Theses
• Language: Indonesia
• Subjects: Ekonomi tanah & energi
• Online Access: https://digilib.itb.ac.id/gdl/view/57016
• Institution: Institut Teknologi Bandung

Megaproject has become a development approach in several countries, also Indonesia. Megaproject is project that cost around $1 billion or 14 trillion rupiah and even more with various complexities and interactions of many actors in it. One of the megaprojects in Indonesia is the construction Jakarta-Bandung High Speed Railway equipped with Transit Oriented Development (TOD) which is cost of around 66,755 trillion rupiah, one of which is in Tegalluar. It is suspected the construction of high-speed railway and TOD can increase accessibility, increase investment, and affect land prices. However, it is not yet clear what changes in land prices are due to the construction of the Jakarta-Bandung high speed railway Tegalluar megaproject. This study explain the impact of the Jakarta-Bandung high-speed railway Tegalluar megaproject on changes in market land prices in Tegalluar TOD development, located on Cibiru Hilir Village, Cimekar Village, Cileunyi Kulon Village, Cileunyi Wetan Village and Tegalsumedang Village, with the variables distance to the station, distance to CBD, road class, land function, land certificate, and land ownership, which were modeled with hedonic pricing using multiple linear regression analysis techniques. The results show that there are changes in land ownership, a very drastic increase in land prices based on NJOP up to 415% and market prices up to 2,300%. Based on the modelling, the first modeling shows that the factors that influence market land prices after Jakarta-Bandung high-speed railway Tegalluar megaproject development plan, are the distance to the station, the distance to the CBD, land function and land ownership. While the second model on the proportion of land market price changes, shows that the factors that influence the proportion of changes in land market prices are the the distance to the station, the distance to the CBD, and land certificate.