Investment in luxury housing booming

The US-Bangla Assets recently began offering housing plots from a minimum of Tk25 lakh to a maximum of Tk52 lakh per katha in Purbachal, a new suburb 18 kilometres northeast of Dhaka city.

The size of each plot ranges from 3 katha to a highest of 1 bigha. The pricing strategy shows that their target is high-end customers.

The housing company developed the project with 20,000 plots, all targeting upper-class customers.

In the first four days of the five-day fair of the Real Estate and Housing Association of Bangladesh (REHAB), the US-Bangla Assets received good response from customers as they got 35 bookings already.

Talking to The Business Standard on the fair premises, MI Moeen, senior manager of US-Bangla Assets, said customer response shows that people have money in hand.

The minimum price of the plots was around Tk9 lakh in the pre-pandemic time and now it has increased almost three times, while sales have also increased, he said.

Even with increasing prices, the demand for luxurious housing plots and flats are rising. People are interested in investing in housing projects in the suburbs, due to those having all kinds of luxurious lifestyle facilities including greenery, lake views, parks, schools, colleges, hospitals and supermarkets, he said.

Most of the other real estate companies are also undertaking housing projects targeting rich clientele. The concepts for luxury housing are now penthouse, specially-designed apartments with expensive amenities and duplex flats. Newly-growing suburban towns in the outskirts of Dhaka, like Uttara and Purbachal, are main attractions for buyers of lavish houses.

Moreover, Gulshan, Banani, Baridhara and Dhanmondi remain top choices for the upper class.

At the REHAB fair, Rupayan, another real estate company, came up with apartments catering to those in the high-income bracket.

The size of the apartments in the project located in the Uttara is a minimum of 2,000 square feet to a maximum of 8,000 sq-ft, with price tags ranging from Tk11,800 to Tk17,000 per sq-ft.

Bayezid Hassan, assistant manager of Rupayan, said that the Uttara project was built on 144 bighas of land, with high-income groups in mind.

He added that although apartment prices increased by around Tk3,000 per sq-ft after the pandemic, demand was still high and customer response at the fair was quite good.

Navana Real Estate was also showcasing their new housing project in the Gulshan area at the fair. The apartments ranged between 4,000-5,000 sq-ft, with minimum sq-ft price set at Tk30,000.

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