QUT ePrints

Analysis of invesment decision on golf course and citraraya residential development

Anastasia, Njo, Yakobus, Sutoto, & Susilawati, Connie (2001) Analysis of invesment decision on golf course and citraraya residential development. Jurnal Manajemen dan Kewirausahaan, 3(1), pp. 14-33.

Abstract

Investment in the real estate sector has a great risk, therefore a developer needs to do investment analysis before making a decision. The decision is made by considering the returns from two investment alternatives. The first alternative examined is a 9-hole golf course and housing in proximity to the golf. The second alternative is residential property.

Given the above conditions, the purpose of this research is to help the developer to make the proper investment decision, based on which alternative has the higher return.

Two data collection methods are used in this research, including interviews and a survey which was done by distributing questionnaires to develop a profile of golfers and purchasers as well as potential residential purchasers. Forecasting analysis using the Holt-Winters model was used for forecasting the number of golfers. The Box-Jenkins model was utilized to forecast residential sales. The forecasting results were used for cash flow analysis.

The results show that the first alternative produces a higher IRR (25,16%) per year and NPV of Rp.25.056.800.000 , relative to the the second alternative with an IRR of 16,72% per year and NPV of Rp.4.794.945.000. Thus, the first alternative, a 9-hole golf course and housing in proximity to the golf, was selected.

Impact and interest:

Citation countsare sourced monthly from Scopus and Web of Science® citation databases.

These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.

Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.

ID Code: 7557
Item Type: Journal Article
Additional Information: The contents of this journal can be freely accessed online via the journal’s web page (see hypertext link). For more information, please refer to the journal’s website or contact the author. Author contact details: c.susilawati@qut.edu.au
Additional URLs:
Keywords: investment, risk, 9, hole golf course, lot golf, residential, return
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Copyright Owner: Copyright 2001 Jurusan Ekonomi Manajemen, Fakultas Ekonomi – Universitas Kristen Petra
Deposited On: 12 Jul 2007
Last Modified: 11 Aug 2011 04:29

Export: EndNote | Dublin Core | BibTeX

Repository Staff Only: item control page