Feasibility Analysis for Kunciran – Cengkareng Toll Road from Economic and Financial Aspects

Abstract

The development of existing infrastructure influences the region's economic growth. A concrete example that has become a priority for the government to develop the economy is toll road infrastructure, one of the problem solutions of transportation, logistics distribution, and the mobility of goods and services. Toll roads can also be a solution to the congestion problem as the volume of vehicles grows each year. Thus, Kunciran – Cengkareng Toll Road was built to be a solution to economic issues and congestion in the study area environment. For the planning of Kunciran – Cengkareng Toll Road to be efficient and feasible for investment, it is necessary to analyze the feasibility of Kunciran – Cengkareng Toll Road from an economic and financial perspective. The data used to analyze the feasibility of Kunciran – Cengkareng Toll Road were geometry data and existing road traffic data. The data were obtained from the Tangerang City Transportation Agency and the Google Earth assistance program. In addition, toll road plan geometry data was obtained from PT. Jasamarga Kunciran Cengkareng. The data was used to analyze road performance before and after the existence of the toll road and analyze Vehicle Operating Cost (VOC) savings and time value. In addition, to analyze trip assignments to determine the percentage of the trip that move from the existing road to the toll road and analyze the feasibility of Kunciran – Cengkareng Toll Road from an economic and financial aspect. This study used the Smock, Davidson, and diversion curve methods to analyze trip assignments, but in the end, the results from the Davidson and Smock methods were used. This study used Benefit Cost Ratio (BCR) and Net Present Value (NPV) parameters to analyze the feasibility of the economic aspect. While from the financial aspect, this study used the Benefit Cost Ratio (BCR), Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) parameters. The results of the economic feasibility analysis due to existing urban roads, it was obtained a BCR value of 1.391 (BCR>1) and an NPV of IDR 2.465.996.456.295 (NPV> 0), while a result of existing toll roads obtained a BCR value of 1.285 (BCR> 1) and an NPV of IDR 1. 763.186.348.857 (NPV>0). Therefore, it can be concluded that Kunciran – Cengkareng Toll Road was economically and financially feasible.