Written by The Banking Post
Asiatic Laboratories, best known for its pharmaceuticals, is branching into real estate with plans to build a 32-storey commercial tower in Dhaka’s Tejgaon area.
The project, named Time Square – Dhaka, will rise on 20 kathas of land, according to a disclosure on Sunday. Construction is expected to begin next year, with completion targeted for 2029. Asiatic has signed a contract with China State Construction Engineering Corporation, alongside local consultant Headroom Limited, to deliver the project within three years.
Company secretary Ishtiaq Ahmed said the tower is designed to create a “new stream of income” independent of Asiatic’s core medicine business. The building will dedicate one floor to the company’s office, rent out 24 floors, and transform the top eight floors into a five-star hotel that Asiatic will operate itself.
Ahmed detailed the revenue plan: each floor will span 8,600 square feet, renting at Tk 200 per square foot. This equates to Tk 1.72 million per floor per month, or nearly Tk 495 million annually from rentals alone. Additional revenue will flow from hotel operations, financed through a future share issuance.
The tower will feature several high-tech additions, including solar-generating glass windows, a central water purification system, AI-enabled security, and a rooftop helipad. The total project cost is yet to be finalised, given its advanced specifications.
Asiatic reported a 24% year-on-year drop in profit to Tk 209 million in the first nine months of FY25, following a strong FY24 when earnings rose 35% to Tk 278 million.
Despite the ambitious plans, Asiatic’s stock slid 2.74% to Tk 60.40 on the Dhaka Stock Exchange after the announcement.
