Pasca keberhasilan penelitian dan pengujian bahan pertanaman yang dihasilkan dari pemuliaan tanaman jenis jati, Perum Perhutani telah menetapkan bahan pertanaman dengan materi genetik unggul yang disebut dengan Jati Plus Perhutani (JPP) digunakan dalam skala operasional menggantikan bahan pertanaman jati yang sudah ada sebelumnya. JPP diharapkan memiliki produktivitas lebih tinggi sehingga pada umur daur yang pendek dapat menghasilkan volume kayu yang sama dengan jati daur panjang yang selama ini menyusun tegakan. Pembangunan tegakan JPP merupakan kegiatan investasi dengan menggunakan sejumlah faktor produksi untuk menghasilkan manfaat di waktu mendatang dan oleh karenanya diperlukan evaluasi finansial untuk mengetahui apakah kegiatan tersebut memberikan harapan keuntungan komersial (commercial profitability). Penelitian ini bertujuan untuk mengevaluasi proyek pembangunan tegakan JPP dari aspek finansial dengan menggunakan model daur berkelanjutan atau yang dikenal dengan Model Faustmann atau Nilai Harapan Lahan. Panjang daur tegakan jati dianalisis pada umur 20 tahun sebagaimana rancangan JPP sebagai tanaman jati berdaur pendek. Estimasi volume kayu tebangan penjarangan dan tebangan akhir daur menggunakan rekonstruksi model pertumbuhan dan hasil tegakan jati yang dikembangkan oleh Suprijadi (2010) yaitu kemiripan model pertumbuhan JPP dengan model pada tabel tegakan jati WvW Bonita V dan model pertumbuhan jati daur pendek di Costarica yang dikembangkan oleh Perez (2005). Hasil penelitian menunjukkan bahwa pembangunan tegakan jati berdaur pendek dengan menggunakan bahan pertanaman JPP secara finansial layak untuk dilaksanakan. Nilai Harapan Lahan dari sebidang lahan yang ditanami dengan tegakan JPP adalah sebesar Rp 10.162,656/Ha. Analisis kepekaan menunjukkan bahwa profitabilitas pembangunan JPP relatif kuat terhadap perubahan yang tidak dikehendaki di masa mendatang seperti penurunan produksi, harga produk dan kenaikan biaya pembangunan tegakan.Katakunci: jati plus Perhutani, daur pendek, keuntungan komersial, daur berkelanjutan, nilai harapan lahan The Estimation of Financial Feasibility of the Development of Superior Teak Stand in The Forest Management Unit of RandublatungAbstractAfter the success of teak plant breeding research, Perum Perhutani had set material plantation with superior genetic called Jati Plus Perhutani (JPP) to be used in operational scale. Combined with intensively silvicultural treatment, JPP was expected and assumed to be high productivity stand so that the in the short rotation could produce the merchantable volume equal to volume of woods from long rotation teak plantation. Stand development was an investment activity by employing a number of factors of production to generate a number of benefits in the future. Therefore the financial evaluation was required to determine whether the investment could provide commercial profitability to its owner. The main objective of this study was to evaluate financial performance of development of short rotation teak stand (JPP) by using continuous rotation model called Faustmann Formula or Land Expected Value. Estimation of harvested merchantable volume from thinning and final clear cutting used growth and yield model reconstruction developed by Suprijadi (2010). The model was based on the assumption of similarity between growth and yield depicted in normal table of teak (WvW Table 1932) in site class V and growth and yield model of short rotation of teak plantation in Costarica developed by Perez (2005). The result of this study showed that plantation of the JPP was financially feasible to be implemented as indicated in the Land Expected Value of Rp 10.162.656/Ha. Sensitivity analysis also showed that the profitability of development of JPP stand relatively robust against unexpected changes in the future such as decreasing in production and price and increasing in costs. At all scenarios in the sensitivity analysis, the development of JPP stand was still feasible. ; After the success of teak plant breeding research, Perum Perhutani had set material plantation with superior genetic called Jati Plus Perhutani (JPP) to be used in operational scale. Combined with intensively silvicultural treatment, JPP was expected and assumed to be high productivity stand so that the in the short rotation could produce the merchantable volume equal to volume of woods from long rotation teak plantation. Stand development was an investment activity by employing a number offactors of production to generate a number of benefits in the future. Therefore the financial evaluation was required to determine whether the investment could provide commercial profitability to its owner. The main objective of this study was to evaluate financial performance of development of short rotation teak stand (JPP) by using continuous rotation model called Faustmann Formula or Land Expected Value.Estimation of harvested merchantable volume from thinning and final clear cutting used growth and yield model reconstruction developed by Suprijadi (2010). The model was based on the assumption of similarity between growth and yield depicted in normal table of teak (WvW Table 1932) in site class V and growth and yield model of short rotation of teak plantation in Costarica developed by Perez (2005). The result of this study showed that plantation of the JPP was financially feasible to be implemented as indicated in the Land Expected Value of Rp 10.162.656/Ha. Sensitivity analysis also showed that the profitability of development of JPP stand relatively robust against unexpected changes in the future such as decreasing in production and price and increasing in costs. At all scenarios in the sensitivity analysis, the development of JPP stand was still feasible.