July 25, 2021
Five trends are influencing the growth of luxury condos in Dhaka
Luxury condos are growing in trend in this new era. It can be seen to be a favorite purchase among the many elites that includes Lionel Messi, who recently bought a luxury condo in South Florida.
Bangladeshis do not necessarily have to travel abroad now to enjoy the pleasures that life has to offer. There are a considerable number of highly established millennials who settled in the Gulshan - Banani - Dhanmondi - Uttora areas of Dhaka which are home to the many luxury residential estates of the capital.
Among the millennials and the haute-monde, luxury condos are becoming very popular. So why are the luxury condos in Dhaka gaining in popularity alongside luxury apartments?
Luxury Condos versus Apartments
Source: Ventura Artista
"Condominium is a demand of current times when the city is experiencing extreme land shortages," said Tanvirul Haque Probal, president of the Bangladesh Real Estate and Housing Association (REHAB). Source: The Daily Star
The statement above by the president of REHAB depicts two meanings: Condominium serves more in terms of its size and a condominium is bigger than a usual luxury apartment in Dhaka.
The condominium itself is an emblem of luxury, however, there are many named "condominiums" in the country that are stated to be one but sadly are not actual condominiums.
A luxury condominium is a contemporary housing plan in which a specific portion of an apartment is individually owned, while common areas such as corridors, roofs, elevators, and external areas are held by all under a formal agreement. Some luxury condos in Dhaka even provides more amenities.
That being said, a luxury condominium is larger and is built upon a larger area of land compared to classical apartments as it needs to accommodate space for more facilities.
The other meaning that the statement portrays is the lack of space in Dhaka for individual services to be established separately. Suppose, if a condominium has a built-in gym, then there is no need for a separate gym in the area.
A luxury condominium and a luxury apartment have a lot in common but it also has its differences. For starters, the layout of a luxury condominium is different than in apartments, where each unit has the same "cookie-cutter" design i.e made with the same floor plan. However, a luxury condo in Dhaka gives the owners more flexibility in terms of layout that means, the owners have the freedom to customize the design. Hence, it can be upgraded more frequently than an apartment.
A luxury condo has more space than a conventional luxury apartment in Dhaka. This is due to the extra space used for more rooms and space, which adds to its opulence. In addition, features like pantries, laundry rooms, separate showers and bathrooms, and a walk-in closet contribute to the overall appeal of these buildings.
You can also make use of the usable outside space provided by a luxury condo, which includes double-height green terraces as well as other amenities such as a community room, gardens, etc.
Luxury condominiums in Dhaka offer more communal areas than apartments. It is a whole complex designed to captivate homeowners with all of its extra amenities and features. When it comes to residential apartments, though, the living quarters are the prime necessity. Whereas a luxury condo-like the Ventura Riverstone for example, comprises a lavish roof garden and each floor encompasses a double height green terrace which provides the owners the necessary nature-living ambiances that most lack in the city.
Similar to having unique layouts, a luxury condo provides more amenities options compared to a luxury apartment, however, with the latest technology in architectural design in hand, luxury apartments also facilitate modern and posh amenities like having a private swimming pool that can compete with that in the luxury condo in Dhaka.
Dhaka has been the home for many condos over the years and recently, we are witnessing extravagance around us. Luxury real estate development companies like Ventura have been building luxury condos in Dhaka in which we can see breathtaking designs inspired by the top architectural concepts around the world.
The pandemic catastrophe has left Bangladesh economically largely shaken with the lockdowns in place. Moreover, as a chain reaction to the world's current state of the economy, Bangladesh got automatically stricken by it with the stoppage of incoming business orders from garments and other areas which had the most influence on the country's GDP.
Effect of the pandemic on luxury real estate
However as people are recovering from the deadly virus and more are getting the vaccine shots, the real estate industry in Bangladesh is also observed to have been recuperating at even faster rates. The Covid-19 pandemic made it more important than ever to have a safe place to call home. This significance generates demand for luxury condos in Dhaka that cater to today's growing demands for fitness, wellness, education, and work-from-home options.
The necessity for sustainable and luxury real estate property development in Dhaka that offers eco-friendly condos with opulent features is high on many home purchasers' wish lists as the need for a safe residence rises amid the pandemic issue.
Trends that are articulating the rise of luxury condos in Dhaka
Source: Ventura Rivrestone
Many homeowners, particularly millennials, choose custom designing their luxury homes to incorporate numerous sustainable elements such as energy-saving constructions, current technology integrated residences, or outdoor green space, due to the vast array of supplemental facilities available and is also one of the reasons why luxury condos are becoming more prevalent.
For an exclusive lifestyle, people seek personalized experiences based on their feelings, requirements, and desires. As a result, luxury homeowners in Dhaka are always on the lookout for a unique home with a feature that tells a story.
Exclusivity is important to them not just to give a personal touch to the property, but also to ensure that it stands out in society not only today but also in the future. The genuineness of the items and services that have put home automation, smart design, and cutting-edge technology on the map is admired by new house purchasers, particularly the millennials.
With condos over apartments, the units are individually owned by different owners, which gives the owners flexibility to update their properties or install any improvements they desire. Whereas in apartments, the building in whole is owned by a single real estate company or one owner, so individual home customizations are discouraged.
The little maintenance connected with the luxury condo in Dhaka is one of the most appealing elements of this type of luxury housing. There is no need for you to bother about large maintenance jobs like mowing the outdoor lawn in front of the building or keeping up with the exterior or public spaces as a condo owner. These chores are handled by the House Owners Association which consists of a board of directors hence saving time and hassle for condo owners. In addition, the association is also responsible for major repairs within the units.
Therefore, owners can live worry-free, stay busy with their fully scheduled lifestyle, and most importantly go for a sudden trip to a mandatory vacation or a business trip without stressing about the maintenance. All they need to do is to pay a monthly condo service fee that covers the upkeep costs.
One of the major influencing factors of the rise in luxury condominiums in Dhaka among the affluent is the abundance of amenities that are included in the condo.
An emblematic luxury condo in Dhaka like the Ventura Riverstone usually offers a magnificent roof garden with a scenic view of the area and a multipurpose community center which is used for special events, meetings, or conferences.
Rooftop gardening is not only attractive, but it is also beneficial to the environment. Using plants instead of typical roofing materials reduces waste and absorbs stormwater runoff. They also help the roof's supporting structure survive longer and save money on energy. Green roofs have become so popular and successful in Dhaka that leading real estate developers are now constructing luxury condos with roof-top gardens that residents can begin tending to as soon as they move in.
Prominent luxury condos in Dhaka like Ventura Riverstone provides exceptional security. While surveillance cameras are a common safety feature, the condo even employs security guards who are on duty 24 hours a day, seven days a week to keep an eye on who is coming and going.
This is of utmost instrumental in the times of the novel Coronavirus pandemic to have security guards on 24-hour duty at the gate. Anyone intending to visit any unit at the apartment is obliged to register his or her name, address, phone number, etc. with the security staff. The formality of contacting the flat owner or inhabitants via intercom to confirm the guest's identity is then followed. These requirements are usually carefully adhered to in most luxurious condos in Dhaka. CCTV cameras put on all sides of the boundary have long been considered a must-have in the buildings.
Opting to live in a luxury condo in Dhaka, will cut down a lot of stress about the safety and security of the homeowners. Not only is the homeowner's safety in consideration but the whole community is being regarded in a condominium.
Aside from the cutting-edge surveillance system, the presence of your neighbor and the entire community will provide you with a sense of comfort and peace of mind that cannot be measured.
Upscale homebuyers desire everything for an affluent lifestyle, from well-structured clubs for gatherings and seminars to fine-dining events and restaurants, mental well-being places, art & culture programs, spas, and other leisure activities. This trend toward being part of communities rather than autonomous living has become crucial for building long-term connections.
The majority of luxury condos are located in high-end neighborhoods in Dhaka such as Gulshan, Banani, and some areas of Dhanmondi and Uttara. As a result, they are likely to be close to thriving commercial centers, malls, cafes, and restaurants.
With district-based laws and regulations in place, having a private and controlled society like that in Banani and Gulshan helps maintain social distance amidst the coronavirus pandemic situation in the capital. This is because Dhaka being a megacity with a population density of 46 thousand people per square kilometer, makes social distancing impossible to maintain in many crowded regions. In addition, the availability of high-quality healthcare and wellness services within the area is a significant consideration.
As a result, luxury flats in those districts guarantee safety and security during these difficult times by establishing a healthy ecology that contributes to the improvement of quality of life.
As more people are realizing the value of staying healthy and close to their loved ones during this global pandemic which is leaving lifelong lessons to families, homes that provide the utmost comfort and pleasure for a steady life are becoming a necessity.
A luxury condo in Dhaka provides adequate space to serve all the requirements that a family needs to stay healthy, safe, and stress-free. A home office for the adults, adaptation of smart technology to incorporate homeschooling, or even a corner dedicated as a library greatly serves the productivity. While for entertainment and refreshment among the greenery, there is always the rooftop garden, where the families can take a deep breath out of all the pressure of daily lives and the chaos in the surrounding.
Ventura Riverstone, a luxury condo is a project by Ventura, a prominent real estate property developer in Dhaka. Riverstone is built keeping those families in mind who need space and the right infrastructure to grow as a whole, being close together at times of struggle and celebrating the joys of life. With amenities like a rooftop garden, a community room, and a welcoming garden entry, Riverstone delivers the missing vibe of being among nature in the busy city. While the 24x7 Standby Generator Support and Fire Safety and Protection System ensure safety for the families and a backup to let them enjoy their lives.
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