When property business reached its peak before economic crisis in 1998, there was almost no problem facing developers, especially those of related to funding. At the time, developers were easy to be funded by banks. Such condition is different today. Banks shock in giving their credit in the past made developers should think harder to be survive. Developers can not only rely on bank loan to develop their land. Therefore, developers must have their own fund and must be more careful in managing their finance. Based on the above rationale, the author has analysed project finance management. The analysis was done at PT X, a properly company with the main business of develoving housing. Now, this company is considering to invest their capital in small- , medium-, and large-scales projects. This thesis aims to analyse finance feasibility of the project and determine in What level of the net present value is positive so that the project is feasible to be completed. Theoretically , the company is able to measure many variables to analyse project investment, including pre-investment estimate, cash flow projection and capital budget analysis by using Net Present Value, Internal Rate of Return, Payback
Period, Discounted Payback Period and Probability Index methods. In this thesis, the author uses the most common techniques, namely Payback period, Net Present Value and Internal Rate of Return. As comparasion, the author also uses sensitivity analysis because of invesment risk of this kind is very high seen from selling price, material price, infrastructure cost, economic growth, inflation rate, housing interest rate, currency, sold units point of view. The following are the results : 1. Net Present Value is positive. 2. Internal Rate of Return is greater than investment interest rate of 15% (estimate 2005). 3. Payback Period is less than or same as predetermined project recovery period ( 24 months)
4. The price of land and building per meter square is same as or greater than required price : land price is Rp 1,600,000 per meter square, unleveled building price is Rp 2,000,000 per meter square, and leveled-building price is Rp 2,200,000 per meter square. Therefore, it is concluded that invesment proposal of Mutiara cluster project at PT X is accepted and is feasible to accomplis |