Raffles clinches $1.13b township development project deal in Bangladesh
The project involves the development of 50 acres of land in Trust Green City.
Raffles Infrastructure Holdings has been selected by the Army Welfare Trust (AWT) of Bangladesh for a township development project with a gross development value of $1.13b (US$800m), according to an announcement.
This involves the development of 50 acres of land with a construction area of 10.8m sqft in Zones 2, 3, and 4 of Baunia, Dhaka (Trust Green City) which is designed to hold more than 5,000 dwelling units.
The project is targeted to alleviate housing shortage in Bangladesh, modernise the residential sector in Dhaka, and leverage on technology to improve the lives of the population. The company will be assigned to undertake the design, financing, construction, marketing, operation, and maintenance of Trust Green City.
Raffles Infrastructure and AWT have entered into a Memorandum of Understanding (MOU) on 7 May.