Gulshan's Newest Tower Reshapes the Skyline — and the Price Per Square Foot

A 28-storey mixed-use tower has received development clearance for a site on Gulshan Avenue, according to planning documents filed with Rajdhani Unnayan Kartripakkha — the agency Dhakaites know as RAJUK — in late June 2026. The project, developed by Concord Real Estate, is slated to combine Grade-A commercial floors with approximately 120 residential apartments in the upper third of the building. Ground-breaking is scheduled for the fourth quarter of 2026.

The timing matters. Dhaka has been absorbing a prolonged squeeze on mid-to-upper-tier residential supply since 2023, when a tightening of RAJUK's Floor Area Ratio rules slowed approvals across Zones 2 and 3. That regulatory pause pushed buyers toward older stock in Banani and Baridhara, inflating resale prices on apartments that were already more than a decade old. A fresh tower of this scale breaks that logjam, at least in one postcode, and every developer and buyer watching Gulshan will be recalculating.

Why Gulshan, Why Now

Gulshan is not short of ambition, but it is short of new inventory. A walk down Road 53 or past the Gulshan-2 circle tells you the neighbourhood's built form is dominated by buildings from the 2005–2015 boom cycle. Many carry the wear of two monsoon decades. Buyers who want a modern building with contemporary fire-safety standards, seismic-code compliance under BNBC 2020, and fibre-to-the-floor broadband have had very few options that are actually new.

That gap has driven a sharp bifurcation. Newly delivered apartments in adjacent Bashundhara Residential Area have been selling at between Tk 8,500 and Tk 11,000 per square foot depending on floor level and finish, according to pricing schedules published by Eastern Housing and Sheltech through their official channels in early 2026. Comparable Gulshan addresses — when available — have commanded a premium of roughly 20 to 30 percent above those figures, purely on location. The new Concord tower, once it opens pre-sales, will test whether that premium holds when buyers finally have fresh Gulshan supply to consider, rather than bidding on resale units with contested ownership histories.

The project also arrives against a wider urban backdrop. Dhaka's population density, concentrated across 306 square kilometres of urban core, leaves developers few viable options beyond vertical construction in established zones. RAJUK's Draft Detailed Area Plan, which remains under review, is expected to further restrict lateral expansion in low-lying areas north of Tongi, reinforcing the case for tall buildings within already-serviced neighbourhoods like Gulshan, Banani, and Baridhara.

What Buyers and Agents Are Watching

Three things will determine how this tower reshapes local pricing over the next 24 months. First, the pre-sale pricing Concord announces. If the developer prices aggressively — targeting the Tk 14,000 to Tk 16,000 per square foot range that premium Gulshan apartments have fetched in off-market transactions — it sets a new public benchmark that resale sellers will immediately cite. If the pricing is conservative, it could actually soften expectations on older stock nearby.

Second is infrastructure delivery. Gulshan Avenue near the plot already carries heavy traffic load during morning peaks, and the Water Supply and Sewerage Authority — WASA — has faced documented pressure on trunk mains serving the area. Buyers who remember unfinished utility promises in nearby Niketan will scrutinise the project's utility agreements before signing any deed of agreement.

Third is completion risk. Bangladesh's apartment sector has a long record of delivery delays, and buyers considering off-plan purchases — often paying in 12 to 24 installments before handover — face real exposure if construction stalls. The advice from any experienced property lawyer in Dhaka would be the same: check the developer's track record on previous projects, read the deed of agreement line by line, and register your sale agreement with the Sub-Registry Office in Gulshan at the earliest stage the law permits.

Pre-sales on the tower are expected to open before December 2026. Anyone serious about Gulshan should be in a position to move quickly — prices at launch almost never stay at launch levels once word spreads that a rare new address has arrived.