ABSTRACT
Toll road project infrastructure is the most active market for PPP (Public Private Partnership) business through BOT (Build Operate Transfer) project in Indonesia to encourage improvement of Indonesian Government economic development. Since BOT which is cooperation work between public sector (government) and private sector, is increasingly implemented in Indonesia, the need of private investment in toll road project is also increasing. But, BOT toll road project has several risk factors in its project implementation. The potential risks can lead to disadvantage such as failure to the planned target. Therefore it is necessary to identify risks of the toll road project investment and to discover the perception of proper risk criticality of each party involved. The objectives of this research are to identify the perception of critical risk factor which is influencing the project success of each party involved (Government and Investor) and to utilizes the funding as the foundation to develop the concept of better project performance of relocation Porong-Gempol toll road section of Surabaya-Gempol toll road project, Sidoarjo, East Java which is inundated and left inoperable because of the mud flow disaster.
Risk identification factors were taken from references and experts opinion involved in this project, and they were categorized into three phases; pre-construction phase (license, feasibility study, design, and land acquisition), implementation and construction phase (financing, construction, Force Majeure during construction) and post construction phase (Operation and Maintenance, Toll Road Income, Settlement Obligation, Force Majeure during operation). From the questionnaire filled by 10 respondents from government and 10 respondents by private sector as regulator and investor in this project respectively, the arithmetic mean analysis was obtained to show dominant risk factor criticality. Then, Independent sample T-test showed differences of perceptions from each sectors.
The analysis showed the critical risk factor which has the highest influence on the project success in those three phases. During the Pre-Construction Phase, the critical project risk factor is problem land acquisition risk and breach of contract by government. The most critical project risk factors of implementation and construction phase are discontinuation of concession, inflation fluctuation, and construction time over run. While, the most dominant factor risk of post construction phase are inaccurate toll road tariff estimate, inaccurate traffic volume estimate and operator incompetence. The different perception of critical risk factor between government and investor are financial risk factor, concession agreement factor, and licensing/administration agreement. Interviews conducted from respondents indicating several problems facing in this relocation of Porong-Gempol toll road project implementation which are lack of contract, conflict between parties, addendum, land acquisition problem and financial risk.

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