PROJECT PRIORITIZATION OF PROPERTY DEVELOPMENT PLAN CHANGES: A MULTI-CRITERIA DECISION-MAKING APPROACH WITH AHP METHODS (CASE STUDY: CIPUTRA WORLD 3 JAKARTA)

• Main Author: Fatur Rachim, Yogi
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/86726
• Institution: Institut Teknologi Bandung

This final project investigates the project prioritization of property development plan changes using a multi-criteria decision-making (MCDM) approach, specifically focusing on the Analytic Hierarchy Process (AHP) method. The case study is centered around Ciputra World 3 Jakarta, a project by PT Ciputra Balai Property, a subsidiary of PT Ciputra Development Tbk, one of Indonesia's leading property companies. The study is motivated by the significant changes in the property market post the COVID-19 pandemic, which have led to a reevaluation of the viability of office spaces, particularly in Jakarta's Central Business District (CBD). The research aims to determine the most suitable alternative for the Ciputra World 3 project by evaluating various development options, including continuing with the office tower as initially planned, or pivoting to other alternatives such as an apartment tower, data center, or hospital. To achieve this, the study identifies key criteria influencing project selection, derived from interviews with key decision-makers and experts within the company. These criteria are categorized into financial and non-financial aspects, with two selected main criteria in a non-financial aspect such as site analysis and market attractiveness. AHP method is used to systematically evaluate and prioritize these criteria against the project alternatives. The findings indicate that the hospital project emerges as the most favorable alternative, offering the highest potential in both market attractiveness and financial returns, with the data center and apartment projects also identified as viable options. The study concludes with strategic recommendations for Ciputra Balai Property to prioritize the hospital project while considering a phased development approach for the other alternatives, ensuring flexibility and adaptability in response to market conditions.