New 35-Story Tower Approved to Transform Dhaka's Central Business District

The Dhaka Metropolitan Development Authority has just approved a major development project near the city's central business district, paving the way for a 35-story mixed-use complex on Panthapath. This new project, which will be developed by the Bangladeshi conglomerate, Bashundhara Group, is expected to bring a significant influx of new residents and businesses to the area.

The approval of this project comes at a time when Dhaka's real estate market is experiencing rapid growth, driven by the city's increasing population and economic development. With the city's population projected to reach 20 million by 2025, the demand for housing and commercial space is on the rise. The new development will be located near several major landmarks, including the Bangladesh National Museum and the Dhaka University campus, making it an attractive location for both residents and businesses.

Local Impact

The new complex will be situated on a 2.5-acre plot of land on Panthapath, near the intersection with Green Road. The area is already home to several major hospitals, including the Bangabandhu Sheikh Mujib Medical University and the Dhaka Medical College Hospital. The development will also be within walking distance of the Farmgate and Mohammadpur areas, which are known for their vibrant markets and shopping centers. The project is expected to be completed in phases, with the first phase scheduled for completion by 2028.

According to data from the Dhaka Metropolitan Development Authority, the average price of residential apartments in the Dhaka CBD area has increased by 15% over the past year, with the average price now standing at around 12,000 taka per square foot. The new development is expected to add over 500 new residential units to the market, ranging in price from 50 million to 200 million taka. The project will also include over 200,000 square feet of commercial space, which is expected to be rented out to businesses at a rate of around 100 taka per square foot per month.

As the project moves forward, residents and businesses in the area can expect to see significant changes to the local infrastructure. The developer has committed to investing in upgrades to the local roads and utilities, including the installation of new sewerage and water supply systems. The project is also expected to create over 1,000 new jobs, both during the construction phase and once the complex is completed. With the approval of this major development project, it is clear that Dhaka's CBD area will continue to be a hub of activity and growth in the years to come.