SWID's metaverse high-rise buildings target the student market
70% of its occupants are students, whilst 30% are investors who then rent out their units to students.
In Indonesia, high-rise buildings have become a popular trend due to limited land availability. Yogyakarta is no exception—with developers racing to build towering structures to meet the growing demand for housing in the area. One company leading the charge is PT Saraswanti Indoland Development Tbk (SWID), which recently developed a 60-meter tall high-rise building with 18 floors in an area they call Mataram City.
What sets this development apart is that it targets the student market, offering metaverse-era apartments designed specifically for millennial and Gen Z students.
The company's marketing director, Mita Ratri, explained that 70% of the occupants of the high-rise building are students, whilst the remaining 30% are investors who rent out their units to students.
Design for students
SWID recognised the potential of the market in Yogyakarta, where the demand for high-quality student housing far outstrips supply. With boarding prices in the city reaching up to $127.24 (IDR 2m) per month, SWID saw an opportunity to cater to a new generation of students with increasingly sophisticated tastes and financial capabilities.
According to Mita, young people today are very different from previous generations in their preferences for living spaces. "They don't just want a place to sleep; they want a place to relax and enjoy themselves. That's why our apartments are designed to be a 'staycation' destination.”
Mataram City is a mixed-use area that spans nearly three hectares of land in Yogyakarta. It combines apartments with hotels, convention halls, restaurants, cafes, minimarkets, gyms, co-working spaces, ATM centres, open areas, jogging tracks, and large parking areas.
Five towers make up the development, including Nakula, Sadewa, Yudhistira, and two recently launched towers, namely Arjuna and Bima.
SWID has paid close attention to the design and interiors of their apartments, recognising that young people today are very design-conscious.
"I have to think creatively with my team, most of whom are young people. Once when we made a campaign with prizes for students, we found that they were more interested in getting Yeezy shoes as prizes than prizes for TVs, air conditioners, or refrigerators," said Mita.
SWID's strategy to capture the student market goes beyond offering aesthetically pleasing apartments. They also emphasise the use of technology in their developments, with a focus on what Mita calls "apartments in the metaverse era."
"We approach consumers through a virtual tour that we have developed. They don't need to visit and can see everything live in hand," said Mita.
The units are equipped with a Google Assistant that manages everything from electricity to room temperature to water management. "Everything is integrated, including secure parking, which is typically found in high-end developments," said Mita.
SWID has also incorporated elements of Yogyakarta's cultural heritage into their developments. Mataram City, for example, is named after the ancient Javanese kingdom that once ruled the region. The names of the towers also draw inspiration from Javanese mythology, with Nakula, Sadewa, Yudhistira, Arjuna, and Bima all referencing characters from the Mahabharata.
SWID's innovative approach has paid off, with the company achieving an increase in sales even during the pandemic. It was able to hand over apartments in 2020; and in 2022, it registered as a public company on the Indonesia Stock Exchange.