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Local developer to build high-end condominium

Kawsar Khan
A local real estate company has begun constructing a housing project with an investment of Tk 200 crore in Dhaka, which it claims to be a high-end condominium in the country.
Shanta Properties Limited (SPL) has begun constructing the 15-storey project at Paribagh in the capital on an area of over 84 katha land.
Condominium is a modern housing concept where a specified part of apartment is individually owned, while use of and access to common facilities such as hallways, heating system, elevators, exterior areas are owned by all under legal agreement
“Now Concord Group has a sister concern named Concord Condominium Ltd, but it constructs typical types of apartments, not condominium," said an official of Concord Real
Estate and Building Products Ltd, another concern of the group.
With the name SPL Digonto, the condominium project began in April 2007 and aims to complete in December 2010.
The project wil] include 2,000 square feet long walkways, 50-foot long swimming pool, central system for pure as well as hot water, 6000 square feet party hall, a 263-car parkingfacility, children's play area, free space around the garden, table tennis and poolroom and steam bath, which will make the project a unique one, an official of the developer said.
"In a general apartment you have to go elsewhere for physical exercise consuming time and separate gyms for male and female, but in a condominium you will get everything," said Mominul Haque, executive (Market Communication and Brand) of SPL.
"Due to absence of such lavish apartments in the past many people have bought apartments in countries like
Malaysia and Singapore because these types of flats were not available in Bangladesh," Mominul added.
The company sources said size of each of 150 apartments will be from 2,471 sqf to 3,171 sqf and the cost of each apartment would not be bellowTk 1 crore.
Claiming that the company got a very good response from people, the sources said they have so far got booking for over 40 per cent of the total apartments.
"Condominium is a demand
of modern time when the city is suffering from acute land crisis," said Tanvirul Haque Probal, president of Real Estate and Housing Association of Bangladesh (REHAB).
Sector people said South Breeze Housing Ltd, Concord Real Estate and Development Ltd, Dom-Inno Builders Ltd and Bay Developments Ltd are some of the companies who are constructing luxurious apartments, but not condominium. kawsar@thedailystar.net