Located in Dhaka, Bangladesh, the luxury residential building named Three is close to the esteemed Gulshan Club and boasts a view of the tranquil Gulshan Lake. Developed by BTI, a prestigious real estate company in Bangladesh, this 14-story structure is nearing completion. Adorned with a lavish facade contrasting against its concrete and glass structure, construction workers are putting the finishing touches on the building.
Offering 12 apartments, each occupying an entire floor spanning over 7,000 square feet, Three is equipped with modern amenities such as biometric security systems and AI-based lighting. Despite the steep initial price of 200 million taka or $2.5 million until 2021 (now decreased to $1.8 million due to currency devaluation), all the apartments were sold before construction commenced. The selection process for owners was meticulous, with BTI chairman Faizur Rahman Khan being one of the buyers.
The building symbolizes the increasing wealth of Bangladesh's affluent minority in a nation where economic growth is accompanied by widening income disparities. While the middle-income and affluent consumer class is expanding, the wealth gap is deepening, with the wealthiest 10% controlling a significant portion of the nation's income. Bangladesh has been identified as a leader in wealth growth, with a significant annual increase in individuals with a net worth exceeding $5 million.
The country is projected to be among the top five fastest-growing in terms of high net-worth individuals. The rise in wealthy individuals is evident from the substantial increase in private bank accounts holding at least 10 million taka by the end of 2023, indicating the concentration of wealth within a small segment of the population.