i
CATATAN HARIAN
PENELITIAN DOKTOR BARU
DANA ITS 2020
KERJASAMA PEMERINTAH DAN BADAN USAHA
YANG BERKELANJUTAN DENGAN SKEMA MIXED-HOUSING TRANSIT ORIENTED
DEVELOPMENT PADA RUMAH SUSUN DI INDONESIA
Tim Peneliti :
Farida Rachmawati (Teknik Sipil/FTSPK)
Ria Asih Aryani Soemitro (Teknik Sipil/FTSPK)
DIREKTORAT RISET DAN PENGABDIAN KEPADA MASYARAKAT
INSTITUT TEKNOLOGI SEPULUH NOPEMBER
SURABAYA
2020
2
No Tanggal
Kegiatan
1
2 April 2020
Kontrak penelitian dengan DRPM ITS
2
8 April 2020 – 17
April 2020
Diskusi kajian literatur:
1. Konsep mixed housing
2. Public private partnership
3
4 Mei 2020
Perancangan Kuisioner (lampiran 1 logbook)
4
14 Mei 2020
Diskusi penentuan responden survey pendahuluan dan survey
utama
5
4 – 14 Juni 2020
Survey dan pengumpulan data primer
(Wilayah Surabaya) (lampiran 2)
6
2 – 12 Juli 2020
Survey dan pengumpulan data primer
(melalui telepon)
3
7
17 Juli 2020
Submission jurnal JMAIF
8
25 Agustus 2020
Diskusi hasil analisa thematic (lampiran 3)
9
September 2020
Penyusunan laporan kemajuan
10
14 Oktober 2020
Diskusi analisa finansial (lampiran 4)
11
20 Oktober 2020
Diskusi analisa sensitivitas
12
17 November
2020
Diskusi laporan akhir (online)
Keterangan: Dokumen pendukung pada setiap kegiatan dapat berupa foto, grafik, tabel,
LAMPIRAN 1
Model Finansial untuk Rumah Susun
Peneliti: Farida Rachmawati
Institut Teknologi Sepuluh Nopember
Petunjuk Pelaksanaan Interview
Deskripsi:
Penelitian ini bertujuan untuk identifikasi faktor utama dan faktor pendukung yang melandasi
pembuatan model pembiayaan rumah susun, yang meliputi penentuan tarif/harga yang
mempertimbangkan porsi subsidi pemerintah dan kemampuan penghuni dalam membayar
rumah susun.
Pemangku Kepentingan:
Pada penelitian ini, pemangku kepentingan diklasifikan menjadi 2 kelompok:
1. Pemerintah: Pusat, Provinsi dan Daerah (Kota/Kabupaten)
2. Non pemerintah: BUMN/BUMD, pengembang swasta, afiliasi pengembang
Kerahasiaan:
Kami menghormati privasi Anda dan untuk memastikan kerahasiaan, detail kontak responden
akan dijaga kerahasiaannya. Hasil wawancara ini akan dianalisis dan dipublikasikan sebagai
bagian dari tesis akhir saya.
Partisipasi sukarela dan durasi:
Partisipasi Anda bersifat sukarela. Pada tahap ini, waktu wawancara diperkirakan sekitar 45
menit. Jika Anda memiliki pertanyaan atau memerlukan informasi lebih lanjut, silakan
hubungi saya (lihat detail di atas) atau Supervisor utama saya Dr. Connie Susilawati di
c.susilawati@qut.edu.au
Keluhan:
Jika Anda memiliki masalah atau keluhan tentang ketidaktepatan penelitian ini dalam hal
etika, Anda harus menghubungi the Research Ethics Officer.
Formulir Izin Partisipan Wawancara
Sya sudah membaca dan mengerti mengenai informasi diatas. Saya setuju untuk
berpartisipasi dalam wawancara ini.
Nama: ________________________Tanda tangan: __________________Tanggal: _______
Posisi:______________________Organisasi:__________________________
Harga sewa yang sangat rendah di rumah susun yang ada di Indonesia menjadi kendala bagi
sektor swasta untuk mempertimbangkan pengembalian investasi mereka pada proyek rumah
susun. Untuk mendorong keterlibatan sektor swasta dalam program pengembangan apartemen
murah, studi ini mengeksplorasi berbagai subsidi dan insentif pemerintah. Model finansial akan
meliputi bagian dari pembayaran sewa unit rumah susun sederhana sewa (rusunawa) atau
penjualan unit rumah susun sederhana milik (rusunami) dan subsidi pemerintah sebagai bentuk
dukungan pemerintah untuk menutup biaya operasional dan pemeliharaan untuk menjaga
kelangsungan proyek.
1. Informasi pribadi
Mohon mengisi informasi pribadi anda sebagai berikut:
a. Posisi pada organisasi
b. Tanggung jawab pada pengelolaan rumah susun
2. Kebijakan yang menyangkut finansial rumah susun
a. Bagaimana evaluasi anda mengenai upaya dan praktik sektor publik saat ini untuk
perumahan murah? (Terutama kekuatan dan kelemahan jika ada. Evaluasi Anda bisa
terkait dengan tetapi tidak terbatas pada pengentasan kemiskinan, akses ke rumah
susun, keterjangkauan, dll.)
b. Apakah Anda berpikir bahwa pengembang real estate dapat berpartisipasi dalam
pasokan rumah susun? Sejauh mana mereka mungkin terlibat (Anda dapat memilih
satu atau lebih):
1. Penyediaan lahan
2. Penyediaan/konstruksi gedung
3. Pengelolaan rumah susun
4. Penyediaan dana
5. Lainnya...
c. Apa kebijakan yang Anda usulkan terkait finansial rumah susun?
d. Dari sudut pandang anda, tantangan apa yang paling signifikan dari inisiasi dan
pengembangan apartemen murah, khususnya dalam aspek keuangan
e. Dari sudut pandang anda, apa yang harus diperbaiki untuk kebijakan pembiayaan
rumah susun ini, sehingga masyarakat berpenghasilan rendah dapat mengakses sistem
pembiayaan rumah susun:
Uang muka rumah susun sederhana milik (rusunami) berbiaya rendah
Subsidi pemerintah untuk tanah dan tingkat bunga pinjaman
Pinjaman beragunan
f. Dari sudut pandang Anda, subsidi pemerintah apa yang paling cocok untuk
pengelolaan rumah susun?
1. Listrik di tempat umum
2. Air
3. Ketentuan tanah
4. Lainnya ……….
Dari sudut pandang Anda, haruskah rumah susun diklasifikasikan ke dalam segmentasi
yang berbeda?
• Pendapatan penyewa
• Jenis kepemilikan
• Jenis sewa
4. Penentuan tarif sewa rumah susun
a. Teknis
Faktor
Mempengaruhi
Tidak mempengaruhi
Biaya operasional dan perawatan
Biaya konstruksi
Jumlah unit
Subsidi pemerintah
Faktor lain:
……….
b. Non-teknis
Faktor
Mempengaruhi
Tidak mempengaruhi
Kesediaan untuk membayar
Kemampuan untuk membayar
Lokasi
Faktor lain:
……….
5. Penentuan harga jual unit rumah susun
a. Teknis
Faktor
Mempengaruhi
Tidak mempengaruhi
Biaya konstruksi
Jumlah unit
Subsidi pemerintah
Pengembangan infrastruktur
Faktor lain:
……….
b. Non-teknis
Faktor
Mempengaruhi
Tidak mempengaruhi
Kesediaan untuk membayar
Kemampuan untuk membayar
Lokasi
Faktor lain:
LAMPIRAN 2
Sub criteria No Words Number of occurences Land 1 Land is the most important component of housing development process 20
2 The land price is higher in prime location 12 3 The acquisition land cost is very expensive and effects the whole cost 4 4
The most ideal, the government provides the land, as the land cost component is 15%
of all cost 18
Construction 1 The building construction is provided by Ministry of Public Works 9 2 The LCA is designed by Ministry of PUPR 2 Supporting infrastructure 1 The facilities and supporting infrastructures are provided by local gov't 7 Operation 1 The operation would be managed by local gov't after delivery process 9 2 After delivery process, there are some building repairs to prepare the occupancy 7 3 For LCA owned by Ministry of PUPR, operation is managed by PUPR 4 4 This LCA, all bills are free and full furnished 7 5 The tariff is issued by Minister of PUPR 13 Maintenance 1
Before delivery process, maintenance is managed by Ministry of Public Works. Local
gov't is not allowed to maintain the building 7 2 Operation and maintenance cost are budgeted annually 10 Rent price/tariff 1 According to regulation, there are 3 types of rent prices: commercial, social, basic 22 2 All low cost apartments built by PUPR should apply the regulation 14 3 Most low-cost apartments apply social tariff 4 4 In some cities, the basic tariff adjusts to tenant's ability to pay 6 5 Due to low tariff, local gov't subsidy in a high amount 7 6 Operation and maintenance budget for 1 low-cost apart = 400million IDR 7 7 Operation and maintenance budget in Batam = 9 billion 1 8 In Batam, former tariff follows market price 2 9 Batam will apply individual tariff (not unit tariff) 2 10 The WTP problem is still exist 6 11 Tariff is lodged as state revenue 7 12 Some LCA allocate salary from tariff revenue 1 13 Tariff classification is not easy to apply 4 14
The location and facility are not influencing factor (transportation cost is not a
problem) 4
15 The distance to workplace is influencing factor 6 Terms & Conditions 1 Rent bond 1 2 LCA by application and applicant should meet the requirements 7 3 The length of stay is not applied 7 Management 1
BLU should be considered as the form of institution to manage the low-cost apartment
to be more flexible 5 2 BLU has an authority to manage the financial 5 Tenancy 1
Bandung: Tenants are encouraged to save the money for first home buyer, which is
Sub criteria No Words Number of occurences Why build rusunami 1 Low cost rental apartment is not favorable as tenants cannot own the building 2
2
The private prefers to manage rusunami as they can apply service charge and sinking
fund 11
Price determination 1 Ceiling and floor price (max 250million; 12 million/m2 SGA) 10 2 The price should include land and construction cost 2 3
Then, the service charge and sinking fund should be determined as there are common
properties in building 10 4 The influencing factor: location /distance and facility 26 5
The selling price consider ATP and affordability, which affordability of each region is
different to others, though the construction cost is similar 10 6 ATP = repayment capacity for ownership, but it is still used for rent price determination 1 Subsidized apartment 1 FLPP subsidy 5 2 Accessability is influenced by affordability and monthly expenses 3 3 Types of subsidy:
4 Down payment 1% 18 Interest gap for 20 years 18 Value added tax free 10 Eligibility to get subsidy: total take home pay (max 7 million) 8 5 The price does not consider the land price (gov't subsidy) 2 Constraint 1 People should be educated to live in vertical building 2 2 Solution: the location is close to transportation facility 8 3
As the low cost ownership apartment has the maximum selling price, the private prefer
develop non subsidized apartment 3 Financial scheme 1 State equity 30% is allocated for construction cost 6 2 Capital expenditure is mostly allocated for land 6 3 The housing cost depends on the down payment 4 4 Structure of cost: Land cost, construction cost & development cost 2
Sub criteria No Words Number of occurences Why mixed? 1
Government requires mixed housing through Ministry regulation. All developers should
allocate 20% of all lands for low-cost housing 4 2 Cross subsidy. Subsidized unit/housing will not earn a proper return 16 3 To provide an affordable housing 3 4 To support PPP program 15 Low-cost rental apart scheme 1 Mixed (rental) = commercial unit & low-cost (Batam): 3 social, 1 commercial 13 2 Mixed = rental & ownership (Impossible) 3 3 The management rights is taken over by private (30% for local gov't) 2 4 Mixed = low-cost (24m2), high class & commercial facility (at Paldam) 15 5 The mixed proportion should be calculated 8 6 Built over government's asset land or state-owned company's asset 6 7 Located in the prime location 12 8 Mixed = commercial facilities & low-cost unit 5 Low-cost ownership apart scheme 1 Low-cost ownership apartment (36 m2 or less to adjust ATP) 13
2
Built over government's asset land or state-owned company's asset (Transit On
Demand) 20
3 Supporting facilities are provided by government, building is provided by private 6 4
Land could be rented from private to reduce the selling price, as land acquisition cost is
more expensive. The most possible scheme is long lease (building rights title) 13 5 Private will operate the low-cost apartment 4 6 The ceiling price is limited to 250million 10 7 The selling price is adjusted to ATP 2 8 Floor average ratio should be maximized, especially in prime location 16 9 Viability Gap Funding 8 10 Availability Payment 3 11 Mixed = low-cost & medium-cost 2 12 Mixed = subsidized & low-cost without subsidy 15 13 The mixed proportion should be calculated 4 14 The ceiling price for low-cost and medium-cost 4 15 The different feature between low-cost & medium-cost: floor & wide area 1 Scope 1 Existing partnership, private only manages the building 1
2 KSP = cooperation agreement (full private)
Constraint 1 Asset ownership for land 16 2 The need of land banking 3 3 The existing regulation do not allow for commercial 4
LAMPIRAN 3
Government
provides an
affordable housing
Private sector
involves in low-cost
housing provision
Support PPP
program and cross
subsidy
The land is
provided by local
government
The building
construction is
provided by
Ministry of Public
According to ministry
regulation, there are
3 types of rent prices:
commercial, social,
basic
Tariff classification
is not easy to
apply
Most low-cost
apartments apply social
tariff; in some cities, the
basic tariff adjusts to
tenant's ability to pay
Needs cross subsidy through low-cost mixed apartment
(mixed = low and medium cost, mixed = subsidized and
without subsidy)
Low cost rental
apartment is
not favourable,
as tenants
cannot own the
building
Structure of cost: Land
cost, construction cost &
development cost.
However, the land price is
Floor average ratio
should be maximized,
especially in prime
location
The mixed
proportion should
be calculated
Subsidized
unit/housing will
not earn a proper
Ideally, the government
provides the land, as the
land cost component is 15%
of all cost
Due to low tariff,
local gov't subsidy
in a high amount
Ceiling price is
applied for
low-cost ownership
Ideal
Condition
Existing
implementati
on
Constraints
Proposed
Policy
KEY FINDINGS
Financial -
Proportion
Financial –
ATP/WTP
Land –
Tenure/asset
LAMPIRAN 4
Mixed-income housing
Case study: TOD Pondok Cina (Mahata Margonda Apartment)
A.
PROPERTY DATA
1
Land area
27000 sq.m
2
Type
Number of units
Unit area
Number of units per floor
Studio
308
units
23
sqm
7
161
1 BR
484
units
37
sqm
11
407
2 BR
176
units
49
sqm
4
196
Common area
130.86
968
units
894.86
3
Unit categorization
Non-subsidy
Subsidy
25%
242
Studio
187
50%
121
1 BR
363
50%
121
2 BR
176
242
4
Max building coverage ratio
30%
8100
Max Floor Area Ratio
3
81000
Actual:
Total GFA
76653.13
5
Gross Floor Area
76653.13
sq.m
OK
Residential area
51.366%
39373.65
sq.m
Non residential area
48.634%
37279.48
sq.m
Number of floors:
Residential area
22
19686.92
sq.m
Number of towers
2
39373.84
sq.m
Non residential area
6
B
INCOME
1
Sales price
Non-subsidy
Price escalation
Subsidy
Studio
224,000,000
30%
per year
190,400,000
1 BR
360,000,000
30%
per year
306,000,000
2 BR
688,000,000
30%
per year
Sales schedule
Year 1
Year 2
Year 3
Year 4
Subsidy
50%
50%
2
Service charge
13000 per sq.m
Studio
299,000
1 BR
481,000
2 BR
637,000
Escalation
2%
3
Shops
30460.95
Rentable area
10661.3325
35%
Monthly rent fee
300,000
per sqm
Vacancy
30%
Service charge
120,000 per sq.m
Escalation
2.00%
4
Parking
6818.34
Car space
18 sq.m
Motorcycle space
1.5 sq.m
Usable space for cars
3750.087
55%
Usable space for motorcycles
1022.751
15%
Number of spaces (car)
208.34
Monthly parking fee
150,000
Number of spaces
(motorcycle)
682
Monthly parking fee
50,000
Escalation
2.00%
C
OUTGOINGS
Const cost standar
398,500,000,000
1
Construction cost
434,365,000,000
(depok city)
Construction cost index
109%
M/E works
90,583,000,000
Structural works
260,944,000,000
Construction schedule:
Year 1
30%
130,309,500,000
Year 2
35%
152,027,750,000
Year 3
35%
152,027,750,000
2
Land rental
215,000,000
per year
Length of time
50
years
Interest rate
2%
Present Value
6,756,075,267.14
3
Selling cost
Marketing fee
2%
Sellers tax (non subsidy)
2.5%
Sellers tax (subsidy)
1%
4
Terminal yield
4%
5
Operating expenses
Staff salary
40
6,000,000
12
per person per mth
2,880,000,000
Electricity
16,157,741,501
Residential
5,758
2,404,013,356.80
Non residential
30,461
13,753,728,144.00
Water
479,439,837
Residential
5,758
168,128,928.00
Non residential
10,661
311,310,909.00
Waste retribution
580,800,000
Building maintenance
0.5%
2,171,825,000
Total
22,269,806,338
Ànnual Escalation
2%
4
CAPEX
3.0%
Building Façade & structure
227,141,226,409
6,814,236,792.27
10 yrs
M/E (genset, HVAC, water
pump)
70,515,323,474
2,115,459,704.22
5 yrs
Elevator & escalator
14,513,215,831
435,396,474.93
5 yrs
2,550,856,179.15
9,365,092,971.42
5
Property tax
Property tax subjected to the developer includes non-residential area as the tax for residential area would be subjected to the tenants/buyers
NJOP
4,000,000
149,117,932,977
the land price in the location (Depok City)
NJKP
20%
Tax deduction
80,000,000
29,743,586,595
tax deduction in Depok City
Amount per annum
0.50%
148,717,933
Escalation
10.00% 5-yearly
D
FINANCE
1
Required return (MARR)
12%
WACC
10%
2
Investment loan
Loan for corporate
9%
1+i
1.09
Payment period (yrs)
3
Annual payment factor
0.3951
Investment loan
60%
Loan
260,619,000,000
E
DEPRECIATION & TAX
1
Depreciation
Depreciated Value
260,944,000,000
years
50
Rate
25%
Amount per annum
1,304,720,000
2
Tax
PROPERTY BEFORE TAX AND FINANCE
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Construction cost -130310 -152028 -152028
Land -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215 -215
Income from sales price:
Non-subsidy 102779.6 152701.1 74441.8 64516.22
Subsidy 30032.2 30032.2
Income from service charge 4398.794 5508.36 5618.527 5730.898 5845.516 5962.426 6081.675 6203.308 6327.374 6453.9217 6583 6714.66 6848.953 6985.932 7125.651 7268.164 7413.527 7561.7979 7713.034
Income from service charge (commercial) 383.808 391.4841 399.3138 407.3001 415.4461 423.755 432.2301 440.8747 449.6922 458.68605 467.8598 477.217 486.7613 496.4965 506.4265 516.555 526.8861 537.42382 548.1723
Income from parking 409.1004 409.1004 417.2824 425.6281 434.1406 442.8234 451.6799 460.7135 469.9278 479.32632 488.9128 498.6911 508.6649 518.8382 529.215 539.7993 550.5953 561.60718 572.8393
Income from shops 26866.56 27403.89 27951.97 28511.01 29081.23 29662.85 30256.11 30861.23 31478.45 32108.024 32750.18 33405.19 34073.29 34754.76 35449.85 36158.85 36882.03 37619.667 38372.06
Operation expenses -22269.8 -22715.2 -23169.5 -23632.9 -24105.6 -24587.7 -25079.4 -25581 -26092.6 -26614.48 -27146.8 -27689.7 -28243.5 -28808.4 -29384.5 -29972.2 -30571.7 -31183.11 -31806.8 Selling cost Non-subsidy -4625.08 -6871.55 -3349.88 -2903.23 Subsidy -900.966 -900.966 CAPEX -2550.86 - 13,191.38 -5101.71 Property tax -148.718 -148.718 -148.718 -148.718 -148.718 -163.59 -163.59 -163.59 -163.59 -163.5897 -179.949 -179.949 -179.949 -179.949 -179.949 -197.944 -197.944 -197.9436 -197.944
Net Income (NIBIT) -130310 -54088.2 -6413.18 109647.9 101378.1 10853.87 11078.22 8756.2 11525.6 11763.68 12006.53 12254.23 -684.4893 12748.24 13011.1 13279.22 13552.71 8729.947 14098.2 14388.42 14684.447 14986.4
Sale price 120718.17
Net Cash Flow -130310 -54088.2 -6413.18 109647.9 101378.1 10853.87 11078.22 8756.2 11525.6 11763.68 12006.53 12254.23 -684.4893 12748.24 13011.1 13279.22 13552.71 8729.947 14098.2 14388.42 135402.62 Discount factor 1 1.12 1.2544 1.404928 1.573519 1.762342 1.973823 2.210681 2.475963 2.773079 3.105848 3.47855 3.895976 4.363493 4.887112 5.473566 6.130394 6.866041 7.689966 8.612762 9.6462931 PV of Net Cash Flow -130310 -48293.1 -5112.55 78045.2 64427.64 6158.775 5612.57 3960.86 4654.996 4242.102 3865.781 3522.799 -175.6914 2921.567 2662.329 2426.064 2210.74 1271.467 1833.324 1670.593 14036.751 Net present Value 19632.76
IRR 14%
EQUITY AFTER TAX AND FINANCE
Equity Cashflow before tax -52123.8 6240.785 17880.27 42724.68 29307 -25181.7 11078.22 8756.2 11525.6 11763.68 12006.53 12254.23 -684.4893 12748.24 13011.1 13279.22 13552.71 8729.947 14098.2 14388.42 135402.62
Tax payable -22752.1 -21015.4 -2005.32 -2052.43 -1564.81 -2146.38 -2196.38 -2247.38 -2299.4 0 -2403.14 -2458.34 -2514.65 -2572.08 -1559.3 -2686.63 -2747.58 -2809.743
Equity after tax -52123.8 6240.785 17880.27 19972.62 8291.579 -27187 9025.783 7191.389 9379.215 9567.301 9759.149 9954.834 -684.4893 10345.1 10552.76 10764.58 10980.63 7170.65 11411.57 11640.84 132592.87 Discount factor 1 1.12 1.2544 1.404928 1.573519 1.762342 1.973823 2.210681 2.475963 2.773079 3.105848 3.47855 3.895976 4.363493 4.887112 5.473566 6.130394 6.866041 7.689966 8.612762 9.6462931 PV of Net Cash Flow -52123.8 5572.13 14254.04 14216.11 5269.448 -15426.6 4572.743 3253.019 3788.108 3450.065 3142.185 2861.777 -175.6914 2370.83 2159.304 1966.648 1791.179 1044.365 1483.955 1351.581 13745.474
Net present Value 18566.82
