Financial Feasibility Analysis of Green Cleosa Apartment Project
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Abstract
This article aims to examine the financial feasibility of the Green Cleosa Apartment development project by PT Bhakti Agung Propertindo Tbk. The analysis was conducted using Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit Cost Ratio (Net B/C), and Payback Period. The following study uses a quantitative approach based on financial statements for 9 months and the assumption of a 5-year project with a discount rate of 10%. The results of the analysis show that the project has a negative NPV of Rp 49,450,558,543 and an IRR <0.1%, far below the expected discount rate (10%), so the project is considered financially unfeasible. Although the Net B/C of 1.46 indicates a ratio between benefits and costs exceeding 1, this is not enough to cover the negative NPV and low IRR. The Payback Period reaches 99.8 years, indicating that the investment takes a very long time to return, increasing the risk of the project. Thus, the Green Cleosa Apartment project is not financially feasible under current conditions. To improve investment feasibility, it is recommended to re-evaluate the construction cost structure, apartment selling price, and marketing strategy. With improvements in these aspects, it is expected that the project can become more attractive to investors and increase its chances of success.
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