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"Pulau Sumatera merupakan lokomotif perkembangan perekonomian Indonesia pada wilayah barat, sehingga berkembangnya perekonomian di Pulau Sumatera menjadi salah satu syarat keberlanjutan perekonomian di Indonesia bagian barat dan perekonomian Indonesia pada umumnya. Oleh karena itu, bila pembangunan di Pulau Sumatera mengalami stagnasi, maka perkembangan daerah-daerah di sekitarnya pun akan terhambat. Guna_meningkatkan kelancaran pergerakan barang dan orang serta distribusi di Pulau Sumatera, pemerintah pusat mendorong pembangunan Jalan Tol Trans Sumatera (“JTTS”). Dalam pelaksanaannya, pengusahaan JTTS ini ditugaskan kepada PT Hutama Karya (Persero) (“HK”) melalui Peraturan Presiden. Namun secara finansial JTTS belum layak, sehingga beroperasinya 5 (lima) ruas JTTS berdampak pada menurunnya kinerja HK dikarenakan besarnya beban bunga yang harus ditanggung perseroan. Salah satu solusi yang dapat dilakukan adalah dilakukan asset recycle atau pelepasan aset (divestasi) atas JTTS yang telah beroperasi. Valuasi dengan metode real option memperhatikan fleksibilitas arus kas atas volatility bisnis jalan tol dalam kurun waktu tertentu yang dinyatakan dalam binomial step nodes. Dengan batasan bahwa nilai divestasi minimal 1 (satu) kali dibandingkan dengan nilai yang telah diinvestasikan oleh perseroan (par value), option to wait dapat membantu manajemen dalam pengambilan keputusan divestasi ruas operasi secara bersamaan pada kurun waktu tertentu hingga mencapai minimal par value.

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The Sumatra island is a locomotive for the development of the Indonesian economy in the western region, so that economic development on the Sumatra island is one of the conditions for economic sustainability in western Indonesia and the Indonesian economy in general. Therefore, if development on the Sumatra stagnates, the development of the surrounding areas will also be hampered. In order to improve the smooth movement of goods and people as well as distribution on the Sumatra island, Indonesia government is initiate for the construction of the Trans Sumatra Toll Road ("JTTS"). In practice, this JTTS concession was assigned to PT Hutama Karya (Persero) (“HK”) through a Presidential Regulation. However, financially JTTS is not yet feasible, so the operation of 5 (five) JTTS segments has an impact on the decline in HK's performance due to the large interest expense that must be borne by the company. One solution that can be done is to do asset recycling or divestment of JTTS assets that are already operating. Valuation using the real option method takes into account the flexibility of cash flows over the volatility of the toll road business within a certain period of time expressed in binomial step nodes. With the limitation that the divestment value is at least 1 (one) time compared to the value that has been invested by the company (par value), the option to wait can assist management in making decisions on divestment of operating segments simultaneously in a certain period of time until it reaches a minimum par value. "

"[Trans Sumatera dengan Pendekatan Value Engineering.Perencanaan proyek infrastruktur JTTS menghabiskan investasi sebesar Rp 340 Triliun. Investasi sebesar itu hanya membangun Jalan Tol konvensional yaitu kendaraan golongan 1 sampai 5, seharusnya besarnya investasi tersebut mendapat nilai tambah multi fungsi. Untuk mendapatkan nilai tambah, metode rekayasa nilai (value engineering) mengidentifikasi fungsi-fungsi, menciptakan gagasan kreatif dan inovatif. Pengembangan fungsi dasar dari JTTS sebagai fungsi transportasi golongan 1 sampai 5 diawali dengan pendekatan ranking PDRB dan jumlah penduduk, pengembangan wilayah Sumatera dengan location quotient, ditambah dengan fungsi pariwisata, telekomunikasi fiber optic, integrasi median tol dengan kereta api, integrasi jalur sepeda motor, integrasi dengan pelabuhan sungai, perkebunan karet, integrasi pipa migas serta service dan rest area. Dengan adanya penambahan fungsi tersebut dapat menambah manfaat proyek infrastruktur Jalan Tol Trans Sumatera.

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Planning JTTS Infrastructure project require investment Rp 340 trilion. Investment of the Toll Road just build conventional vehicle classes 1 to 5, the

magnitude of the investment should have the value added multi function.. In order to reach a goal to have additional value, using value engineering to identify

functions, creating creative and innovative ideas. Developing basic functions of JTTS as transportation functions from level 1 up to 5 begins ranking GDP and

total inhabitant, then to the development Sumatera of the location quotient and coupled with additional value of tourism function, fiber-optic telecommunication, toll road median integration with train, motorcycle integration pathway, integration with dryport, rubber plantation, integration oil & gas pipeline, service and rest area. With addition of several functions, it is to have increase the benefits of JTTS Infrastructure project.;Planning JTTS Infrastructure project require investment Rp 340 trilion.

Investment of the Toll Road just build conventional vehicle classes 1 to 5, the magnitude of the investment should have the value added multi function. In order

to reach a goal to have additional value, using value engineering to identify functions, creating creative and innovative ideas. Developing basic functions of JTTS as transportation functions from level 1 up to 5 begins ranking GDP and total inhabitant, then to the development Sumatera of the location quotient and coupled with additional value of tourism function, fiber-optic telecommunication, toll road median integration with train, motorcycle integration pathway, integration with dryport, rubber plantation, integration oil & gas pipeline, service and rest area. With addition of several functions, it is to have increase the benefits

of JTTS Infrastructure project.;Planning JTTS Infrastructure project require investment Rp 340 trilion.

Investment of the Toll Road just build conventional vehicle classes 1 to 5, the

magnitude of the investment should have the value added multi function.. In order

to reach a goal to have additional value, using value engineering to identify

functions, creating creative and innovative ideas. Developing basic functions of

JTTS as transportation functions from level 1 up to 5 begins ranking GDP and

total inhabitant, then to the development Sumatera of the location quotient and

coupled with additional value of tourism function, fiber-optic telecommunication,

toll road median integration with train, motorcycle integration pathway,

integration with dryport, rubber plantation, integration oil & gas pipeline, service

and rest area. With addition of several functions, it is to have increase the benefits

of JTTS Infrastructure project., Planning JTTS Infrastructure project require investment Rp 340 trilion.

Investment of the Toll Road just build conventional vehicle classes 1 to 5, the

magnitude of the investment should have the value added multi function.. In order

to reach a goal to have additional value, using value engineering to identify

functions, creating creative and innovative ideas. Developing basic functions of

JTTS as transportation functions from level 1 up to 5 begins ranking GDP and

total inhabitant, then to the development Sumatera of the location quotient and

coupled with additional value of tourism function, fiber-optic telecommunication,

toll road median integration with train, motorcycle integration pathway,

integration with dryport, rubber plantation, integration oil & gas pipeline, service

and rest area. With addition of several functions, it is to have increase the benefits

of JTTS Infrastructure project.]"

"Penelitian ini memiliki tujuan untuk menganalisis bagaimana dampak pembangunan jalan tol trans-Sumatera terhadap pertumbuhan ekonomi di Provinsi Lampung. Dengan menggunakan data dari 15 kabupaten/kota di Provinsi Lampung dalam rentang waktu 2012 – 2021 serta metode analisis Difference in Difference (DiD), hasil penelitian menunjukkan bahwa jalan tol trans-Sumatera berpengaruh positif signifikan terhadap pertumbuhan ekonomi kabupaten/kota di Provinsi Lampung. Lebih lanjut, dampak dari jalan tol tersebut lebih tinggi di kabupaten/kota yang dilalui oleh jalan tol dibanding di kabupaten/kota yang tidak dilalui oleh jalan tol. Selain itu, hasil penelitian juga menunjukkan bahwa saat jalan tol sudah beroperasi, dampaknya lebih tinggi dibanding saat jalan tol masih dalam tahap konstruksi.

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This study aims to analyze the impact of the construction of the trans-Sumatera toll road on economic growth in Lampung Province. Using data from 15 regencies in Lampung Province during 2012 – 2021 and the Difference in Difference (DiD) analysis method, the results of the study show that the trans-Sumatera toll road has a significant positive effect on the economic growth of regencies in Lampung Province. Furthermore, the impact of these toll roads is higher in regencies that are traversed by toll roads than regencies that are not traversed by toll roads. In addition, the results of the study also indicate that the impact of the toll road is higher when it is already operational, compared to when it is still in the construction phase."

"ABSTRAKProyek infrastruktur Jalan Tol Trans Sumatera (JTTS) direncanakan membentangdari Bakauheni-Banda Aceh dengan perkiraan investasi sebesar Rp290 Triliun.Studi rekayasa nilai tambah dilakukan pada proyek JTTS dengan menambahkanenam fungsi, yaitu integrasi jalur sepeda motor, pengembangan rest area, integrasidry port, integrasi kereta median tol, pengembangan area periwisata danpenambahan jaringan fiber optik. Penelitian bertujuan untuk mengetahui kelayakanfinansial dari rekayasa fungsi tambah proyek JTTS. Analisis kelayakan dilakukanmenggunakan pendekatan sistem dinamik terhadap tiga skenario tarif. Dari hasilpenelitian didapatkan hasil Internal Rate of Return untuk ketiga skenario tarif, yaitu8.28%, 12.71% dan 13.77%.

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ABSTRACTInfrastructure project of Trans Sumatra Toll Road (JTTS) are planned stretch fromBakauheni to Banda Aceh with an estimated investment of IDR 290 Trillion. ValueEngineering studies have been done on the project JTTS by adding six additionalfunctions, that are integration of the motor bike paths, rest area development,integration of the dry port, rail way integration on median toll, development oftourism areas, and integration of fiber optic networks . The study aims to determinethe financial feasibility of the additional functions JTTS. The feasibility analysis isperformed using a dynamic systems approach to the three tariff scenarios. The studygot the results that Internal Rate of Return for the three tariff scenarios are 8.28%,12.71% and 13.77%.;"

"Berdasarkan data RPJMN tahun 2015-2019, realisasi pembangunan infrastruktur jalan tol di Indonesia mengalami keterlambatan sebesar 49% atau sepanjang 904 km dari rencana total. Salah satu penyebab keterlambatan adalah akibat dari faktor kelembagaan. Studi kasus pada penelitian ini adalah Pembangunan Jalan Tol Trans Sumatera (JTTS). Tujuan dari penelitian ini adalah untuk mengevaluasi serta melakukan pengembangan fungsi kelembagaan pada Pembangunan JTTS berdasarkan risiko yang paling dominan. Analisis risiko dilakukan berdasarkan fungsi, peran, tugas, dan tanggung jawab dari setiap stakeholder yang dilakukan pada Tahap Pendanaan, Tahap Perencanaan Teknik, dan Tahap Pelaksanaan Konstruksi. Penelitian ini dilaksanakan dengan mengumpulkan data melalui survei kuesioner, selanjutnya diolah menggunakan metode statistik yaitu uji homogenitas, uji kecukupan data, uji validitas, dan uji reliabilitas, serta dilanjutkan dengan penilaian risiko menggunakan matriks risiko. Hasil dari analisis didapatkan 28 risiko yang paling dominan dari 20 stakeholder yang ada pada JTTS. Pengembangan fungsi kelembagaan dilakukan dengan merubah sistem pendanaan yang semula menggunakan pendanaan perusahaan (corporate finance) menjadi pendanaan proyek (project finance). Sehingga, dalam melaksanakan Pembangunan JTTS digunakan pendanaan yang didapatkan dari sponsor/investor. Sedangkan, anggaran Pemerintah dapat lebih difokuskan untuk membiayai pembebasan lahan.

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Based on the 2015-2019 RPJMN data, the realization of toll road infrastructure development in Indonesia experienced a delay of 49% or 904 km of the total plan. One of the causes of delays is the result of institutional factors. The case study in this research is the construction of the Trans Sumatra Toll Road (JTTS). The purpose of this study is to evaluate and develop institutional functions in JTTS development based on the most dominant risk. Risk analysis is carried out based on the functions, roles, duties, and responsibilities of each stakeholder which is carried out at the Funding Stage, Technical Planning Stage, and Construction Implementation Stage. This research was conducted by collecting data through a questionnaire survey, then processed using statistical methods, namely homogeneity test, data adequacy test, validity test, and reliability test, and continued with risk assessment using a risk matrix. The results of the analysis are 28 of the most dominant risks of the 20 stakeholders in JTTS. The development of institutional functions is carried out by changing the funding system which originally used corporate finance to become project finance. Thus, in carrying out the JTTS development, funding obtained from sponsors/investors is used. Meanwhile, the Government's budget can be more focused on financing the land acquisition."

"ABSTRAKBiaya investasi yang tinggi untuk proyek infrastruktur termasuk jalan tol membuat pemerintah mencari skema pendanaan baru dengan tidak membebankan seluruh anggaran pembangunan jalan dari APBN. Oleh karena itu, diperlukan alternatif skema pendanaan untuk mendanai dan mengembangkan jalan tol di Indonesia terutama pada Jalan Tol Trans Sumatera JTTS . Terdapat skema pendanaan baru untuk dapat menjawab permasalahan tersebut, yaitu skema pendanaan Deep Discount Bond DDB dapat diimplementasikan di Indonesia, dan berpotensi positif bagi pembangunan jalan tol di Indonesia. Skema pendanaan baru dapat menimbulkan permasalahan baru, namun untuk memastikan skema tersebut dapat diterapkan, model kelembagaan diperlukan untuk mengatur keterlibatan para stakeholder. Penelitian ini memiliki tiga tujuan, yaitu mengidentifikasi stakeholder yang terlibat dalam skema pendanaan DDB; mengidentifikasi faktor kesuksesan model kelembagaan DDB; dan menentukan model kelembagaan pendanaan DDB untuk JTTS. Dalam metodologi penelitian ini, pengumpulan data dilakukan dengan in-depth interview dengan tiga tahapan, dan dianalisis dengan menggunakan Relative Importance Index dan Analisa Multi Kriteria. Hasilnya, sepuluh stakeholder telah diidentifikasi berserta perannya, didapatkan sepuluh faktor kesuksesan kelembagaan dan diperoleh model kelembagaan untuk dapat mengimplementasikan skema pendanaan DDB untuk JTTS.

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ABSTRACTHigh investment for infrastructure projects including toll road makes government seek new funding scheme without charging the entire budget of road construction from the State Budget. Therefore, an alternative funding scheme is needed to attract investors to fund and to develop toll road in Indonesia especially at Trans Sumatera Toll Road TSTR . There is new funding to answer that problem, the Deep Discount Bond DDB funding scheme can be implemented in Indonesia, and potentially positive for development of toll road in Indonesia. New funding scheme can address new issue, but to ensure the scheme can be implemented, institutional model is needed to regulate the involvement of the stakeholders. This research has three aims i.e. identify the stakeholders involved in providing DDB funding schemes identify the success factors for DDB institutional model and determine appropriate institutional model for DDB funding scheme for TSTR. In this research methodology, collection data with in depth interview with three phase and analyzed with Relative Importance Index and Multi Criteria Analysis. For the result, ten stakeholders have identified with their roles, ten institutional success factors and obtained institutional funding model to implement DDB for TSTR."

"ABSTRAKRencana pembangunan Jalan Tol Trans Sumatera mengalami permasalahan dalam hal kesenjangan pendanaan. Skema land lease diajukan dalam penelitian sebagai model pendanaan alternatif. Penelitian difokuskan pada pengembangan kebijakan land lease pada proyek jalan tol. Penelitian terdiri dari tiga research question. Pengumpulan data dilakukan dengan in-depth interview yang dilakukan dua tahap. Metode analisis data yang digunakan untuk dalam penelitian ini adalah Social Network Analysis SNA dan Soft System Methodology SSM . Hasil penelitian menyimpulkan bahwa diperlukan pembentukan Peraturan Pemerintah yang mengatur tentang pendanaan land lease, dan didukung dengan transformasi fungsi dan kelembagaan Lembaga Manajemen Aset Negara LMAN dalam fungsi mengelola pendanaan land lease.

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ABSTRACTThe development of Trans Sumatera Toll Road is experiencing problems with the financial gap. The land lease scheme was proposed in the study as an alternative funding model. The study focused on land lease policy development on toll road projects. The study consisted of three research questions. The data was collected by in depth interview conducted in two stages. Data analysis methods used for this research are Social Network Analysis SNA and Soft System Methodology SSM . The result of the research concludes that it is necessary to establish a Government Regulation PP governing land lease funding, and supported by transformation of function and institutional of State Asset Management Institution LMAN in the function of managing land lease funding."

"Mendorong proses percepatan proyek strategis nasional, beberapa ruas proyek jalan tol Trans Sumatera menggunakan metode kontrak rancang bangun yang memadukan beberapa tahapan menjadi proses paralel yang diharapkan dapat mempersingkat waktu konstruksi. Namun pada pelaksanaannya, masih ditemukan fenomena keterlambatan proyek dari waktu yang telah disetujui pada kontrak awal yang dapat menyebabkan pembengkakan biaya serta hilangnya peluang untuk mengerjakan proyek lain. Oleh karena itu, diperlukan proses pengendalian yang baik sebagai salah satu fungsi dari kegiatan manajemen konstruksi untuk meminimalisasi segala penyimpangan yang dapat terjadi selama proses berlangsungnya proyek. Penelitian ini menggunakan pendekatan Project Management Body of Knowledge (PMBOK) 6th Edition. Studi literatur dilakukan untuk penyusunan variabel, lalu dilakukan validasi pakar, pilot survey, penyebaran kuesioner utama kepada responden, kemudian dievaluasi dengan analisa komparatif, deskriptif, uji validitas dan reliabilitas, korelasi, analisa faktor dan regresi linier. Diperoleh tiga faktor risiko yang paling signifikan yaitu: kurangnya pengendalian terhadap persiapan proyek termasuk pembebasan lahan, pengadaan material dan alat serta perizinan menyebabkan realisasi pekerjaan yang tidak sesuai ; kurangnya kejelasan dan kelengkapan dokumen pelaksanaan sehingga terdapat ketidaksesuaian dengan kondisi riil ; serta data perencanaan yang kurang akurat serta perubahan desain yang cukup sering ditengah pekerjaan. Dari persamaan regresi, terlihat faktor risiko berkorelasi dengan kinerja waktu dan faktor risiko menurunkan kinerja waktu.

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Encouraging the process of accelerating national strategic projects, several sections of the Trans Sumatra toll road project use a design and build contract method that combines several stages into a parallel process which is expected to shorten construction time. However, in practice, there is still a phenomenon of project delays from the time agreed upon in the initial contract which can lead to cost overruns and lost opportunities to work on other projects. Therefore, a good control process is needed as a function of construction management activities to minimize any deviations that can occur during the project process. This study uses the Project Management Body of Knowledge (PMBOK) 6th Edition approach. Literature study was carried out for the preparation of variables, then expert validation, pilot survey, distribution of the main questionnaire to respondents were carried out, then evaluated by comparative, descriptive analysis, validity and reliability testing, correlation, factor analysis and linear regression. The three most significant risk factors were obtained, namely: lack of control over project preparation including land acquisition, procurement of materials and tools and permits leading to inappropriate work realization; lack of clarity and completeness of implementation documents so that there are discrepancies with real conditions; and less accurate planning data and frequent design changes in the middle of work. From the regression equation, it can be seen that risk factors correlate with time performance and risk factors decrease time performance."

"Penelitian ini menggunakan pendekatan RIMS Risk Maturity Model 2022 yang bertujuan untuk mengevaluasi tingkat maturitas risiko pada PT X yang merupakan Badan Usaha Milik Negara sektor konstruksi dalam menjalankan penugasan pemerintah proyek investasi Jalan Tol Trans Sumatera. Investasi Proyek Jalan Tol Trans Sumatera dikategorikan dalam risiko tinggi karena dinilai memiliki kelayakan investasi yang rendah. Penelitian ini memiliki kontribusi untuk memahami lebih jauh bagaimana perusahaan dalam mengelola risiko dengan kondisi model bisnis yang berbeda (non-profit). Penelitian ini merupakan penelitian kualitatif menggunakan metode studi kasus single unit analysis (embedded) dengan metode pengumpulan data triangulasi yang menggunakan instrumen penelitian wawancara, dokumentasi dan observasi. Descriptive Qualitative Analysis digunakan sebagai metode dalam menganalisis data. Hasil penilaian Tingkat Maturitas Risiko secara keseluruhan mendapatkan nilai 3.76 dari skala tertinggi 5, berada pada tingkat Tier-3 yang berarti organisasi memiliki kemampuan dalam proses yang berulang (repeatable) dalam penerapan manajemen risiko. Hasil penelitian ini memberikan rekomendasi yang relevan dalam rangka perbaikan dan peningkatan penerapan manajemen risiko di perusahaan.

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This study uses the RIMS Risk Maturity Model 2022 in a bid to evaluate the level of risk maturity at PT X, a state-owned enterprise in the construction sector, in carrying out a government-assigned investment project for the Trans Sumatra Toll Road. The Trans Sumatra Toll Road investment project is categorised as high risk due to its perceived low investment feasibility. This study contributes to a deeper understanding of how the company manages risks under a different business model (non-profit). The qualitative research employs a single unit analysis (embedded) case study method with data triangulation using data collected through research instruments including interviews, documentation, and observation. Descriptive qualitative analysis is employed as the data analysis method. The Risk Maturity Level assessment produced an overall score of 3.76 out of a maximum score of 5. This places the company in Tier 3 and indicates that it has repeatable risk management processes. The findings of this research provide relevant recommendations for the improvement and enhancement of risk management implementation in the company."

"ABSTRAKSalah satu aktifitas prekonstruksi jalan tol yang sangat penting adalah Right of Way RoW acquisition atau pembebasan lahan. Keterlambatan dalam melakukan hal tersebut dapat menimbulkan delays dan conflicts proyek. Salah satu faktor yang menghambat kegiatan ini adalah adanya keterbatasan dana proyek sehingga dibutuhkan adanya suatu pembiayaan baru yang dapat menyediakan dana secara khusus untuk pembebasan lahan ini, yaitu skema pembiayaan Land Lease. Implementasi Land Lease di Indonesia belum pernah dilakukan sehingga dibutuhkan suatu kelembagaan yang efektif dan efesien agar mendukung keberhasilan proyek. Pengembangan model kelembagaan ini dilakukan dengan metode Multi Criteria Decision Analysis untuk memilih 1 dari beberapa model kelembagaan yang paling baik. Hasil penelitian didapatkan bahwa alternative model 1 kelembagaan merupakan model yang terpilih dengan tambahan 1 faktor pengaruh kelembagaan

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ABSTRACTOne of the activities of motorway prekonstruksi that is very important is the Right of Way ROW acquisition or land acquisition. Delaying in doing so can cause project delays and conflicts. One of the faktors that hinder this activity is the lack of funds so the project needed a new financing that can provide special funds for land acquisition, namely the Land Lease financing schemes. Implementation of the Land Lease in Indonesia has not done so it takes effective and efficient institutions in order to support the success of the project. Development of institutional model is done by using a multi Criteria Decision Analysis to select one of several institutional models best."