Laena 2023 IOP Conf. Ser. Earth Environ. Sci. 1203 012045

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EIC-2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1203 (2023) 012045 doi:10.1088/1755-1315/1203/1/012045
Highest and Best Use (HBU) Analysis on Vacant Land in

Jakarta Garden City, East Jakarta
H Laena1, Raflis2
1,2
Department of Civil Engineering, Faculty of Civil Engineering and Planning,
Trisakti University, Jakarta, Indonesia 11440
hasyavana@gmail.com1, raflis@trisakti.ac.id2
Abstract. Land availability in the capital of Indonesia, Jakarta, is dwindling. However, its
population is growing. This growth affects population density and activity to rising, as well as
the need for land, especially for housing purposes. Moreover, land prices are also escalated over
time. Hence, to optimize the available land utilization and value, it is necessary to find the best
designation and produce the highest land value. The Highest and Best Use Analysis is used to
achieve this goal. By evaluating several aspects, namely, physical, legal, financial, and maximum
productivity. This research was applied to an asset of vacant land in Asoca Street, Jakarta Garden
City, Cakung, East Jakarta with an area of 3.725,68 m2. After the analysis, it is obtained that
apartment is the best designation, producing the highest increase in land value of Rp
131.366.494/m2 and productivity after developed by 591,04%. It is also feasible to develop,
because with an investment period of 10 years, the designation produces a net present value
greater than zero, which is Rp 418.641.935.213, an internal rate of return greater than the
minimum attractive rate of return of 7% which is 22,76%, and a payback period of 4 years, 3
months, and a day.
1. Introduction
The dwindling of land availability in the capital of Indonesia, Jakarta is unparalleled to its population
growth. The population of the capital city of Jakarta has been continuously increasing since 2019 [1].
High population growth certainly has an impact on rising population activity and population density.
This also has impacted the need for land, especially for housing purposes, to rise, considering that a
house is one of the human needs. Along with that, the price of land in Jakarta escalated over time. From
these problems, high-rise buildings can be the answer at the same time for optimizing the utilization of
available land that has not been used optimally. Considering the used area of land and the capacity and
activities that can be accommodated.
To make use of an asset in the form of vacant land, the land utilization to be able to conduct an extra
economic point needs to be analyzed first, one of which is the Highest and Best Use Analysis (HBU)
[2]. Four tests are carried toward a designation to get a possible building designation, that is legal in
terms of licensing, physical possibilities, financial feasibility, and maximum productivity [3].
An asset of vacant land in Asoca Street, Jakarta Garden City, Cakung, East Jakarta is the object of
this research. The land is located in Cakung, a strategic location even located in the suburbs. This
location connects Bekasi Regency and North Jakarta Administrative City, moreover, this land is also
surrounded by various facilities. Unfortunately, the land is still vacant and has not been utilized, even
with the strategic value of the land. It has the potential to be developed. Therefore, in this research, the
Content from this work may be used under the terms of the Creative Commons Attribution 3.0 licence. Any further distribution
of this work must maintain attribution to the author(s) and the title of the work, journal citation and DOI.
Published under licence by IOP Publishing Ltd 1
HBU Analysis is applied to optimize land utilization by obtaining the best building designation that
produces the highest land value and maximum productivity on the asset of land.
Highest and best use itself defined as a reasonable opportunity in land or developing property
utilization that is physically possible, has sufficient and financially feasible, and provides the highest
land value [4]. Conceptually analyzing four main things, namely, physical feasibility analysis, legal
feasibility analysis, financial feasibility analysis, and maximum productivity analysis, a designation
meets the highest and best use criteria if it is physically feasible, legally permissible, financially feasible,
and maximally productive [5]. HBU Analysis can be applied on either vacant land, or developed
property, as follows [3]. On vacant land, conducted on vacant or assumed as vacant land to get a definite
value, it will be known for the land value itself before the construction. For developed property, it will
be known whether a property is worth more with or without improvement. This analysis is an important
step in the valuation of properties in transition or properties with designs that are no longer conducive
for economical use.
Departing from the background mentioned prior, and with the application of HBU analysis to
optimize land assets, a hypothesis is obtained that land utilization and value can be optimized with high-
rise residential buildings. Asset optimization itself is a process of managing assets to optimize the
physical, location, legal, and economical value potential of an asset [6]. High-rise building is chosen,
considering the large capability usage and the area of land used, high-rise building is a building that has
more than one layer floor, stacked vertically, and residential, is a building that is used for residence and
also equipped with facilities and infrastructure to accommodate the environment.
2. Methodology
Applying HBU Analysis by analyzing several aspects, some indicators need to be reviewed, namely as
follows :
Table 1. Variables and Indicators
Variable Indicator
Physical Aspect 1. Land Area
2. Utilities
3. Accesibility
Legal Aspect 1. Zoning
2. Space Utilization Intensity
(Building Border Line, Building Base
Coefficient, Building Green Area Coefficient,
Building Floor Area Coeffiecient, and Building
Height)
Financial Aspect 1. Investment Cost
2. Income
3. Outcome
4. Cash flow
Maximum Productivity Highest Land Value
Before starting the four analyses, a designation was selected by interviewing the owner and several
residents that may be impacted by the land development to find the designation to be developed on the
land. As for the physical aspect, analyzing the physical aspect is done by direct observation to the field
and interviewing the landowner. The legal aspect uses data from the Spatial Planning and Land Service
of Jakarta and rules and regulations that applied on the land. Both physical and legal aspects act as a
filter for the designation obtained from the interview. The financial aspect uses data from approaching
similar property and documentation for the required supporting data. In analyzing the financial aspect,
the cash flow of each designation is also analyzed further with a couple of methods, which are Net
Present Value (NPV), Internal Rate of Return (IRR), and Payback Period. If the designation does not
2
meet these criteria, the designation investment is declared not feasible to be developed and will be
eliminated.
Using NPV, a designation declared feasible to develop if the value reached greater than zero [7]. The
greater the value the greater the income that will be received [8]. Here is the formula of NPV according
to [9]:
CFt
NPV = ∑nt=1 (1+i)^t + Io (1)
NPV = Net Present Value (Rp)
CFt = Net cash flow on the “t” period
i = Interest rate
Io = Investment cost
t = “t” Period
n = Number of period
With IRR Method, a designation declared feasible to develop if the percentage produced greater than
the minimum attractive rate of return (MARR) [10]. The following is the formula of IRR [11]:
NPV 1
IRR = i1 +(NPV 1−NPV 2) x (i2 – i1) (2)
IRR = Internal Rate of Return (%)
i1 = Interest rate producing a positive NPV
i2 = Interest rate producing a negative NPV
NPV1 = Value of positive NPV
NPV2 = Value of negative NPV
Using payback period, if payback period obtained during the projected investment period, the
designation declared feasible [12]. Cash flow with diverse amount on every period use the following
formula to calculate [13]:
(a−b)
Payback Period = n + x 1 year (3)
(c−b)
n = The last year cash flow covered the initial investment
a = Investment cost
b = Cash flow cumulative on the “n” period
c = Cash flow cumulative on the “n+1” period
Last, maximum productivity analysis is calculated using the calculation from financial aspect
analysis, the highest and best use designation for the land is the designation that produces the highest
land value after the land is developed and produces the maximum productivity.
3. Result and Discussion
3.1. Alternative Selection

After the interview with the land owner and several residents, it is obtained that apartment, office,
shopping center, and hotel are some possible designations to develop on the land.
3.2 Physical Aspect Analysis

The land located in Asoca Street, Jakarta Garden City, Cakung, East Jakarta, has an irregular shape and
an area of 3.725,68 m2.
3
Figure 1. Land Layout
Based on the owner’s information, the land is well equipped with various facilities, consist of
electricity, water, and telephone lines. For accessibility from or to the land is also accessible since the
land is close to the main road, it is also surrounded by various supporting facilities.
3.3 Legal Aspect Analysis

The first thing to be reviewed in this aspect is zoning. According to the Spatial Planning and Land
Service of Jakarta, and also regulations from the One-stop Integrated Service of Cakung, the land is part
of the Medium-high Building Base Coefficient Zone. The designations from the interview, which are a
shopping center and hotel are prohibited to build in this zone. So, from this analysis and forward, it will
only analyze apartment and office. The applicable space utilization intensity is obtained from [14] and
also from One-stop Integrated Service of Cakung, as followings :
Table 2. Space Utilization Intensity
Description Apartment Office

Building Border Line 7,5 m 7,5 m
Maximum Building Base Coefficient 40% land area 60% land area
Minimum Building Green Area Coefficient 20% land area 20% land area
Maximum Building Floor Area Coefficient 5,00 ≈ 500% land area 2,40 ≈ 240% land area
Maximum Building Height 32 floor 4 floor
Next, the applicable space utilization intensity is calculated to the land area and the following results
are obtained :
Table 3. Legal Aspect Analysis Result

Maximum Building Base Area (m2) 1.490,27 1.812,96
Maximum Building Floor Area (m2) 18.628,42 8.941,64
Planned Building Base Area (m2) 1.000 1.000
Planned Building Floor Area (m2) 18.000 4.000
Number of Floors 18 4
Number of Units 386 16
4
3.4 Financial Aspect Analysis

3.4.1 Investment Cost. Investment cost is the sum of land cost and building cost [4]. The cost of land
is the result of multiplying the price of land that applies to the land, which is Rp 19.000.000 /m2 with
the land area. Building cost is obtained using the Unit-In-Place Method and consists of standard and
non-standard costs. Based on [15], standard cost already includes the overhead cost for construction
service providers, insurance, work safety, inflation, and taxes. Non-standard cost is the cost of
implementing non-standard physical construction, licensing, and connecting utilities. The following are
presented in tabular form :
Table 4. Investment Cost

(Rp) (Rp)
Land Cost 70.787.977.000 70.787.977.000
Building Cost 353.949.549.219 50.734.917.777
Investment Cost 424.737.526.219 121.522.894.777
3.4.2 Income Planning. Income planning of a property calculated by the rental income and property
sales, service charge, and parking charge [16]. Service charge is taken 20% from rental income and
property sales per year [17]. Service charge is a routine fee paid by the owner or tenant for building
maintenance and is calculated per square meter of the building [18]. In this research, both designations
planned to be 30% sold and 70% rented. This component is also influenced by the property occupancy
rate and the increase in rental and selling prices each year. The rental price is set up based on similar
properties around the land. Parking charge refers to [19] and a base rate of Rp 6.000 is obtained. The
projected timeframe of future cash flows are better projected by five to ten years [20]. So this calculation
projects the next ten years cash flow. The following is the income planning table :
Table 5. Income Planning
Year Apartment Office

(Rp) (Rp)
2023 96.523.980.720 33.049.762.560
2024 104.705.592.319 33.765.085.440
2025 112.887.203.918 35.327.370.240
2026 132.374.397.127 36.050.918.400
2027 141.355.736.890 36.774.466.560
2028 150.337.076.652 38.369.652.480
2029 159.318.416.414 39.101.425.920
2030 182.804.250.439 39.833.199.360
2031 192.585.318.365 41.461.286.400
2032 202.366.386.290 42.201.285.120
3.4.3 Outcome Planning. Outcome planning involves operational cost and maintenance cost. The
operational cost itself includes electricity charge, water charge, and workers’ fee [21]. The fee for
workers is assumed to be 42% of the service charge [17], and the maintenance fee took 15% of the
service charge [4]. The operational outcome is affected by the increase of utility tariffs and workers’ fee
increments per year. The followings are outcome planning from both designations
5
Table 6. Outcome Planning

(Rp) (Rp)
2023 9.826.752.994 4.810.045.435
2024 11.677.971.175 5.224.848.515
2025 13.697.248.750 5.797.041.933
2026 17.304.377.040 6.250.947.575
2027 19.884.505.949 6.719.715.700
2028 22.649.121.557 7.375.696.517
2029 25.598.223.862 7.884.411.986
2030 31.149.098.215 8.408.158.896
2031 34.757.615.686 9.150.461.457
2032 38.567.047.159 9.715.000.493
3.4.4 Net Income Planning. Net income is the income planning subtracted by the outcome planning,
as the followings :
Table 7. Net Income Planning

(Rp) (Rp)
2023 86.697.227.726 28.239.717.125
2024 93.027.621.144 28.540.236.925
2025 99.189.955.168 29.530.328.307
2026 115.070.020.087 29.799.970.825
2027 121.471.230.940 30.054.750.860
2028 127.687.955.095 30.993.955.963
2029 133.720.192.552 31.217.013.934
2030 151.655.152.224 31.425.040.464
2031 157.827.702.679 32.310.824.943
2032 163.799.339.131 32.486.284.627
3.4.5 Cash flow Analysis. NPV, IRR, and payback period are used to determine the feasibility of an
investment in a designation. In investing there is an expected return, but, since it happens in the future
and is uncertain, risks need to be considered [22], so in determining the decision in investment, it is
necessary to calculate the rate of return and risk. In this analysis, the minimum attractive rate of return
(MARR) is taken from the bank interest rate and added to the risk factor that is assumed to be the same
as the bank interest rate [16]. The interest rate uses the Bank of Indonesia rate [20], and the latest rate
from the Bank of Indonesia is 3,5% [23]. So, the MARR expected is 7% and the investment period is
ten years [20]. The following presents the results of the calculation of cash flow analysis :
Table 8. Cash flow Analysis Result

NPV Rp 418.641.935.213 > 0 Rp 90.537.890.121 > 0
IRR 22,76% > MARR = 7% 20,77% > MARR = 7%
Payback Period 4 years 3 months 1 day 4 years 2 months 4 days
< 10 years < 10 years
Feasibility Feasible Feasible
6
It can be seen from the table that both designations produce NPV greater than zero, IRR greater than
MARR, and a payback period during the investment period. Both designations are declared feasible to
develop so that both designations will be analyzed in the next analysis.
3.5 Maximum Productivity Analysis. This analysis is the last step in HBU Analysis to achieve the
best designation for the land. First, the property value needs to be known, according to [24], it can be
determined using the income approach by multiplying each year’s net income with a discount factor.
Here is the formula to calculate the discount factor [25]:
1
Discount Factor = (1+𝑖)^𝑡 (4)
i = Interest rate
t = The “n” period
The land value obtained by using the Land Residual Technique as mentioned in [26], calculated by
subtracting the land value and building value. To get the cost per square meter, the land value is divided
by the whole land area. The following is presented in tabular form :
Table 9. Maximum Productivity Analysis Result

Property Value (Rp) 843.379.461.431 212.060.784.898
Building Value (Rp) 353.949.549.219 50.734.917.777
Land Value (Rp) 489.429.912.213 161.325.867.121
Land Value/m2 (Rp) 131.366.494 43.301.018
Initial Land Value/m2 (Rp) 19.000.000 19.000.000
Productivity (%) 591,40 127,90
In the table, it is shown that apartment gives an increase in land value of Rp 131.366.494/m2 by
producing a productivity percentage of 591,40% after the land is developed, while office gives a smaller
increase in land value and productivity percentage, which are Rp 43,301,018/m2 and 127,90%. It can be
stated that the best designation that can optimize land utilization by producing the highest increase in
land value and producing maximum productivity for the land is an apartment.
4. Conclusion
HBU Analysis is an analysis used to obtain the highest and best designation with four assessments upon
four aspects, which are physical, legal, financial, and maximum productivity, aimed to optimize an
asset’s utilization and value. A designation meets HBU criteria if physically possible, legally
permissible, financially feasible, and maximally productive. This research analyzed an asset of vacant
land located in Asoca Street, Jakarta Garden City, Cakung, East Jakarta, DKI Jakarta, Indonesia with an
area of 3.725,68 m2.
After analysis, it is down to the conclusion that the designation that is able to optimize land utilization
and is the best designation that produces the highest increase in land value worth of Rp 131,366,494/m2
and productivity after the land is developed by 591,40% is an apartment. This designation is also
declared feasible to develop since it produces NPV greater than zero, which is Rp 418.641.935.213, IRR
greater than MARR, valued at 22,76%, and a payback period of 4 years, 3 months, and a day on ten
years of investment period, and since an apartment is the best designation that produces the highest
increase in land value and maximally productive, residential buildings claimed to be the fitting
designation for the land.
As for the research forward, it is suggested to use the latest market price since its fluctuating over
time, as well as the required supporting data, needs to use the most recent data so the result obtained is
more accurate. It is also necessary to analyze further on this land for mixed-use building designation.
7
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Highest and Best Use (HBU) Analysis on Vacant Land in

3. Result and Discussion

3.1. Alternative Selection

3.2 Physical Aspect Analysis

Figure 1. Land Layout

3.3 Legal Aspect Analysis

Description Apartment Office

Description Apartment Office

3.4 Financial Aspect Analysis

Description Apartment Office

Year Apartment Office

Table 6. Outcome Planning

Year Apartment Office

Year Apartment Office

Description Apartment Office

Description Apartment Office

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