Surabaya–Gempol Toll Road is a toll that has operated since 1986, but in 2006 the Porong-Gempol route collapsed due to lapindo mud flow. Therefore, the toll road needs a relocation. On the construction of its relocation, additional scope of work was added and affected the feasibility of the investment which must be put into consideration for analyzing purposes in order to regain the initial feasibility value of 14.84% IRR. The forecast of cost and income analyzed with financial approach. The method used are Net Present Value (NPV) and Internal Rate of Return (IRR) with a discount rate of 11.8%. The result of investment feasibility after additional scope of work shows that the NPV during concession period (39 years) is negative Rp459.150.000.000,00 and IRR at NPV = 0 is 9,55%. To return the feasibility value, concession period is must be increase to 50 years with adjustment of the toll fee to Rp1.625 in 2021 and Rp1.980 in 2023. It shows that NPV is Rp1.037.727.000.000,00 and IRR at NPV = 0 return to 14,84%.Keywords: Additional scope of work; Compensation; Feasibility; RelocationABSTRAKJalan Tol Surabaya-Gempol merupakan jalan tol yang sudah beroperasi sejak tahun 1986 akan tetapi pada tahun 2006 ruas tol Porong-Gempol terputus oleh lumpur lapindo sehingga perlu dilakukan relokasi. Dalam pembangunan relokasi ruas tol tersebut, terjadi tambahan lingkup pekerjaan sehingga membuat biaya investasi membengkak sehingga perlu diketahui pengaruhnya terhadap nilai kelayakan investasi proyek tersebut untuk kemudian dilakukan analisis dalam upaya pengembalian nilai kelayakan yaitu IRR sebesar 14,84% seperti kondisi awal. Prakiraan biaya dan pendapatan akan dianalisis dengan pendekatan finansial. Metode yang digunakan adalah Net Present Value (NPV) dan Internal Rate of Return (IRR) dengan discount rate 11,8%. Hasil evaluasi kelayakan investasi akibat tambahan lingkup pekerjaan menunjukkan bahwa NPV selama masa konsesi (39 tahun) adalah negatif Rp459.150.000.000,00 dan IRR pada NPV = 0 adalah 9,55%, nilai IRR ini lebih kecil dari discount rate yaitu 11,8%. Untuk mengembalikan nilai kelayakan, dilakukan skema kompensasi penambahan masa konsesi menjadi 50 tahun dan penyesuaian tarif tol baru menjadi Rp1.625,00 pada tahun 2021 dan Rp1.980,00 pada tahun 2023. Hasil dari skema kompensasi tersebut menunjukkan bahwa NPV sebesar Rp1.037.727.000.000,00 dan IRR pada NPV = 0 kembali ke nilai 14,84%.Kata kunci: Kelayakan; Kompensasi; Relokasi; Tambah Lingkup
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