Massive social restrictions due to the spread of COVID-19 have increased the amount of data traffic also the number of devices connected to the network. The pandemic requires mobile operators to deploy superior communications networks to support work-from-home (WFH) activities. Tenant implementation strategies should support infrastructure development, including the deployment of telecommunications towers. In this case, P.T. XYZ offers rental services for new towers (built-to-suit) as well as rentals for existing company-owned towers (colocation). Ownership of numerous towers is balanced by a strong capital structure. Uptime factors affect the cost efficiency of a company. Therefore, it is necessary to analyze the investment feasibility of built-to-suit and colocation services. The analysis will determine which BTS tower acquisitions can offer the best benefits and costs for PT.XYZ. This research case study uses cost-benefit analysis to calculate the financial (direct and indirect costs) and benefits (tangible and intangible benefits) attained by comparing built-to-suit and colocation services data collected through interviews and document reviews. The colocation service business strategy for renting customized towers is more promising. It seen from the financial cost-benefit calculation. That is a positive NPV of IDR 590,754,896 and an investment efficiency level (IRR) of 13.18%. The ROI of the period lasts 5 years and 2 months, reaching a projected ROI of 18.77%. The cost-benefit ratio of colocation is also higher at 8.4:6.3 than built-to-suit. This is because the benefits obtained are proportional to the capital costs incurred by the existing tower to implement colocation. Besides the results of financial calculations, this analysis is influenced by the results of intangible benefits where colocation services provide greater intangible benefits including customer segments, fewer resources, affordable investment prices, and accelerated potential additional income from tenants. In addition, the change in key variables needs to be controlled so that it does not decline in the future because it greatly affects the company's business to provide both investment services. Thus, this investment feasibility analysis is expected to provide a better understanding of the provision of telecommunications infrastructure.