Dhaka City, establish during the Moghul Empire and grown with the British rule, is expanding rapidly. From the beginning of the 20th Century, its growth and development may be marked with sheer lack of proper and far-reaching planning. The impact is now being felt all-around.
Starting in late 70’s real estate business grew rapidly in 1990’s, with current growth rate of 15%. At present, more than 2000 companies are active in business. By the year 2015, Dhaka is projected to rank as the 5th largest city in the world, where 50 million people will have to find their house. Land is becoming increasingly inadequate to provide individual housing solution to all. As a result, demand for apartments is growing rapidly. Inheritors are inclined to building apartments as a means to share property.
Real Estate Sector at a Glance:
With the number of companies increasing gradually, various problems concerning the housing sector cropped up requiring early solution. At this stage it was necessary to form a trade association of the real estate developers to protect the overall interests of the sector. To strengthen the role of real estate sector Real Estate & Housing Association of Bangladesh (REHAB) was formed with only 11 members in 1991. The objective of REHAB is to promote formal private sector Real Estate Development in Bangladesh.
Summit Properties Limited (SPL), a Private limited Company having authorized capital of Tk. 2 crore divided into 20,000 ordinary shares of Tk.1,000 each was incorporated on 2nd day of November 1994 with the Register of Joint Stock Companies, Govt. of Peoples Republic of Bangladesh.
Mr. Abdul Muhith chairman of SPL has 26 years of business experience in many exclusive sectors locally and internationally, with a Master’s degree in Accounting from University of Dhaka. He qualified as a chartered accountant in 1984 from the Institute of Chartered Accountants in England and Wales. He has experience of working for some major companies of United Kingdom including Ernst and Young, the multinational firm of accountants. He is also the Chairman of Banco Securities Ltd, Banco Finance & Investment Ltd, Banco Power Limited, Summit Properties Limited, Millinium Fisheries Ltd and a Director of International Medical College & Hospital.
SPL got the membership of Real Estate and Housing Association of Bangladesh (REHAB) in 2005 and its membership ID no is 234/2005.
Mission of the Company:
SPL believes that everyone has the right to avail high quality, affordable and safe housing, whatever may be his/her economic status. The mission of the company is the pole star of its vision for maximization of production of quality products and services strictly on ethical and moral standards at minimum cost to the society ensuring optimum benefits to the customers, consumers, key partners and other stakeholders.
Vision of the Company:
The conception of business germinated from the vision of SPL which sees it as a means to the well being of the investors, stakeholders, employees, buyers and members of the society at large by cresting new wealth in the form of goods and services that go to satisfy the wants of all of them without disturbing or damaging the socio-ecological-economic balance of the mother earth and the process of human civilization leading to peaceful co-existence of all the living beings. Besides, to obtain a leading position in the operated industries of this company in Bangladesh as well as international through maintaining standard quality.
Objectives of this Company:
• To strive hard to optimize profit through conduction of transparent business operations within the legal and social framework with malice to none and justice for all in the respective of gender disparity, caste, creed, religion or region.
• To create an environment for excellent residential housing with close proximity to the commercial centers.
• To provide best product to the customers with relentless pursuit of quality.
• To promote corporate social responsibilities (CSR) amongst all.
Corporate Governance is key to its sustenance. Good Corporate Governance is key to successful sustenance. In line with the concept of good corporate management practice and the provisions of Articles of Association, the Board of Directors, the Top Management tier, is responsible for overall control and supervision of the entire affairs of the company primarily through strategic planning and budgetary control mechanisms.