IMPROVING THE FINANCIAL FEASIBILITY OF KUALATANJUNG â PARAPAT TOLL ROAD INVESTMENT PT. HUTAMA MARGA WASKITA
Infrastructure is a major requirement in the economic development of a country. The availability of adequate infrastructure will have an impact on the acceleration of a country's development, both in terms of economic and social aspects. The need for infrastructure, especially toll roads, r...
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| Format: | Theses |
| Language: | Indonesia |
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| Online Access: | https://digilib.itb.ac.id/gdl/view/63983 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | Infrastructure is a major requirement in the economic development of a country.
The availability of adequate infrastructure will have an impact on the acceleration
of a country's development, both in terms of economic and social aspects. The
need for infrastructure, especially toll roads, requires a very large budget. On the
other hand, the government’s financial capacity to meet the needs of infrastructure
investment is very limited. Therefore, the Government set up the Cooperation
with Business Entity, Public Private Partnership (PPP) scheme. As one of the
strategies to succeed the government’s assignment to build the Trans Sumatra Toll
Road, PT. Hutama Marga Waskita was given a mandate to build and manage the
toll road in the Kuala Tanjung – Parapat section. Therefore, it is necessary to
conduct a feasibility study first as a basis for policy considerations in making a
Toll Road Concession Agreement.
From the results of our study at PT Hutama Marga Waskita, and based on the data
obtained, the Kuala Tanjung - Parapat toll road section is not financially feasible
with an IRR value of 9.77% < Discount 10.54%. Based on the results of this
study, the research analyzes efforts to increase investment returns, namely by
using 2 alternatives. First, with fiscal financial support from the government
through the Viability Gap Fund (VGF) scheme, it obtained an IRR value of
13.85%. The second alternative is the presence of the Satellite City Area, the IRR
value is 14,10% > Discount 10.54%. In the implementation of development, of
course, there will be various risks, including the risk of land acquisition and the
swelling of construction costs. Therefore, risk management is needed to reduce
and minimize the risks that may occur. From the results of these calculations, it
can be concluded that the investment of the Kuala Tanjung - Parapat toll road with
the support of a satellite city will increase traffic generation, where this has an
impact on increasing the Return on Investment of the Kuala Tanjung - Parapat toll
road.
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