STRATEGY OF REAL ESTATE PRODUCT DEVELOPMENT (CASE STUDY: APARTMENT BALE HINGGIL)

Developed area in Surabaya City, covers almost 2/3 part of the whole area. The physical development of this city is concentrated on central area. However, the latest trends of development can also be seen coming from the west to the east area (Anggraeni, 2010). One of the alternative solution to solve urban housing and settlement problems, as seen in Surabaya, is the development of apartment. Among the newly developed apartment in Surabaya, there is Bale Hinggil. Bale Hinggil apartment has been experiencing project delays, therefore, the needs of a new development strategy is emerged. The new product development establishes the company future. The company can add a new product by acquisition and/or new product development program. This research combined quantitative and qualitative approach. Data collecting method uses field observation and internet. The product development strategy is formulated with qualitative analysis using Strength Weakness Opportunities and Threats (SWOT) method. Based on scoring quantitative analysis, business position of Bale Hinggil apartment is currently placed in Quadrant IV-Retrenchment with divestment strategy, in which the internal condition is weak, while the external condition is strong. The alternative strategies that can be implemented are three strategies, specifically, build direct access that is coordinated with The City Government of Surabaya, develop a good services for consumers and potential consumers, a firm coordination with City Government of Surabaya in related to the assurance of road widening plan in south side.