Home Corporate news Bank City Bank is buying land at a high price in Gulshan

City Bank is buying land at a high price in Gulshan

City Bank will build its own 28-storey building on 40 kathas of land in Gulshan. Approval has been taken from Rajuk and Bangladesh Bank for this. The decision has been approved by the board of directors of City Bank. But there have been allegations that the land is being purchased at a price higher than the current market price.

According to bank sources, the bank is buying another 20 kathas of land adjacent to the previous 20 kathas of land. A special strategy has been adopted for this purchase. The cost of purchasing the additional 20 kathas of land has been estimated at 345 crore taka. City Bank is a listed company on the stock market.

Accordingly, the bank informed investors in the stock market on Thursday as price-sensitive information about the decision to buy land and build a building at a huge cost. It is said that the bank’s decision to buy 20 kathas of land in Gulshan will cost 345 crore taka.

However, housing related people say that the cost of 20 kathas of land is about 350 crore taka. Accordingly, the price of land per katha stands at Tk 172.5 crore.

This is much higher than the market price – this is what housing related people say.

Bank-related sources said that the process of demolishing the bank’s building on 20 kathas of land in Gulshan and constructing a new high-rise building has begun. Approval has also been given from RAJUK to construct a 28-storey high-rise building. Of this 28-storey building, 5 floors will be allocated for car parking. The bank’s head office activities will be on the remaining 23 floors.

That is how the plan has been finalized. Now, as the amount of land has increased, more opportunities have been created to increase the height and area of the building.
City Bank Managing Director and CEO Masrur Arefin told the media, “Bank buildings and offices around the world are very aesthetic and beautiful. We also want to create such an example in the country’s banking sector. For this, we are grateful to the banking sector regulator Bangladesh Bank for approving our plan and initiative. We will try to build our own building and start operations there as soon as possible.’

Currently, the head office of City Bank is operating in a rented building in Gulshan. As the construction of a new building on its own land has begun, the head office was temporarily shifted to a rented building. According to City Bank, the bank currently has more than 7,100 employees. The bank has 134 branches and 70 sub-branches across the country.