| Summary: | Less than optimal utilization of the asset can be actually be minimized, by
doing some advance studies using highest and best use analysis and then again it
will be analyzed in cooperation with build operate and transfer analysis. In this
study, analysis of the highest and best use and build operate and transfer analysis
try to use to determine how best to utilization of vacant land owned by the
provincial government of West Nusa Tenggara that was on Jalan Ismail Marzuki.
With reference to the four criteria that must be analyzed, the highest and
best use analysis produced mix-use development ( 3 star hotel, mall with 3 floors,
and the convention center with a capacity of ± 7.000 people) as the highest and
best use. By calculating the cash flow for 30 years, it can be seen that the most
optimal use of which, by comparing the value of net present value (NPV, internal
rate of return, and pay back period for each property use. Meanwhile, based on
analysis buil operate and transfer for use of mix-use development (hotels, malls,
and convention centre), it can be seen that the contribution to the local
government obtained from the contribution of land rent, contribution of building
rent, and contribution of the residual value of the building, while revenue
projections to investors for 30 years is the result of operations after reduced for
contribution to local government.
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