ANALISIS TEKNIS DAN FINANSIAL PROYEK PEMBANGUNAN APARTEMEN U-RESIDENCE 3 KARAWACI, TANGERANG SELATAN.
ABSTRAK
Hestu Prasetya. 2016. Analisis Teknis dan Finansial Proyek Pembangunan Apartemen
U-Residence 3 Karawaci, Tangerang Selatan. Program Studi Teknik Sipil Fakultas
Teknik Universitas Sebelas Maret.
Pembangunan suatu proyek perlu dilakukan studi kelayakan untuk menghindari
keterlanjuran investasi modal. Studi kelayakan yang dilakukan meliputi analisis dari
segi teknis dan segi finansial pembangunan proyek. Salah satu proyek yang
memerlukan perhitungan investasi adalah proyek pembangunan apartemen. Penelitian
ini bertujuan untuk melakukan analisis kelayakan pada proyek Pembangunan
Apartemen U-Residence 3 Karawaci, Tanggerang Selatan.
Penelitian ini dilakukan analisis teknis dan finansial pembangunan proyek. Analisis
dari segi teknis dilakukan dengan menganalisis pemenuhan lahan parkir untuk
penghuni apartemen. Kelayakan segi finansial digunakan dengan analisis aliran kas
proyek dengan 4 jenis parameter kelayakan investasi yaitu Net Present Value (NPV),
Benefit Cost Ratio (BCR), Internal Rate of Return (IRR) dan analisis sensitivitas.
Perubahan parameter untuk analisis sensitivitas yaitu tingkat okupansi, tingkat suku
bunga dan penurunan harga jual unit.
Hasil analisis kelayakan proyek dari segi teknis menunjukkan hasil layak karena telah
tersedia 1329 Satuan Ruang Parkir (SRP) melebihi dari syarat minimal yang
dibutuhkan yaitu 299 Satuan Ruang Parkir (SRP). Analisis dari segi finansial
menunjukkan hasil layak dengan Net Present Value (NPV) sebesar Rp58.481.078.979,
Benefit Cost Ratio (BCR) sebesar 1,10, dan Internal Rate of Return (IRR) 15,98 %
yang lebih besar dari MARR 11,8%. Analisa sensitivitas menunjukkan proyek tidak
layak pada saat tingkat okupansi dibawah 91%, tingkat suku bunga di atas 15,9% dan
harga jual diturunkan lebih dari 10,5% dari harga awal.
Kata kunci : kelayakan, apartemen, finansial, teknis, sensitivitas.
v
ABSTRACT
Hestu Prasetya. 2016. Technical and Financial Analysis of U-Residence 3 Apartment
Construction Project at Karawaci, Tanggerang Selatan. Civil Enginering, Engineering
Faculty, Sebelas Maret University.
Construction of a project needs feasibility study to avoid of capital investment be
wasted. The feasibility study was conducted on Technical and Financial Analysis of
construction project. One of the projects that required investment calculations is
apartment construction project. This research aims to analyzing the feasibility of the
U-Residence 3 Apartment Construction Project at Karawaci, Tanggerang Selatan.
This research consists of technical and financial analysis of construction project. In
terms of technical analysis conducted by analyzing the fulfillment of the parking area
for the residents of the apartment. In terms of financial feasibility using project cash
flow with 4 different types of investment feasibility parameters, that is Net Present
Value (NPV), Benefit Cost Ratio (BCR), Internal Rate of Return (IRR) and sensitivity
analysis. The changes parameters for sensitivity analysis that is occupancy rate,
interest rate and a decrease in unit selling prices.
The result of project feasibility analysis from technical aspect show feasible result
because it has available 1329 parking space unit (SRP) has been excess the minimum
requirements needed which 299 parking space unit (SRP). Result from financial aspect
show feasible result with Net Present Value (NPV) is Rp58.481.078.979, Benefit Cost
Ratio (BCR) is 1,10, and Internal Rate of Return (IRR) is 15,98 % which more than
MARR 11,8%. The sensitivity analysis shows the project is not feasible when the
occupancy rate below 91%, interest rate above 15.9% and lowered the selling price of
more than 10.5% from the initial price.
Keywords : feasibility, apartments, financial, technical, sensitivity.
vi
KATA PENGANTAR
Puji syukur penyusun panjatkan kehadirat Tuhan Yang Maha Esa atas berkat dan
rahmat-Nya sehingga penyusun dapat menyelesaikan penyusunan skripsi dengan judul
”Analisis Teknik dan Finansial Proyek Pembangunan Apartemen U Residence 3
Karawaci Tangerang Selatan” dengan baik.
Dalam penyusunan tugas ini penyusun mendapat bantuan dari berbagai pihak, untuk itu
penyusun mengucapkan terima kasih kepada:
1. Fajar Sri Handayani ST., MT selaku Dosen Pembimbing I.
2. Ir. Sugiyarto, M.T. selaku Dosen Pembimbing II.
3. Bapak dan Ibu Dosen penguji pendadaran dan validasi.
4. Manajemen dan kontraktor Pembangunan U-Residence 3 Karawaci.
5. Mega Astuti K.W selaku rekan skripsi.
6. Semua pihak yang ikut membantu berpartisipasi.
Penulis menyadari adanya keterbatasan dan kekurangan pada skripsi ini, untuk itu
penulis mengharap adanya masukan yang membangun dari pembaca. Akhir kata
semoga skripsi ini bermanfaat bagi penulis dan pembaca umumnya.
Surakarta, Januari 2017
Penyusun
vii
DAFTAR ISI
HALAMAN JUDUL................................................................................................... i
HALAMAN PERSETUJUAN ................................................................................... ii
HALAMAN PENGESAHAN ................................................................................... iii
MOTTO .................................................................................................................... iv
PERSEMBAHAN ...................................................................................................... v
ABSTRAK ................................................................................................................ vi
ABSTRACT ............................................................................................................. vii
KATA PENGANTAR ............................................................................................ viii
DAFTAR ISI ............................................................................................................. ix
DAFTAR TABEL .................................................................................................... xii
DAFTAR GAMBAR .............................................................................................. xiii
DAFTAR LAMPIRAN ........................................................................................... xiv
BAB 1 PENDAHULUAN
1.1
Latar Belakang Masalah ................................................................................1
1.2
Latar Belakang Proyek................................................................................... 2
1.3
Rumusan Masalah ......................................................................................... 2
1.4
Batasan Masalah............................................................................................ 3
1.5
Tujuan Penelitian........................................................................................... 3
1.6
Manfaat Penelitian......................................................................................... 3
1.7
Sistematika Penulisan ................................................................................... 4
BAB 2 TINJAUAN PUSTAKA DAN DASAR TEORI
2.1
Tinjauan Pustaka............................................................................................ 5
2.1.1
Apartemen .................................................................................................... 5
2.1.2
Analisis Segi Teknis...................................................................................... 6
2.1.3
Parkir………………..................................................................................... 6
2.1.4
Satuan Ruang Parkir...................................................................................... 7
2.1.5
Kebutuhan Ruang Parkir Apartemen............................................................. 7
2.1.6
Investasi......................................................................................................... 8
2.1.7
Aliran Kas Proyek (Cash Flow)..................................................................... 9
viii
2.1.8
Pendapatan………….................................................................................... 9
2.1.9
Pengeluaran…………................................................................................... 9
2.1.10 Analisis Segi Finansial.................................................................................. 10
2.1.11 Penetapan Tingkat Minimum Pengembalian................................................. 12
2.1.12 Perbandingan dengan Penelitian Terdahulu...................................................12
2.2
Dasar Teori.................................................................................................... 17
2.2.1
Analisis Segi Teknis...................................................................................... 17
2.2.2
Analisis Segi Finansial................................................................................... 17
2.2.2.1 Rumus Dasar Analisis Finansial.................................................................... 17
2.2.2.2 Analisis Penilaian Investasi........................................................................... 20
BAB 3 METODE PENELITIAN
3.1
Metode Penelitian .......................................................................................... 22
3.2
Lokasi Penelitian ............................................................................................. 22
3.3
Sumber Data..................................................................................................... 23
3.4
Teknik Pengumpulan Data............................................................................... 23
3.4.1 Data Primer .................................................................................................... 23
3.4.2 Data Sekunder ................................................................................................ 23
3.5
Tahap dan Prosedur Penelitian....................................................................... 24
BAB 4 ANALISIS DAN PEMBAHASAN
4.1
Gambaran Umum Proyek................................................................................ 28
4.2
Analisis Teknis Lahan Parkir.......................................................................... 28
4.3
Analisis Finansial............................................................................................ 31
4.3.1. Biaya Investasi................................................................................................ 31
4.3.2. Pendapatan...................................................................................................... 32
4.3.2.1. Penjualan Unit............................................................................................. 32
4.3.2.2. Service Charge............................................................................................ 34
4.3.2.3. Rekapitulasi Pendapatan...................................................... ....................... 34
4.3.3. Pengeluaran.................................................................................................... 36
4.3.3.1. Biaya Operasional........................................................................................ 36
4.3.3.2. Biaya Maintenance dan Replacement.......................................................... 39
4.3.3.3. Rekapitulasi Pengeluaran.............................................................................40
ix
4.3.4. Analisis Aliran Kas.......................................................................................... 41
4.4
Analisis Sensitivitas......................................................................................... 43
4.4.1. Analisis Sensitivitas Okupansi......................................................................... 43
4.4.2. Analisis Sensitivitas Tingkat Suku Bunga....................................................... 45
4.4.3. Analisis Sensitivitas Penurunan Harga Jual Unit Apartemen.......................... 46
BAB 5 KESIMPULAN DAN SARAN
5.1
Kesimpulan....................................................................................................... 47
5.2
Saran................................................................................................................. 47
PENUTUP .................................................................................................................. 48
DAFTAR PUSTAKA ................................................................................................ 49
x
DAFTAR TABEL
Tabel 2.1 Satuan Ruang Parkir.................................................................... ..
Tabel 2.2 Rekapitulasi Penelitian Terdahulu............................................... 13
Tabel 4.1 Ketersediaan Parkir di Lapangan................................................ 29
Tabel 4.2 Unit Apartemen dan Luas Tiap Unit........................................... 30
Tabel 4.3 Analisis Kebutuhan SRP............................................................. 31
Tabel 4.4 Biaya Investasi Apartemeamn U-Residence 3............................ 32
Tabel 4.5 Rencana Penjualan Apartemen Unit U-Residence 3................... 33
Tabel 4.6 Rekapitulasi Pendapatan Unit U-Residence 3............................. 35
Tabel 4.7 Gaji Building Management per Tahun........................................ 36
Tabel 4.8 Gaji Building Management Selama Masa Investasi................... 37
Tabel 4.9 Biaya Air per Tahun.................................................................... 38
Tabel 4.10 Biaya Listrik per Tahun............................................................... 39
Tabel 4.11 Biaya Maintenance dan Replacement......................................... 40
Tabel 4.12 Rakapitulasi Biaya Pengeluaran.................................................. 41
Tabel 4.13 Bunga Deposito Bank di Indonesia…........................................ 42
Tabel 4.14 Analisis Sensitivitas Okupansi Terhadap NPV........................... 43
Tabel 4.15 Analisis Sensitivitas Tingkat Suku Bunga Terhadap NPV......... 44
Tabel 4.16 Analisis Sensitivitas Harga Jual Unit Terhadap NPV............... .. 45
xi
7
DAFTAR GAMBAR
Gambar 3.1 Lokasi Penelitian..................................................................................23
Gambar 3.2 Diagram Alir Penelitian.......................................................................27
Gambar4.1 Grafik Analisis Sensitivitas Okupansi Terhadap NPV...........................44
Gambar4.2 Grafik Analisis Sensitivitas Discount Rate Terhadap NPV...................45
Gambar4.3 Grafik Analisis Sensitivitas Harga Jual Unit Terhadap NPV.................46
xii
DAFTAR LAMPIRAN
Lampiran A………………….........................................................................53
Lampiran B…………………......................................................................... 54
Lampiran C…………………......................................................................... 55
xiii
DAFTAR NOTASI
BCR
NPV
IRR
MARR
F
P
i
n
A
Bt
Ct
t
I1
I2
NPV 1
NPV 1
MARRequity
Benefit Cost Ratio
Net Present Value
Internal Rate of Return
Minimum Attractive Rate of Return
Nilai di masa datang
Nilai di masa sekarang
Discount Rate
Tahun perhitungan aliran kas
Nilai pembayaran tiap tahun
Total Benefit Proyek
Total Cost Proyek
Umur proyek
Suku bunga rendah
Suku bunga tinggi
NPV suku bunga rendah
NPV suku bunga tinggi
Safe rate ditambah Risiko Investasi
xiv
Hestu Prasetya. 2016. Analisis Teknis dan Finansial Proyek Pembangunan Apartemen
U-Residence 3 Karawaci, Tangerang Selatan. Program Studi Teknik Sipil Fakultas
Teknik Universitas Sebelas Maret.
Pembangunan suatu proyek perlu dilakukan studi kelayakan untuk menghindari
keterlanjuran investasi modal. Studi kelayakan yang dilakukan meliputi analisis dari
segi teknis dan segi finansial pembangunan proyek. Salah satu proyek yang
memerlukan perhitungan investasi adalah proyek pembangunan apartemen. Penelitian
ini bertujuan untuk melakukan analisis kelayakan pada proyek Pembangunan
Apartemen U-Residence 3 Karawaci, Tanggerang Selatan.
Penelitian ini dilakukan analisis teknis dan finansial pembangunan proyek. Analisis
dari segi teknis dilakukan dengan menganalisis pemenuhan lahan parkir untuk
penghuni apartemen. Kelayakan segi finansial digunakan dengan analisis aliran kas
proyek dengan 4 jenis parameter kelayakan investasi yaitu Net Present Value (NPV),
Benefit Cost Ratio (BCR), Internal Rate of Return (IRR) dan analisis sensitivitas.
Perubahan parameter untuk analisis sensitivitas yaitu tingkat okupansi, tingkat suku
bunga dan penurunan harga jual unit.
Hasil analisis kelayakan proyek dari segi teknis menunjukkan hasil layak karena telah
tersedia 1329 Satuan Ruang Parkir (SRP) melebihi dari syarat minimal yang
dibutuhkan yaitu 299 Satuan Ruang Parkir (SRP). Analisis dari segi finansial
menunjukkan hasil layak dengan Net Present Value (NPV) sebesar Rp58.481.078.979,
Benefit Cost Ratio (BCR) sebesar 1,10, dan Internal Rate of Return (IRR) 15,98 %
yang lebih besar dari MARR 11,8%. Analisa sensitivitas menunjukkan proyek tidak
layak pada saat tingkat okupansi dibawah 91%, tingkat suku bunga di atas 15,9% dan
harga jual diturunkan lebih dari 10,5% dari harga awal.
Kata kunci : kelayakan, apartemen, finansial, teknis, sensitivitas.
v
ABSTRACT
Hestu Prasetya. 2016. Technical and Financial Analysis of U-Residence 3 Apartment
Construction Project at Karawaci, Tanggerang Selatan. Civil Enginering, Engineering
Faculty, Sebelas Maret University.
Construction of a project needs feasibility study to avoid of capital investment be
wasted. The feasibility study was conducted on Technical and Financial Analysis of
construction project. One of the projects that required investment calculations is
apartment construction project. This research aims to analyzing the feasibility of the
U-Residence 3 Apartment Construction Project at Karawaci, Tanggerang Selatan.
This research consists of technical and financial analysis of construction project. In
terms of technical analysis conducted by analyzing the fulfillment of the parking area
for the residents of the apartment. In terms of financial feasibility using project cash
flow with 4 different types of investment feasibility parameters, that is Net Present
Value (NPV), Benefit Cost Ratio (BCR), Internal Rate of Return (IRR) and sensitivity
analysis. The changes parameters for sensitivity analysis that is occupancy rate,
interest rate and a decrease in unit selling prices.
The result of project feasibility analysis from technical aspect show feasible result
because it has available 1329 parking space unit (SRP) has been excess the minimum
requirements needed which 299 parking space unit (SRP). Result from financial aspect
show feasible result with Net Present Value (NPV) is Rp58.481.078.979, Benefit Cost
Ratio (BCR) is 1,10, and Internal Rate of Return (IRR) is 15,98 % which more than
MARR 11,8%. The sensitivity analysis shows the project is not feasible when the
occupancy rate below 91%, interest rate above 15.9% and lowered the selling price of
more than 10.5% from the initial price.
Keywords : feasibility, apartments, financial, technical, sensitivity.
vi
KATA PENGANTAR
Puji syukur penyusun panjatkan kehadirat Tuhan Yang Maha Esa atas berkat dan
rahmat-Nya sehingga penyusun dapat menyelesaikan penyusunan skripsi dengan judul
”Analisis Teknik dan Finansial Proyek Pembangunan Apartemen U Residence 3
Karawaci Tangerang Selatan” dengan baik.
Dalam penyusunan tugas ini penyusun mendapat bantuan dari berbagai pihak, untuk itu
penyusun mengucapkan terima kasih kepada:
1. Fajar Sri Handayani ST., MT selaku Dosen Pembimbing I.
2. Ir. Sugiyarto, M.T. selaku Dosen Pembimbing II.
3. Bapak dan Ibu Dosen penguji pendadaran dan validasi.
4. Manajemen dan kontraktor Pembangunan U-Residence 3 Karawaci.
5. Mega Astuti K.W selaku rekan skripsi.
6. Semua pihak yang ikut membantu berpartisipasi.
Penulis menyadari adanya keterbatasan dan kekurangan pada skripsi ini, untuk itu
penulis mengharap adanya masukan yang membangun dari pembaca. Akhir kata
semoga skripsi ini bermanfaat bagi penulis dan pembaca umumnya.
Surakarta, Januari 2017
Penyusun
vii
DAFTAR ISI
HALAMAN JUDUL................................................................................................... i
HALAMAN PERSETUJUAN ................................................................................... ii
HALAMAN PENGESAHAN ................................................................................... iii
MOTTO .................................................................................................................... iv
PERSEMBAHAN ...................................................................................................... v
ABSTRAK ................................................................................................................ vi
ABSTRACT ............................................................................................................. vii
KATA PENGANTAR ............................................................................................ viii
DAFTAR ISI ............................................................................................................. ix
DAFTAR TABEL .................................................................................................... xii
DAFTAR GAMBAR .............................................................................................. xiii
DAFTAR LAMPIRAN ........................................................................................... xiv
BAB 1 PENDAHULUAN
1.1
Latar Belakang Masalah ................................................................................1
1.2
Latar Belakang Proyek................................................................................... 2
1.3
Rumusan Masalah ......................................................................................... 2
1.4
Batasan Masalah............................................................................................ 3
1.5
Tujuan Penelitian........................................................................................... 3
1.6
Manfaat Penelitian......................................................................................... 3
1.7
Sistematika Penulisan ................................................................................... 4
BAB 2 TINJAUAN PUSTAKA DAN DASAR TEORI
2.1
Tinjauan Pustaka............................................................................................ 5
2.1.1
Apartemen .................................................................................................... 5
2.1.2
Analisis Segi Teknis...................................................................................... 6
2.1.3
Parkir………………..................................................................................... 6
2.1.4
Satuan Ruang Parkir...................................................................................... 7
2.1.5
Kebutuhan Ruang Parkir Apartemen............................................................. 7
2.1.6
Investasi......................................................................................................... 8
2.1.7
Aliran Kas Proyek (Cash Flow)..................................................................... 9
viii
2.1.8
Pendapatan………….................................................................................... 9
2.1.9
Pengeluaran…………................................................................................... 9
2.1.10 Analisis Segi Finansial.................................................................................. 10
2.1.11 Penetapan Tingkat Minimum Pengembalian................................................. 12
2.1.12 Perbandingan dengan Penelitian Terdahulu...................................................12
2.2
Dasar Teori.................................................................................................... 17
2.2.1
Analisis Segi Teknis...................................................................................... 17
2.2.2
Analisis Segi Finansial................................................................................... 17
2.2.2.1 Rumus Dasar Analisis Finansial.................................................................... 17
2.2.2.2 Analisis Penilaian Investasi........................................................................... 20
BAB 3 METODE PENELITIAN
3.1
Metode Penelitian .......................................................................................... 22
3.2
Lokasi Penelitian ............................................................................................. 22
3.3
Sumber Data..................................................................................................... 23
3.4
Teknik Pengumpulan Data............................................................................... 23
3.4.1 Data Primer .................................................................................................... 23
3.4.2 Data Sekunder ................................................................................................ 23
3.5
Tahap dan Prosedur Penelitian....................................................................... 24
BAB 4 ANALISIS DAN PEMBAHASAN
4.1
Gambaran Umum Proyek................................................................................ 28
4.2
Analisis Teknis Lahan Parkir.......................................................................... 28
4.3
Analisis Finansial............................................................................................ 31
4.3.1. Biaya Investasi................................................................................................ 31
4.3.2. Pendapatan...................................................................................................... 32
4.3.2.1. Penjualan Unit............................................................................................. 32
4.3.2.2. Service Charge............................................................................................ 34
4.3.2.3. Rekapitulasi Pendapatan...................................................... ....................... 34
4.3.3. Pengeluaran.................................................................................................... 36
4.3.3.1. Biaya Operasional........................................................................................ 36
4.3.3.2. Biaya Maintenance dan Replacement.......................................................... 39
4.3.3.3. Rekapitulasi Pengeluaran.............................................................................40
ix
4.3.4. Analisis Aliran Kas.......................................................................................... 41
4.4
Analisis Sensitivitas......................................................................................... 43
4.4.1. Analisis Sensitivitas Okupansi......................................................................... 43
4.4.2. Analisis Sensitivitas Tingkat Suku Bunga....................................................... 45
4.4.3. Analisis Sensitivitas Penurunan Harga Jual Unit Apartemen.......................... 46
BAB 5 KESIMPULAN DAN SARAN
5.1
Kesimpulan....................................................................................................... 47
5.2
Saran................................................................................................................. 47
PENUTUP .................................................................................................................. 48
DAFTAR PUSTAKA ................................................................................................ 49
x
DAFTAR TABEL
Tabel 2.1 Satuan Ruang Parkir.................................................................... ..
Tabel 2.2 Rekapitulasi Penelitian Terdahulu............................................... 13
Tabel 4.1 Ketersediaan Parkir di Lapangan................................................ 29
Tabel 4.2 Unit Apartemen dan Luas Tiap Unit........................................... 30
Tabel 4.3 Analisis Kebutuhan SRP............................................................. 31
Tabel 4.4 Biaya Investasi Apartemeamn U-Residence 3............................ 32
Tabel 4.5 Rencana Penjualan Apartemen Unit U-Residence 3................... 33
Tabel 4.6 Rekapitulasi Pendapatan Unit U-Residence 3............................. 35
Tabel 4.7 Gaji Building Management per Tahun........................................ 36
Tabel 4.8 Gaji Building Management Selama Masa Investasi................... 37
Tabel 4.9 Biaya Air per Tahun.................................................................... 38
Tabel 4.10 Biaya Listrik per Tahun............................................................... 39
Tabel 4.11 Biaya Maintenance dan Replacement......................................... 40
Tabel 4.12 Rakapitulasi Biaya Pengeluaran.................................................. 41
Tabel 4.13 Bunga Deposito Bank di Indonesia…........................................ 42
Tabel 4.14 Analisis Sensitivitas Okupansi Terhadap NPV........................... 43
Tabel 4.15 Analisis Sensitivitas Tingkat Suku Bunga Terhadap NPV......... 44
Tabel 4.16 Analisis Sensitivitas Harga Jual Unit Terhadap NPV............... .. 45
xi
7
DAFTAR GAMBAR
Gambar 3.1 Lokasi Penelitian..................................................................................23
Gambar 3.2 Diagram Alir Penelitian.......................................................................27
Gambar4.1 Grafik Analisis Sensitivitas Okupansi Terhadap NPV...........................44
Gambar4.2 Grafik Analisis Sensitivitas Discount Rate Terhadap NPV...................45
Gambar4.3 Grafik Analisis Sensitivitas Harga Jual Unit Terhadap NPV.................46
xii
DAFTAR LAMPIRAN
Lampiran A………………….........................................................................53
Lampiran B…………………......................................................................... 54
Lampiran C…………………......................................................................... 55
xiii
DAFTAR NOTASI
BCR
NPV
IRR
MARR
F
P
i
n
A
Bt
Ct
t
I1
I2
NPV 1
NPV 1
MARRequity
Benefit Cost Ratio
Net Present Value
Internal Rate of Return
Minimum Attractive Rate of Return
Nilai di masa datang
Nilai di masa sekarang
Discount Rate
Tahun perhitungan aliran kas
Nilai pembayaran tiap tahun
Total Benefit Proyek
Total Cost Proyek
Umur proyek
Suku bunga rendah
Suku bunga tinggi
NPV suku bunga rendah
NPV suku bunga tinggi
Safe rate ditambah Risiko Investasi
xiv