Integrated Feasibility Studies: A Tool for Sustainable Development for Jakarta International Stadium

摘要

PT. Jakarta Propertindo (PT Jakpro) as one of the Region-Owned Enterprise (BUMD) of Jakarta Province was selected by the Governor of DKI Jakarta to handle the project of Jakarta International Stadium (JIS) construction. The construction of the JIS is expected to be conducted in three years from 2019 to 2021 with the capacity of approximately 80.000 people and the total investment will cost of IDR 4.546.313.646.875. Additionally, the stadium is designed not only to facilitate football but also to other sports and economic added value for the surrounded area. The construction will be funded from multiyear regional capital participation (PMD) of the Regional Budget (APBD) and starts from the 2019 fiscal year. Besides, the construction can be done after the regional government conducts an investment analysis and examine the business plan. Therefore, it's necessary to examine the feasibility of PT Jakpro's decision to run this construction project. This study used an integrated feasibility approach to obtain a comprehensive and integrated projection from the three perspectives which are technical, economic, and financial aspects. Based on the technical analysis, the investment project of Jakarta International Stadium is feasible to conduct. The construction of JIS is relatively cheaper compared to another International stadium that taken on the benchmark. Moreover, there are no regulations issues on the construction site. However, financial feasibility analysis indicates that the construction of JIS will bring negative Net Present Value (NPV) in the future, with the payback period more than 14 years. This shows that the JIS construction from a financial perspective is not feasible, but JIS is Jakarta Governor Mandate to the company so it must be run. Thus, PT Jakpro should consider another creative-sustainable way to optimize the stadium business activity to prevent loss in the future. Mainly by optimizing non-ticketing income such as; naming right, broadcasting right, and weekday's league for amateur high school competition.