Civil Engineering and Architecture Vol. 8(2), pp. 136 - 143
DOI: 10.13189/cea.2020.080211
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Optimizing Property Income in Transit Oriented Development: A Case Study of Jakarta TOD

Gunawan , Mohammed Ali Berawi ^*, Mustika Sari
Department of Civil Engineering, Faculty of Engineering, University of Indonesia, Indonesia

ABSTRACT

Transit-oriented development (TOD) can make a significant contribution to the development of Jabodebek Light Rail Transit (LRT) in Indonesia. The increase of property value affected by the existence of LRT station can be considered as one of the potential revenues for TOD projects. This study aims to estimate property income for housing, commercial, and office in the TOD-based areas. Interview is used to obtain the variable characteristics for the hedonic price modeling (HPM) suitability from the benchmark TOD areas with the case study TOD areas at the Jabodebek LRT line. The HPM coefficient of the value increase from the benchmark that has conformance characteristics with the case study will be used to calculate the magnitude of the increase of property value. It is found that due to the influence of the hedonic coefficient, the property income of Ciracas TOD is 414.5 billion rupiah with an internal rate of return (IRR) of 11.7%, the property income of Bekasi Timur TOD is 84 billion rupiah with IRR of 11.01%, the property income of Cibubur TOD is 152.97 billion rupiah with IRR of 19.51 %, and the property income of Jaticempaka TOD is 330.36 billion with IRR of 12.01%.

KEYWORDS
Transit Oriented Development, Hedonic Price Modeling, Light Rail Transit

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Gunawan , Mohammed Ali Berawi , Mustika Sari , "Optimizing Property Income in Transit Oriented Development: A Case Study of Jakarta TOD," Civil Engineering and Architecture, Vol. 8, No. 2, pp. 136 - 143, 2020. DOI: 10.13189/cea.2020.080211.

(b). APA Format:
Gunawan , Mohammed Ali Berawi , Mustika Sari (2020). Optimizing Property Income in Transit Oriented Development: A Case Study of Jakarta TOD. Civil Engineering and Architecture, 8(2), 136 - 143. DOI: 10.13189/cea.2020.080211.