PROCESS, SCENARIO, AND RISK OF PROPERTY DEVELOPMENT WITH CASE STUDY OF LRT CITY CIRACAS

Abstract

The primary aim of this Paper is to outline results and to summarize research findings on property development
strategies and processes that increase the chances of successful Real Estate development starting by using the eight
stages of Cadman and Topping to anticipating possible risks and looking at alternative development scenarios under
the influence of a pandemic, and developments’ digital technology. The case study that will be taken in this paper is
the LRT CITY Ciracas Project in Jakarta, which is an Apartment and Retail complex project developed with the
TOD concept or Transit Oriented Development, where the project complex is directly connected to the LRT CITY
Ciracas station. The property development process is complex and high risk. Land value-oriented developers will
create development scenarios that seek to analyze the best land value to be developed in accordance with the
regulations and market needs at that time by presenting innovative designs or superior designs that meet feasibility
studies and are presented with development stages that can also maximize land value. The Evaluation stage is the
deciding point where the developer can make a decision to move forward until the development is complete, even
though there are difficulties and risks that might hinder the development process that must be faced or the developer
can decide to back off and change his development plan. In addition to risk, developers need to take into account the
development steps so that unexpected things do not arise.