An announcement was made today that the construction of Bangladesh’s very first hi-technology business park has begun in Gazipur. The plans for the groundbreaking new business premises have been 16 years in the making. The government appointed developer, Bangladesh TechnoSity, is ambitiously planning to complete the first building in just one and a half years.
The first stage is for the construction of a 186,000 square foot building equipped with green energy technology and built with sustainable materials. The developers plan to invest some $26 million over the course of the full project. In about a year, it will be ready for businesses to move in. A handful of international business has signaled their interest at this early stage as the park will be one of the premier commercial locations in this rapidly developing country.
Impact on Real Estate in Gazipur
Our analysts have now moved Gazipur from mid-range potential to high potential. This business park will bring a wave of new homeowners to the area. Businesses will look to purchase houses for their staff so they can be located nearby. We expect prices in the area to increase by up to 10 percent in the medium term.
In the area, you can purchase apartments, but it is houses that dominate the market. There are also some appealing commercial properties and given the projected price uplift it could be deemed a shrewd investment. Many full-time employees have pinpointed real estate in Gazipur for their retirement to safeguard their assets.
Benefits of Having a Business Park in the Area
The government will have added incentive to improve roads, communication infrastructure, and public amenities.
Developers will be more inclined to bring modern residential complexes to the area.
The extra office workers will provide a significant uplift in demand for local business people.
The area will become more multicultural.