The market potential and financial feasibility of cable car tourist attraction development in Pelaga, Bali, Indonesia

ABSTRACT


INTRODUCTION
This research is based on the gap in tourism development in Badung Regency, Bali. The gap is the centralization of tourism development in South Badung with various business activities, while in North Badung, tourism development can be said to be very minimal. For this reason, a feasible analysis of this study was conducted to determine the potential for tourism development in the North Badung area. The development of the tourism sector is expected to provide benefits to the community because the tourism sector is one of the development sectors in the economy. Tourism is one of the non-oil and gas sectors which is expected to make a significant contribution to the country's economy. This effort to develop the world of tourism is supported by Law no. 10 of 2009 which states that the existence of tourism objects in an area will be very beneficial, including increasing Regional Original Income, increasing people's living standards, and expanding job opportunities considering the increasing number of unemployed today, increasing love for the environment and preserving nature and local culture [1], [2].
Badung Regency has many tourist attractions, making it the center of tourist visits to Bali. Starting from tourist objects with beautiful beaches, historical buildings, culinary tours, and various other attractions objects. In addition to the popular Kuta beach in Bali, there is also Jimbaran beach which is known for its many restaurants and restaurants that provide fresh seafood, and Balangan beach which is not inferior to the beauty of the sunset. Pandawa beach is famous for the beauty of its very high cliffs. attracting many tourists to visit even though the location is quite far from the city center, and Dreamland beach which is no less beautiful surrounded by cliffs and large rocks with clean white sand, Dreamland beach is a favorite place for surfers with big waves and many more beautiful and enchanting tourist objects in Badung Regency [2]. This information shows that tourist attractions in Badung Regency are still concentrated in the South Badung area, while in the North Badung area it is very minimal. One of the efforts to improve the socio-economic life of the surrounding community and increase the Regional Original Income of Badung Regency is to make breakthroughs in the development of tourist attractions. The agro-tourism area in Pelaga Village, Petang district has a panoramic view of valleys, hills, and unspoiled plantations, as well as waterfalls that adorn the surrounding atmosphere. The breakthrough that can be made is a vehicle in the form of a cable car. The breakthrough is expected to increase tourism interest in visiting locations that can increase the number of tourists to Petang district, especially Pelaga Village, North Badung [3], [4]. The location of the cable car attraction in Bali is shown in Figure 1. The construction of this attraction is directed at its location on land owned by the regional government equipped with infrastructure facilities following the needs analysis that has been carried out. This year, the recommendation was followed up by first ensuring the feasibility of developing attractions from various aspects in the form of a feasibility study. The results of this feasibility study will be the basis for the implementation of all stages of the construction of the cable car tourist attraction in Pelaga Village, Petang district, North Badung.
Problem Statements: the main problems in this research are i) is there a market potential from the planned development of this cable car tourist attraction? and ii) is there any profitable business potential from the proposed cable car tourist attraction development?. Research Purposes: the purpose of this work is to carry out a feasibility study of tourist attractions in agritourism in Pelaga Village, Petang district, which focuses on studying several aspects that can have an effect. This feasibility analysis aims to i) Prepare a study on the development of cable car tourist attractions which are expected to provide added value for improving the community's economy, especially in North Badung; ii) Conduct an in-depth study of various aspects that affect the achievement of the development goals of the attraction; iii) Provide recommendations to officials related to the development plan of tourist attractions concerning sustainable tourism; iv) Provide a feasibility assessment of the program or plan for the development of a cable car tourist attraction to better ensure its success and anticipate budget utilization; and v) Provide recommendations in decision-making for related parties on the planning for the development of cable car tourist attractions in Pelaga Village, Petang district, Badung, Bali, Indonesia.

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Research objectives: the targets are i) There is an understanding of the importance of conducting a feasibility study to ensure the success of the work program to be implemented and ii) The results of a feasibility study can provide a more definite direction on the development plan of a tourist attraction (changed car) in terms of the market aspect, technical aspect, financial aspect, environmental aspect, legal aspect, economic aspect, and social aspect.

LITERATURE REVIEW 2.1. Theory and reference about the cable car
Tourism is an activity aimed at providing tourism services, providing and operating tourist attractions, tourism facilities businesses, and other businesses related to tourism. Tourism is one of the engines of the world economy which is proven to be able to contribute to the prosperity of a country. Tourism development can stimulate business activities to generate social benefits. cultural, and economic significance for a country. When tourism is planned properly, it should be able to provide benefits to the community at a destination [5], [6].

The importance of tourist attractions
A regional attraction for a tourist destination will be able to attract tourists to visit it if it meets the elements of a tourist attraction, namely: i) an attraction that can be witnessed (what to see), ii) tourist activities that can be done (what to do), iii) something that can be bought (what to buy), iv) means of transportation (how to arrive), and v) lodging (where to stay). How is the feasibility of developing tourist attractions (cable cars) in Pelaga Village Agritourism, Pelaga district which focuses on the study of several influential aspects, namely: i) scarcity of cable car attractions, ii) naturalness, iii) uniqueness of cable cars, iv) involvement of manpower, v) optimization of land use, vi) justice and equity considerations and vii) spatial planning [3]. To be able to develop an area into a tourism area (including agro-tourism) five elements must be met, such as i) attractions, ii) facilities: (amenities), iii) infrastructure (amenities), iv) transportation (accessibility), and v) hospitality [7], [8].

Types of cable cars
A cable car is a hanging car that runs on a cable. Cable car lines are generally straight lines and can only turn at small angles at intermediate stations. Cable car lines are generally straight lines and can only turn at small angles at intermediate stations. The type of cabin that is commonly used is a gondola with a capacity of 4 to 12 passengers with a speed of 4 to 6 m/s [9], [10]. In general, the cable car consists of 2 (two) types, namely the gondola cable car and the funnel cable car. The two types of cable cars are described as: i) Detachable gondola cable car, ii) The gondola cable car (detachable gondola) is the most popular and widely used type of cable car. The advantages of this type of cable car are its relatively lower cost budget than other systems, light construction, with relatively small towers; iii) Funitel cable car (double loop monocable gondola); and iv) Funitel cable car (double loop monocable gondola) uses two cables that rotate continuously [9]- [13]. For now, the cable car attractions in Indonesia are still few, and even then they are developed with very simple technology, such as i) Taman Mini Indonesia Indah (TMII), Jakarta, ii) Kumala Island, East Kalimantan, iii) Taman Impian Jaya Ancol, Jakarta, and iv) Timing Beach, Gunung Kidul, Yogyakarta [14]- [16]. However, in some countries, cable car attractions have become tourist attractions that can attract a large number of tourists. The attractions are Blackcomb and Whisler (Canada), Rio de Janeiro (Brazil), Cabrio (Switzerland), Mount Tianmen in China, Malaysia from Genting Skyway, Bolivia over Mi Teleférico, Kharkiv Lift Ukraine, Palm Springs Aerial Tramway USA, Ngong Ping 360, Hong Kong, Mérida cable car in Venezuela [17], [18].

RESEARCH METHOD
This study uses a mixed-methods approach. The mixed-methods approach is a research design that collects, analyzes, and combines both quantitative and qualitative data in a study, to understand a research problem [19], [20]. The preparation stage for the implementation of the activities: the preparation stage for the implementation of the activities includes the preparation of activity permits, survey permits to government agencies, and preparation of survey equipment, namely survey design, checklist of data requirements, cameras, and questionnaires.

Data collection methods
Mix methods between quantitative in the form of field and online surveys, and qualitative in the form of interviews and observations. The initial survey has been carried out by visiting 3 points where the cable car tourism development plan is located in Pelaga Village.

Observation
The observation method is a data collection technique that requires researchers to go to the field to observe things related to space, place, actors, activities, objects, time, events, goals, goals, and feelings. The use of this method is intended to obtain richer data so that research results can be strengthened by facts in the field. Observations made on the work of feasibility study tourism attractions (travel) at Pelaga Village Agritourism, Petang sub-district, were interviews with stakeholders in Pelaga Village, tourism experts, and the community in Pelaga Village. There are two methods for distributing questionnaires, namely distributed in the field and online questionnaires.

Feasibility study
A feasibility study is research on whether or not a project/activity can be implemented successfully. This definition of success may be interpreted somewhat differently. Some interpret in a more limited sense, some interpret in a broader sense. A more limited meaning, mainly used by private parties who are more interested in the economic benefits of an investment. Meanwhile, from the government side or non-profit institutions, the notion of being profitable can be in a more relative sense. Various factors may be considered, such as benefits for the wider community which can be in the form of employment, utilization of the abundant resources in the place, and so on. It can also be related to, for example, saving foreign exchange or increasing foreign exchange required by the government. Thus, in general, a project feasibility study will involve three aspects, namely: the economic benefits of the project for the project itself (often also referred to as industrial benefits) which means whether the project is considered quite profitable when compared to the risks of the project. The economic benefits of the project for the country where the project is implemented (often also referred to as national economic benefits). This shows the project's benefits for a country's macroeconomy. The social benefits of the project for the community around the project. This was the most difficult study to perform [21], [22].

RESULTS AND DISCUSSION 4.1. Profile Pelaga Village
Pelaga Village is administratively included in the Petang sub-district, Badung Regency. Pelaga Village is located at an altitude ranging from 650-1110 meters above sea level. Pelaga Village has an area of 3545.20 hectares, where this location can be reached by road, the distance from Denpasar city is ± 47 km or a 1-hour drive, and is located 15 km from the city of Petang sub-district. The boundaries of the area are i) North side: State-owned protected forest/Pucak Mangu; ii) South side: Artificial boundary (concrete pal); iii) East side: Bangkung River; and iv) West: Pangkung Cengkedek [23], [24]. See the existing tourist attraction namely Tukad Bangkung Bridge, Pelaga Village as shown in Figure 2.
The natural condition of Pelaga Village is a fairly humid village, with an average temperature of 20 ºC to 30 ºC, with an average rainfall of 1,471 cm per year. The topography of the area is hilly with a slope of 62º. Therefore, agricultural land is generally made up of terraces in the form of terraces [25], [26]. In the population of Pelaga Village in 2016, the male population is 3,043 while the female population is 3,004 people. The population of Pelaga Village who graduated from elementary school was 70 people, 9 people graduated from junior high school, 180 people graduated from high school/vocational school, 22 people graduated with a diploma, and 90 people graduated with a bachelor's degree. Meanwhile, 515 people do not go to school and 2,330 people have not finished elementary school [27], [28].

Market and tourism aspect
Results of a survey of tourism experts/characters/practitioners on the existence of cable car ride in Pelaga. The conclusions that can be drawn from the results (Table 1) of the survey above indicate that the construction of a cable car attraction in Pelaga Petang Village is highly expected by potential tourists as an attraction that can openly present natural beauty, a modern but culturally friendly and environmentally friendly tourist attraction. a unique tourism destination in Bali will provide public facilities, telecommunications, restaurants, and agro-product market centers, proximity to the city center, availability of transportation to the location, easy access to the location, and community friendliness towards tourist arrivals [29].

Financial aspect 4.3.1. Physical project
Analysis of market opportunities is based on estimated sales data for 2019-2029 as a proxy for demand for four (4) types of services, namely: i) cable cars, ii) restaurants, iii) UFO glass platform attraction, and iv) under park and agrotourism. The assumptions used for the four services are shown in Table 2. This estimate is based on the application of cable cars in various countries in the world, further described as follows. Table 3 shows that the trend of market opportunities in 2019-2029 is IDR. 425 billion during the first and second years, while after the third IDR. 940 billion for the four types of services offered.

Investment plan
The planned investment includes the construction and financing, namely: i) lease land procurement and its management, ii) building construction, iii) inventory, iv) equipment and machinery, and v) vehicles. The amount of investment value for the four planned projects is respectively i) a cable car with three stations is estimated at IDR. 400 billion, ii) Water park for IDR. 25 billion, iii) Under park and Agro Tourism IDR. 25 billion, iv) UFO Glass Platform Attraction IDR. 30 billion, and v) Restaurant for IDR. 10 billion. So the total value of the planned investment is IDR. 490 billion. Sources of investment funds come from investors and the Badung Regency Government

Estimated operating costs
For the estimated total cost of the four services, it is estimated at 500 billion per year for the cost of labor, transportation, maintenance, overhead (electricity and water), raw materials, and others, with an increase in the average total cost per year for the first five years was 0.8% and increased by 1.2% per year after the third year, due to inflation and equipment changes. So the estimated cost for 10 years is in Table 4.

Net present value analysis
The assumptions used in calculating the net present value (NPV) are i) The project was built in the investment stage, namely in 2019 with an investment value of IDR. 490 billion; ii) Revenue projections are calculated based on basic estimation data for ten years, namely 2019-2029; iii) The total cost is predicted based on the assumption of an increase in total costs in the first two years by 0.8% per year and 1.2% after five years with an estimated total cost in the initial year of IDR. 500 billion; and iv) Factor discount (DF) of 15% (higher than the Bank's average interest for investment loans, which is a maximum of 12% per year). Based on Table 5, the NPV criteria, the investment for the Pelaga cable car project is very feasible, both with a DF of 15% and 18% because the NPV values = 279 billion and 95 billion, which are greater than zero (0). Theoretically, the investment is said to be worth continuing if the NPV value is greater than zero

NeT B/C criteria
Net B/C is a comparison between the net benefits that have been positively discounted and the net benefits that have been negatively discounted. Based on the Net B/C calculation table, the following results are obtained. Net B/C = (3.270)/1.152 = 2.84. Note: the number 3.270 is the number of net benefits that have been positively discounted and 1.152 is the number of net benefits that have been discounted negatively in Table 6. Conclusion: the calculated net B/C value greater than 1 means that the project is feasible to work on

Payback period calculation
The payback period is used to determine the length of return on investment. The payback period (PBP) calculation process can be seen in Table 6. PBP = achieved in the third year (2022) because the investment value has returned in 2022 (Table 7).