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ME firm to build 2 townships in Dhaka

Local developers oppose FDI

Jasim Uddin Khan
The country's real estate companies are opposing foreign direct investment in housing sector, as a leading Middle East-based developer is working to establish two modern townships in Dhaka.
The Ras Al Khaimah-based Rakeen Development Company has already got approval from the Board of Investment (Bol) for establishing the proposed townships in Dhaka's suburb areas.
"We will make around 6,000 flats at our proposed luxurious townships as the first step of our company to join the coun-try's housing sector," SAK Ekramuzzaman, Rakeen Bangladesh director, said on Thursday.
He said the site selection process is going on in full swing and the company is conducting feasibility study for the projects at six to seven sites of the city.
Ekramuzzaman said the main feature of the Rakeens' projects is that the flats will be of world class in quality and affordable.
"We will finalise the site selection process within next two to three months and then the company will start project work," he added.
About the project cost, the Rakeen director said the company will invest as much money as it needs.
Meanwhile, local real estate and leasing firms are opposing any FDI in housing sector.
Real Estate and Housing Association of Bangladesh (REHAB) President Tanveerul
Haque Probal said Bangladesh does need not any FDI in housing sector as the sector is already saturated with a lot of projects.
The main problem of the sector is not investment but availability of low-cost funds, he said.
"We have a lot of projects in the pipeline. Now we need low-cost funds both from local and foreign sources to keep the project cost under limit so that middle income group of the country can afford the flats and
plots offered by us,” Probal added.
Lack of regulations, irregularities by some real estate companies who are not the members of REHAB and skyrocketing prices of raw materials have made the Tk 25,000 crore industry shaky, said Rakibur Rahman, a real estate entrepreneur.
The Ras Al Khaimah (RAK) is one of the largest housing companies in the Gulf region having an authorised capital of US$817 million. It has stakes in property development, tourism, township building, commercial and industrial sectors.
Dr Khatter Massaad, who heads the RAKLA and is also the executive chairman of Rakeen, formally announced the investment plan during a visit to Bangladesh in midApril.
Rakeen has developed a number of ambitious projects in Ras Al Khaimah, ranging from man-made islands to offshore financial districts and from spa resorts to new urban developments.
jasim@thedailystar.net