Growing demand pushes up investment in luxury apartments, condos
Business insiders said the investment in luxury apartments has been about Tk1 lakh crore in the last decade, while it is double for condominiums in the last 17 years
The country's real estate giants are increasing their investments in luxury apartments and condominiums, capitalising on the steady surge in demand for these exquisite residential properties.
Business insiders said the investment in luxury apartments has been about Tk1 lakh crore in the last decade, while it was double that for condominiums in the last 17 years.
When it comes to building the highest number of luxury apartments in the capital, Shanta Holdings takes the crown. Starting in 2005, the company has so far completed 47 projects, mostly in the Gulshan and Banani areas of the capital.
Other prominent companies involved in building luxury apartments are: Building Technologies and Ideas (BTI), Concord Real Estate Limited, Navana Real Estate, Sheltech Pvt Ltd, Nakshi Homes, Sanmar Properties, Rangs Properties, Assure Group, ABC Real Estate, Artisan Real Estate, Dom-Inno Real Estate, Alliance Properties, Epic Properties, Edison Real Estate, and Regent Design and Development.
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These real estate companies are also involved in various condominium projects.
Shihab Ahmed, senior general manager and head of Sales Customer Service at Shanta Holdings, said the number of luxury and condominium projects is increasing every year.
"Our investment in such housing projects is also increasing," he also said, adding luxury apartments are usually located in Gulshan-Banani areas of the capital, while condominium projects are spread across different parts of the country, apart from just the capital.
Real Estate and Housing Association of Bangladesh (REHAB) Director Naimul Hassan estimates that about Tk1 lakh crore has been invested in the luxury housing sector in the last 10 years, about Tk10,000 crore per year.
Meanwhile, nearly Tk2 lakh crore has been invested to implement condominium projects in the last 17 years, according to REHAB President Alamgir Shamsul Alamin (Kajal).
Naimul Hassan described condos as "many neighbourhoods found within the same boundary" or "cities within cities".
Almost everything is available in these projects. As a result, the interest of various companies and clients in such projects is constantly increasing, he added.
Former general secretary of Bangladesh Institute of Planners (BIP) Dr Adil Mohammad Khan said only one or two companies were involved in the luxury apartment business before 2000.
After 2005, the business began to take hold as companies began to realise the needs of people, he added.
All about the convenience
South Leaf Apartments on Road 36 of Gulshan 2 are very different from other ordinary and luxury apartments. These apartments have been built by South Breeze Housing, using the world's latest materials and technology.
These apartments have been constructed in a way that no artificial lights need to be used during the day. And ventilation is aplenty. The spacious balconies of each apartment have also been landscaped with trees. There is a spacious swimming pool on the roof. Also, adequate open space has been kept around the building. State-of-the-art equipment has been added for children's sports, seniors' activities, as well as a gym.
Various foreign, expensive stones, concrete, bricks and wood have been used in the construction. The interior design also uses imported, high-quality wood.
South Breeze Housing started its journey in 1990 by constructing luxury apartments and commercial spaces in the capital.
According to the company's website, they have completed 30 luxury apartment projects in the Gulshan, Banani, Dhanmondi and Mirpur areas with 11 more projects ongoing.
An official of the company said each of their projects have different features which are quite expensive. And hence, the apartments come with a hefty price tag.
South Leaf's 3,720sqft simplex apartments, for example, are priced at Tk12 crore, while their 4,360sqft apartments cost Tk17 crore. And the duplex apartments of 7,440sqft are priced at Tk24 crore.
The official further said that the company has so far invested and traded around Tk4,000 crore through their luxury apartment projects.
A businessman, who recently bought a simplex apartment for Tk12 crore, told TBS that the ecological balance in this apartment is absolutely perfect, which is not seen in any other housing projects in the capital.
In 2008, Rangs Properties Limited implemented a luxury condominium project named Rangs Waterfront on 60 kathas of land in Gulshan 1.
In this project, about 150 apartments have been built in five buildings with 16 floors. Apart from each luxury apartment in close proximity, around 50% of the land in the project has been kept vacant. The five buildings are within the same boundary.
The compound has tennis, basketball and badminton grounds, a jogging facility, a swimming pool, and a fully equipped gym. Security is tightly maintained in the building complex.
Supreme Court Senior Advocate Barrister Ajmalul Hossain QC is living in an apartment in this project.
"I have my own house in Dhaka. However, having almost all kinds of civic amenities and greenery within the same boundary has attracted interest in buying an apartment here," he added.
He said that it is very difficult to get such a wide open space, swimming pool, garden and walking space in one's own house in the capital.
This senior lawyer said he bought the apartment in 2008 for about Tk16 crore.
Investment in luxury housing and condos
According to REHAB, about Tk8,000 crore was invested in 2015 in luxury apartment projects, Tk10,000 crore in 2016, Tk10,500 crore in 2017, Tk11,000 crore in 2018, Tk12,000 crore in 2019, Tk12,000 crore in 2020, Tk11,000 crore in 2021, and 10,000 crore in 2022.
In condominiums, Tk9,000 crore was invested in 2015, Tk10,000 crore in 2016, Tk8,000 crore in 2017, Tk14,600 crore in 2018, Tk15,000 crore in 2019, Tk13,300 crore in 2020, and Tk13,000 crore in 2021.
TM Assets, East Valley Development, Fortuna Green City, Jams Developments, Equity Property Management and about 10 other companies have invested huge sums in the implementation of expensive luxury apartment and condominium projects in the last two years.
About 10 housing companies including Sanmar Properties, Saf Holding, Equity Property Management, Shah Amanat Properties and Ghowsia Properties and Builders have invested about Tk5,000 crore in the last five years in Chattogram.
