No.

1
Nilai Bagi Pengembang

Tahun 1 2 3

Pendapatan Bersih Rp 1,100,000,000 Rp 1,100,000,000 Rp 1,100,000,000

Royalti Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

Arus Kas Pengembang Rp 950,000,000 Rp 950,000,000 Rp 950,000,000

Diskon Rate 12.50% 0.88889 0.79012 0.70233

Nilai Kini Rp 844,444,444 Rp 750,617,284 Rp 667,215,364

Nilai Pasar Pengembang Rp 7,222,947,151

Nilai Bagi Pemilik

Arus Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

TerminaL Value 9%

Diskon Rate 10% 0.90909 0.82645 0.75131

Nilai Kini Rp 136,363,636 Rp 123,966,942 Rp 112,697,220

Nilai Pasar Properti (Pemilik) Rp 3,799,173,353

Nilai Properti Rp 11,022,120,505

No.2
Nilai Pengembang

Tahun 1 2 3

Pendapatan Kotor Rp 4,500,000,000 Rp 4,500,000,000 Rp 4,500,000,000

Biaya Cadangan Penganti 30% Rp 1,350,000,000 Rp 1,350,000,000 Rp 1,350,000,000

Pendapatan Bersih Rp 3,150,000,000 Rp 3,150,000,000 Rp 3,150,000,000

Royalti Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

Diskon Rate 12.50% 0.8889 0.7901 0.7023

Arus Kas Pengembang Rp 2,650,000,000 Rp 2,650,000,000 Rp 2,650,000,000

Nilai Kini Rp 2,355,555,556 Rp 2,093,827,160 Rp 1,861,179,698
Nilai Pasar Pengembang Rp 21,903,544,528

Nilai Pemilik
Arus Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

Terminal Value 9%

Diskon Rate 10% 0.9091 0.8264 0.7513

Nilai Kini Rp 454,545,455 Rp 413,223,140 Rp 375,657,400

Nilai Pasar Pemilik Rp 6,585,023,424

Nilai Properti Rp 28,488,567,952

 4 5 6 7

Rp 1,100,000,000 Rp 1,100,000,000 Rp 1,400,000,000 Rp 1,400,000,000

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

Rp 950,000,000 Rp 950,000,000 Rp 1,250,000,000 Rp 1,250,000,000

0.62430 0.55493 0.49327 0.43846

Rp 593,080,323 Rp 527,182,509 Rp 616,587,730 Rp 548,077,983

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

0.68301 0.62092 0.56447 0.51316

Rp 102,452,018 Rp 93,138,198 Rp 84,671,090 Rp 76,973,718

4 5 6 7

Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000

Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000

Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000

Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.6243 0.5549 0.4933 0.4385

Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000

Rp 1,872,885,231 Rp 1,664,786,872 Rp 1,479,810,553 Rp 1,315,387,158
Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.6830 0.6209 0.5645 0.5132

Rp 341,506,728 Rp 310,460,662 Rp 282,236,965 Rp 256,579,059

 8 9 10 11

Rp 1,400,000,000 Rp 1,400,000,000 Rp 1,400,000,000 Rp 1,400,000,000

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

Rp 1,250,000,000 Rp 1,250,000,000 Rp 1,250,000,000 Rp 1,250,000,000

0.38974 0.34644 0.30795 0.27373

Rp 487,180,429 Rp 433,049,270 Rp 384,932,685 Rp 342,162,386

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

0.46651 0.42410 0.38554 0.35049

Rp 69,976,107 Rp 63,614,643 Rp 57,831,493 Rp 52,574,085

8 9 10 11

Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000

Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000

Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000

Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.3897 0.3464 0.3079 0.2737

Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000

Rp 1,169,233,029 Rp 1,039,318,248 Rp 923,838,443 Rp 821,189,727
Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.4665 0.4241 0.3855 0.3505

Rp 233,253,690 Rp 212,048,809 Rp 192,771,645 Rp 175,246,950

 12 13 14 15

Rp 1,400,000,000 Rp 1,400,000,000 Rp 1,400,000,000 Rp 1,400,000,000

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

Rp 1,250,000,000 Rp 1,250,000,000 Rp 1,250,000,000 Rp 1,250,000,000

0.24332 0.21628 0.19225 0.17089

Rp 304,144,343 Rp 270,350,527 Rp 240,311,580 Rp 213,610,293

Rp 150,000,000 Rp 150,000,000 Rp 150,000,000 Rp 150,000,000

0.31863 0.28966 0.26333 0.23939

Rp 47,794,623 Rp 43,449,657 Rp 39,499,688 Rp 35,908,807

12 13 14 15

Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000

Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000

Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000

Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.2433 0.2163 0.1922 0.1709

Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000

Rp 729,946,424 Rp 648,841,266 Rp 576,747,792 Rp 512,664,704
Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.3186 0.2897 0.2633 0.2394

Rp 159,315,409 Rp 144,832,190 Rp 131,665,627 Rp 119,696,025

Rp 1,400,000,000

Rp 15,555,555,556

0.17089

Rp 2,658,261,428

16 17 18 19 20

Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000

Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000

Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000

Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.1519 0.1350 0.1200 0.1067 0.0948

Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000

Rp 455,701,959 Rp 405,068,408 Rp 360,060,807 Rp 320,054,051 Rp 284,492,490
Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.2176 0.1978 0.1799 0.1635 0.1486

Rp 108,814,568 Rp 98,922,334 Rp 89,929,395 Rp 81,753,995 Rp 74,321,814

21 22 23 24 25

Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000 Rp 5,000,000,000

Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000 Rp 1,500,000,000

Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000 Rp 3,500,000,000

Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.0843 0.0749 0.0666 0.0592 0.0526

Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000 Rp 3,000,000,000

Rp 252,882,213 Rp 224,784,189 Rp 199,808,168 Rp 177,607,261 Rp 157,873,121
Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000 Rp 500,000,000

0.1351 0.1228 0.1117 0.1015 0.0923

Rp 67,565,285 Rp 61,422,987 Rp 55,839,079 Rp 50,762,799 Rp 46,147,999

Rp 3,500,000,000

Rp 38,888,888,889

0.0526

Rp 2,046,503,415
No.3

0 1 2 3
Harga Pasar Sewa Rp 300,000,000 Rp 350,000,000 Rp 350,000,000
Harga Pasar Kontrak Rp 250,000,000 Rp 250,000,000 Rp 250,000,000
Selisih Sewa Rp 50,000,000 Rp 100,000,000 Rp 100,000,000

Tingkat Diskonto 18% 18% 18% 18%

Diskon Faktor 1.00000 0.84746 0.71818

Nilai Kini Rp 50,000,000 Rp 84,745,763 Rp 71,818,443

Nilai Bagi Pengembang Rp 377,245,472

No. 4

1 2 3 4
Harga Pasar Sewa
Harg Pasar Kontrak 10% 6000
 4 5
Rp 400,000,000 Rp 400,000,000
Rp 250,000,000 Rp 250,000,000
Rp 150,000,000 Rp 150,000,000

15% 15%

0.60863 0.52924

Rp 91,294,631 Rp 79,386,636

5
No. 5

0 1 2 3
Tingkat Diskonto 15% 15% 15%
Harga Sewa Kontrak Rp 800,000,000 Rp 800,000,000 Rp 800,000,000
(di awal tahun) 1.0000 0.8696 0.7561
Rp 800,000,000 Rp 695,652,174 Rp 604,914,934
Rp 3,846,977,075

Proyeksi Sewa Pasar Rp 1,000,000,000 Rp 1,050,000,000 Rp 1,100,000,000

Tingkat Diskonto 0.8696 0.7561 0.6575
(di akhir tahun) Rp 869,565,217 Rp 793,950,851 Rp 723,267,856
Rp 4,551,150,162

Nilai Pasar bagi Penyewa Rp 704,173,087

No. 6
 4 5 6 7
15% 13% 13% 14%
Rp 800,000,000 Rp 800,000,000 Rp 800,000,000 Rp 800,000,000
0.6575 0.5718 0.5060 0.4478
Rp 526,012,986 Rp 457,402,596 Rp 404,781,059 Rp 358,213,326

Rp 1,200,000,000 Rp 1,050,000,000 Rp 1,150,000,000 Rp 1,100,000,000

0.5718 0.5060 0.4478 0.3928
Rp 686,103,895 Rp 531,275,140 Rp 514,931,657 Rp 432,055,547