Penilaian hak kepemlilikan secara parsial (partial interest) pada real properti :: Studi pada kerjasama bangun guna serah Pasar Gagan di Kabupaten Boyolali

SARJITO, Sri Yuwono Hari, Dra. Wahyu Hidayati, M.Si

2008 | Tesis | S2 Magister Ekonomika Pembangunan

Hak kepemilikan secara parsial (partial interest) diciptakan oleh adanya kerjasama antara Pemerintah Desa Donohudan dan investor pada pembangunan dan pengelolaan Pasar Gagan. Proporsi nilai bagi Pemerintah Desa Donohudan dan investor dalam kerjasama tersebut belum diketahui. Penelitian ini bertujuan untuk mengestimasi nilai dan proporsi nilai hak kepemilikan secara parsial (partial interest) pada real properti. Pendekatan pendapatan diaplikasikan pada penelitian ini menggunakan metode discounted cash flow. Pada penelitian ini, data yang digunakan terdiri dari data mengenai pengelolaan Pasar Gagan sebelum pengembangan selama lima tahun mulai 2004 sampai dengan 2008 dan data mengenai kerjasama pembangunan dan pengelolaan Pasar Gagan setelah pengembangan. Analisis discounted cash flow dilakukan dengan cara analisis proyeksi pendapatan bersih, penentuan tingkat diskonto dan estimasi nilai. Hasil penelitian menggunakan metode discounted cash flow menunjukkan bahwa nilai bagi Pemerintah Desa Donohudan per Nopember 2008 berkisar antara Rp371.191.481,32 hingga Rp910.332.692,10. Nilai bagi investor berkisar antara Rp2.766.214.083,49 hingga Rp2.819.515.537,72, dan nilai total berkisar antara Rp3.137.405.564,81 hingga Rp3.729.848.229,82. Hasil penelitian juga menunjukkan bahwa proporsi nilai bagi Pemerintah Desa Donohudan berkisar antara 12 persen hingga 24 persen, proporsi nilai bagi investor berkisar antara 76 persen hingga 88 persen. Proporsi nilai bagi Pemerintah Desa Donohudan lebih besar jika dibandingkan dengan proporsi investasi awal.

The partial interest is created by partnership between Local District Government of Donohudan and the investor in the other parties, in the development and management of Gagan Traditional Market. The proportion of value for the Local District Government of Donohudan and the investor are not known. This research aim to estimate value and the proportion of value of partial interest in real property. The income approach is applicated in this research using discounted cash flow method. In this research, the data to be analysis consist of data about management of Gagan Traditional Market before development during the last five years from 2004 until 2008 and data about partnership in management of Gagan Traditional Market after development. Method analysis of discounted cash flow conducted by: net income projection analysis, discount rate determination and value estimation. The result of this research by using discounted cash flow method show that the value of the leased fee interest for the Local District Government of Donohudan per November 2008 range from Rp371.191.481,32 to Rp910.332.692,10. The value of the leasehold interest for the investor range from Rp2.766.214.083,49 to Rp2.819.515.537,72, and the total value range from Rp3.137.405.564,81 to Rp3.729.848.229,82. The result of this research also show that the value proportion of the leased fee interest for the Local District Government of Donohudan per November 2008 range from 12 percent to 24 percent, the value proportion of the leasehold interest for the investor range from 76 percent to 88 percent. The value proportion for the Local District Government of Donohudan is more than proportion in initial investment.

Kata Kunci : Partial interest (sebagian bunga),Pengelolaan pasar tradisional,Proporsi nilai,Investasi awal, partial interest, discounted cash flow, traditional market management, value, proportion of value, initial investment