New Apartment Tower: What It Means for the Local Market

Dhaka's real estate market is abuzz with the news of a new 35-story apartment tower set to be completed by 2028 in the upscale neighbourhood of Gulshan. This development is significant, as it will bring 250 luxury units to the area, catering to the growing demand for high-end housing in the city.

The timing of this development is crucial, as Dhaka's population is projected to reach 20 million by 2025, according to the Dhaka Metropolitan Development Plan. The city's rapid urbanization has led to a surge in demand for housing, particularly in areas like Gulshan, Banani, and Baridhara, which are known for their proximity to major commercial hubs and amenities. The new apartment tower will be located on Gulshan Avenue, just a stone's throw away from the Gulshan Lake Park and the popular restaurant district on Road 11.

Local Impact

The new development will have a significant impact on the local market, with prices expected to rise in the surrounding areas. According to data from the Bangladesh Bank, the average price of apartments in Gulshan has increased by 15% over the past year, with the current average price standing at 12,000 BDT per square foot. The new tower will feature units ranging from 1,500 to 3,000 square feet, with prices starting at 3.5 crore BDT. This is comparable to other luxury developments in the city, such as the ones found in the Bashundhara Residential Area and the Dhanmondi Lake area.

Statistics from the Real Estate and Housing Association of Bangladesh (REHAB) show that the demand for luxury housing in Dhaka has been on the rise, with a 20% increase in sales of high-end apartments over the past two years. The new apartment tower is expected to capitalize on this trend, offering residents access to top-notch amenities, including a rooftop pool, gym, and community centre. The tower will also be located near major landmarks like the Gulshan Circle 2 and the Kamal Ataturk Avenue, making it an attractive option for those looking to live in the heart of the city.

As the completion date of the tower approaches, potential buyers and investors are advised to keep a close eye on the market. With the current trend of rising prices and increasing demand, it is likely that the new development will sell out quickly. Buyers should research the market thoroughly and consider factors like location, amenities, and resale value before making a decision. The new apartment tower is set to be a game-changer for Dhaka's real estate market, and those looking to invest in the city's luxury housing sector should be prepared to act fast.