Land Value Capture Modeling in Commercial and Office Areas using a Big Data Approach

BERAWI, Mohammed Ali, SUWARTHA, Nyoman, FATHIYA SALSABILA, Fathiya Salsabila, GUNAWAN, Gunawan, PERDANA MIRAJ, Perdana Miraj and WOODHEAD, Roy (2019). Land Value Capture Modeling in Commercial and Office Areas using a Big Data Approach. International Journal of Technology, 10 (6), p. 1150.

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Abstract

Infrastructure development in Indonesia creates massive impacts on the economy. The Light rail transit (LRT) of greater Jakarta (Jabodebek) project has been estimated to have cost more than 29 trillion rupiahs due to land acquisition and route planning. The urban transit development may impact to the price of property including residential, commercials and offices along the route. This research aims to determine variables affecting the price elasticity of property and the correlation to station proximity. Data mining through web scrapping was used to assess the degree of correlation between price elasticity and station location. The result shows that approximately 13% of the commercial property was spread over a distance of 1 km from the LRT station. The closer a property to transit station, the price will be twice cheaper compared to those located further. The findings also show variables that highly contribute to property prices including schools, hospitals, and proximity to some of transit stations located in city center of Jakarta and building density.

Item Type:	Article
Uncontrolled Keywords:	1099 Other Technology
Identification Number:	https://doi.org/10.14716/ijtech.v10i6.3640
Page Range:	p. 1150
SWORD Depositor:	Symplectic Elements
Depositing User:	Symplectic Elements
Date Deposited:	16 Jan 2020 10:19
Last Modified:	18 Mar 2021 02:50
URI:	https://shura.shu.ac.uk/id/eprint/25681

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