Malaysian company, the Capita Jaya Holding Ltd (CJHL), in a joint venture with the CapitaLand Development Company Ltd (CDL) of Bangladesh will invest $100 million in the housing sector of the country. They will construct about 900 apartments at the initial stage and their prices will be affordable to the middle-class buyers. All projects will be implemented by next 18-48 months.

They said higher land price, in and around Dhaka, was a cause of higher price of apartments in Bangladesh. The joint venture projects will be helpful as the Malaysian company will bring modern building construction technology with a new cost saving design and materials here, Mukarram Husain Khan, managing director of CDL, said.

“Though middle class people is our target at the initial stage but we have plans to construct apartments for the low earning people,” said Zeeba Ahmed Khan, executive director of the CDL. About a year ago the Capita Jaya Holding Ltd. of Malaysia and the CapitaLand Development of Bangladesh signed a MoU for the joint venture investment in housing sector. The company has already invested in the housing sector of Dubai and Thailand.