On the outskirts of Bashundhara located at Apollo road, Rangs Courtyard is a project that brews the community concept and studio apartment trend in today’s urban landscape; where only Highrise apartments are the most recurring structures occupying Dhaka’s skyline. The residential space is a perfect place to wind up for nuclear families. The project has a rooftop sky garden, built-in gymnasium, an open-air swimming pool along with kids play zone with the idea of reviving the lost childhood allowing care and affection to foster within the bricks and boundaries of Courtyard. The cherry on top is the easy entry and exit in Bashundhara without having to face its routine and familiar traffic.
For decades as a nation, we Bengalis have always fancied plush, independent houses, and viewed them as a symbol of aristocracy and high-rank lineage and have always admired the lifestyle that came along with it. As time went on, we have adjusted from joint families to small nuclear families, from analog to digital smart televisions. We now no longer rely on words of wisdom; instead, we turn to google, who is our modern-day savior for every big or tiny query. Similarly, big independent houses are becoming a rare sight in this city, and smaller apartments have grasped the industry for its convenience factor over the years. Studio apartments are a recent addition to the Bangladeshi market, which is currently seeing a significant uprise in demand considering the country’s real estate market, which often focuses on addressing the top tier belonging to the slanted vertical of the consumer psyche pyramid.
What exactly is a studio apartment?
Studio apartments comprise a single large room, including a bedroom, living room, dining lounge, compact kitchenette, and attached restrooms. The square feet of a studio apartment can range from 250 sqft to somewhere 1000+ sqft. These studio apartments are ideal living spaces for single city dwellers, small families, frequent travelers and ex-pats, and even first-time investors.
What do the numbers tell?
Studies suggest that the rate of urbanization in recent years in Bangladesh has been at 1.9 %, which is the highest in South Asia, whereas the industry’s YoY growth was above 5% in 2019. It is safe to say that the annual housing demands linger somewhere around 120,000 units, whereas the yearly supply caters approximately upto25,000 companies. With rising urbanization, inflation plays a vital role in affording homes more challenging to the lower & middle-income groups and below. As big real estate names continue to be more inclined towards luxury, studio apartments are a giant leap lurking around the corner, waiting to emerge as the game-changer.
The Present & Future:
While studio apartments are the fastest moving products in the west in terms of real estate, even in neighboring countries like India, Singapore, China & Hongkong,
Bangladesh is yet to experience its next wave of massive demand, which is due in the upcoming days.
As land continues to become scarce, Dhaka is expanding exponentially at the eastern horizon. Since time is a great essence, studio apartments placed at the heart of the business hubs ensuring excellent connectivity within necessary amenities, make them the most lucrative spaces. Young professionals, students, couples from all over the country come to Dhaka to pursue their studies, career interests, etc. In the
coming years, this number is likely to go up significantly.
The scope on ROI & Way forward with Rangs Properties:
Looking at studio apartments from an Investor’s perspective, the return is quite profitable as small spaces get rented out the fastest. For smaller ticket price with the expected sky-high demand, it also makes it an ideal deal for the first-time buyers and for those prefer to own rather than renting spaces. Affordable housing has become a necessity today which will redefine the way this industry operates, starting from the way properties are valued. Challenging conventions has set the ground for brilliance where it becomes a norm-setting new benchmark at every phase. The ground-breaking creations by Rangs Properties are sculpting the future of the real estate industry with the pledge to provide more and beyond.
Taking consideration of the upcoming paradigm shift in the market, Rangs designed its very first studio apartments at Courtyard. Located at Apollo road, Rangs Courtyard focused greatly on its connectivity, social infrastructure of the neighborhood and being at the walking distance proximity from Apollo hospital, universities, schools and colleges it has redefined its own Perks. Individually styled apartments with inviting lounge spaces and assisted living services are another way to dig deeper to offer a detailed personalized experience for a more customer centric approach.