Evaluation of Build–Lease Business Model Performance in High-Rise Building Projects Using Business Model Canvas and Construction Cash Conversion Cycle
Downloads
The Build–Lease scheme has emerged as an alternative financing and delivery model for large-scale construction projects requiring substantial upfront investment and long-term financial sustainability. However, integrated evaluations linking strategic business model analysis with financial efficiency remain limited. This study evaluates the performance of a Build–Lease business model in a high-rise building project by integrating the Business Model Canvas (BMC) and Construction Cash Conversion Cycle (CCC). A mixed-method approach is applied, combining bibliometric analysis, a case study of the BSI Tower project in Indonesia, and expert judgment validation. Bibliometric analysis using the Scopus database and VOSviewer identifies global research trends and gaps related to Build–Lease schemes, business model innovation, and working capital efficiency. The case study applies the Business Model Canvas (BMC) framework to examine strategic value creation and revenue mechanisms, while the Construction Cash Conversion Cycle (CCC) assesses working capital efficiency using financial data from project simulations and SAP CO/MM reports during the first year of operation. The results show that long-term lease arrangements generate stable and predictable revenue streams, supporting the transformation of construction firms into long-term asset developers. The Construction Cash Conversion Cycle (CCC)analysis reveals a highly efficient cycle of 6.6 days, indicating strong liquidity and effective working capital management. Integrating the Business Model Canvas (BMC) and Construction Cash Conversion Cycle (CCC) demonstrates that strategic decisions significantly influence cash flow performance. This study proposes an integrated BMC–CCC framework linking business design with financial efficiency and offering practical insights for contractors, investors, and policymakers.
Abidoye, R., Ayub, B., & Ullah, F. (2022). Systematic literature review to identify the critical success factors of the build-to-rent housing model. Buildings, 12(2), 171.
Agyekum, K., Goodier, C., & Oppon, J. A. (2022). Key drivers for green building project financing in Ghana. Engineering, Construction and Architectural Management, 29(8), 3023–3050.
Badan Pusat Statistik. (2023). Produk domestik bruto Indonesia 2023.
Clark, R., Reed, J., & Sunderland, T. (2018). Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance. Land Use Policy, 71, 335–346.
Das, P., Perera, S., Senaratne, S., & Osei-Kyei, R. (2021). Developing a construction business model transformation canvas. Engineering, Construction and Architectural Management, 28(5), 1423–1439. https://doi.org/10.1108/ECAM-09-2020-0712
Fardous, M. (2025). Predictive analytics for working capital management: Machine learning applications in cash flow and liquidity forecasting. American Journal of Scholarly Research and Innovation, 4(01), 662–694.
Farooq, U., Maqbool, M. Q., Waris, M., & Mahmood, R. (2016). Liquidity risk, performance and working capital relationship of cash conversion cycle: An empirical study of the firms in Pakistan. International Journal of Information Research and Review, 3(3), 1946–1951.
Gatti, S. (2023). Project finance in theory and practice: Designing, structuring, and financing private and public projects. Elsevier.
Li, Y., Das, P., Kuzmanovska, I., Lara-Hamilton, E., Maxwell, D. W., & Moehler, R. (2024). Business model innovation in the construction industry: Emerging business model archetypes from Bathpod modularization. Journal of Management in Engineering, 40(2). https://doi.org/10.1061/JMENEA.MEENG-5651
Li, Y., Maxwell, D. W., & Moehler, R. (2025). Evolving business models in the construction industry: A comprehensive review and analysis. Production Planning & Control, 1–19. https://doi.org/10.1080/09537287.2025.2463370
Liu, G., Li, K., Shrestha, A., Martek, I., & Zhou, Y. (2018). Strategic business model typologies evident in the Chinese real-estate industry. International Journal of Strategic Property Management, 22(6), 501–515.
Maesaroh, M., & Faturohman, T. (2024). Impact of customer default on cash conversion cycle and net working capital in construction company. International Journal of Financial, Accounting, and Management, 6(3), 313–331. https://doi.org/10.35912/ijfam.v6i3.2120
Mei, Z., Han, W., Zhang, J., & Zhou, Q. (2024). Exploring the sustainability-oriented strategies of small- and medium-sized construction enterprises in China’s construction industry under financing guarantee constraints: A multi-agent computational model approach. Buildings, 14(9), 3002.
Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. Wiley.
Shan, M., Hwang, B.-G., & Zhu, L. (2017). A global review of sustainable construction project financing: Policies, practices, and research efforts. Sustainability, 9(12), 2347.
Stavropoulos, A.-S., & Zounta, S. (2025). Cash conversion cycle and profitability: Evidence from Greek service firms. Journal of Risk and Financial Management, 18(4), 208. https://doi.org/10.3390/jrfm18040208
Unegbu, H. C. O., Yawas, D. S., Dan-Asabe, B., & Alabi, A. A. (2025). Measures for overcoming sustainable construction barriers in the Nigerian construction industry. Discover Civil Engineering, 2(1), 26.
Wang, Z., Akbar, M., & Akbar, A. (2020). The interplay between working capital management and a firm’s financial performance across the corporate life cycle. Sustainability, 12(4), 1661.
Yescombe, E. R., & Farquharson, E. (2018). Public-private partnerships for infrastructure. Elsevier. https://doi.org/10.1016/C2011-0-04354-5
Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long Range Planning, 43(2–3), 216–226. https://doi.org/10.1016/j.lrp.2009.07.004
Copyright (c) 2026 Hanryanto Hanryanto, Imam Baihaqi, Andi Janshar, Daral Suraedi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC-BY-SA). that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
