Eastern Housing Limited
Encyclopedia
Eastern Housing Limitedis a public limited company
in Bangladesh
working in real estate
development. The registered office of the company is situated in Bangladesh. Eastern Housing Limited is one of the 29 members of the REHAB Association, the central body for private sector developers in Bangladesh. Eastern Housing Limited (EHL) was established with the objectives of development of land for housing in the urban areas of Dhaka. It is involved in construction, engineering, manufacturing and trading activities. It has been responsible for redefining the environment
in Dhaka
, the capital of Bangladesh, along with other major developers.
, Dhaka, and acquiring 910 acres (3.7 km²) of land. It was one of the first to provide low-cost housing to the residents of Bangladesh (then East Pakistan
). Within a short span of time it turned out to be one of the most trusted company in the housing sector. While the company started operations by developing real estate mostly within Dhaka, the capital of the country, it has started to build outside the city. It regularly takes part in REHAB real estate fairs, both at home and abroad, and experiences sell-out performances. The slogan of Eastern Housing Limited is Apan Thikana Gore Dey, which translates to builds your own address.
Engineer Md Akramuzzaman, Director of the Company, took part in the national dialogue on "Strengthening the Role of Private Sector Housing in Bangladesh" organized by Centre for Policy Dialogue
in November 2003. In January 2004, the company became a part of the government initiative to build housing for expatriate Bangladeshis in Gulshan Thana
, Dhaka. In 2005, Eastern Housing became the highest tax-payer among the 101 real estate developers listed with National Board of Revenue
(NBR). In 16 October 2006, RAJUK, the Dhaka City development authority, sent notice about "unauthorized" construction to the Ministry of Housing which included projects of Eastern Housing. Dr. Asaduzzaman, vice chairman of Islam Group, ruled out the possibility of any dubious practices. Some of the real estate developed by Eastern Housing have has faced criticism. The Eastern Tower, an 18-storied apartment block in New Eskaton
, Dhaka, is criticized for not installing ample emergency escapes, while the South Banshree project is criticized for getting waterlogged during the monsoon
.
of the company is BDT 878 million. Of this 48% is held by sponsor company Islam Group of Industries, 33% by general public, 18% by different financial institutions and 1% by foreign investors. In 1994 the company listed with Dhaka Stock Exchange
where it is listed as a Category A (highest ranking) company. Between 2001-2007 the company has generated dividend yield of 8%-13% for its investors. The company held its last Annual general meeting
on December 18, 2006 when it announced BDT 72 million net profit after tax, which translates to BDT 11.54 of earnings per share
. A consistently profitable venture, Eastern Housing paid 10% dividend to stockholders in 2003, and a 15% in 2007.
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
in Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
working in real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
development. The registered office of the company is situated in Bangladesh. Eastern Housing Limited is one of the 29 members of the REHAB Association, the central body for private sector developers in Bangladesh. Eastern Housing Limited (EHL) was established with the objectives of development of land for housing in the urban areas of Dhaka. It is involved in construction, engineering, manufacturing and trading activities. It has been responsible for redefining the environment
Built environment
The term built environment refers to the human-made surroundings that provide the setting for human activity, ranging in scale from personal shelter and buildings to neighborhoods and cities that can often include their supporting infrastructure, such as water supply or energy networks.The built...
in Dhaka
Dhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
, the capital of Bangladesh, along with other major developers.
Objectives
The objectives of the company are as follows:- To carry on business of Builders, Engineers, Architects and Constructors.
- To provide lands with buildings, apartments, houses, flats or other accommodation.
- To sell, mortgage, give on lease land, house sites, and buildings.
Background
Eastern Housing Limited (EHL) is a concern of Islam Group of Industries. It was formed in late 1965 under the Chairmanship of Mr. Jahurul Islam to reduce the housing problems of Dhaka city. It started its work by successfully implementing a project of building 700 houses in Pallabi ThanaPallabi Thana
Pallabi is a Thana of Dhaka District in the Division of Dhaka, Bangladesh.- Demographics :This Pallabi has a population of 364000. Males constitute are 52.74% of the population, and females 47.26%...
, Dhaka, and acquiring 910 acres (3.7 km²) of land. It was one of the first to provide low-cost housing to the residents of Bangladesh (then East Pakistan
East Pakistan
East Pakistan was a provincial state of Pakistan established in 14 August 1947. The provincial state existed until its declaration of independence on 26 March 1971 as the independent nation of Bangladesh. Pakistan recognized the new nation on 16 December 1971. East Pakistan was created from Bengal...
). Within a short span of time it turned out to be one of the most trusted company in the housing sector. While the company started operations by developing real estate mostly within Dhaka, the capital of the country, it has started to build outside the city. It regularly takes part in REHAB real estate fairs, both at home and abroad, and experiences sell-out performances. The slogan of Eastern Housing Limited is Apan Thikana Gore Dey, which translates to builds your own address.
Engineer Md Akramuzzaman, Director of the Company, took part in the national dialogue on "Strengthening the Role of Private Sector Housing in Bangladesh" organized by Centre for Policy Dialogue
Centre for Policy Dialogue
The Centre for Policy Dialogue is a non-governmental think-tank of Bangladesh, and has been identified as one of the leading think-tanks of the world by the think tank survey conducted by the Foreign Policy Research Institute in Philadelphia, USA....
in November 2003. In January 2004, the company became a part of the government initiative to build housing for expatriate Bangladeshis in Gulshan Thana
Gulshan Thana
Gulshan is an affluent neighborhood of Dhaka, the capital of Bangladesh. It is home to Bangladesh's wealthiest residents, including the billionaire Musa Bin Shamsher.- History :...
, Dhaka. In 2005, Eastern Housing became the highest tax-payer among the 101 real estate developers listed with National Board of Revenue
National Board of Revenue
The National Board of Revenue is the central authority for tax administration in Bangladesh. It is under the Internal Resource Division of Ministry of Finance. NBR is the authority for tax-policies and tax-laws in Bangladesh.-References:...
(NBR). In 16 October 2006, RAJUK, the Dhaka City development authority, sent notice about "unauthorized" construction to the Ministry of Housing which included projects of Eastern Housing. Dr. Asaduzzaman, vice chairman of Islam Group, ruled out the possibility of any dubious practices. Some of the real estate developed by Eastern Housing have has faced criticism. The Eastern Tower, an 18-storied apartment block in New Eskaton
Eskaton
Eskaton is a defunct vanity record label created by Coil, exclusively for albums put out by the group and their friends. Its brother labels are Threshold House and Chalice....
, Dhaka, is criticized for not installing ample emergency escapes, while the South Banshree project is criticized for getting waterlogged during the monsoon
Monsoon
Monsoon is traditionally defined as a seasonal reversing wind accompanied by corresponding changes in precipitation, but is now used to describe seasonal changes in atmospheric circulation and precipitation associated with the asymmetric heating of land and sea...
.
Market share
Based on the information provided on company website, up to 2008, Eastern Housing Ltd. has sold over 620 acres (2.5 km²) of land to its customers in 24 different projects approximating some 13,000 plots. It has also successfully completed over 3,500 units of apartment and has built some modern Shopping Plazas and Commercial Complexes numbering approximating 1500 units. Overall EHL has got more than 40% market share in residential plot and apartment development business in Bangladesh.Financial Performance
As of January 1, 2008 the total Market capitalizationMarket capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
of the company is BDT 878 million. Of this 48% is held by sponsor company Islam Group of Industries, 33% by general public, 18% by different financial institutions and 1% by foreign investors. In 1994 the company listed with Dhaka Stock Exchange
Dhaka Stock Exchange
Dhaka Stock Exchange is the main stock exchange of Bangladesh. It is located in Motijheel at the heart of the Dhaka city. It was incorporated in 1954. Dhaka stock exchange is the first stock exchange of the country...
where it is listed as a Category A (highest ranking) company. Between 2001-2007 the company has generated dividend yield of 8%-13% for its investors. The company held its last Annual general meeting
Annual general meeting
An annual general meeting is a meeting that official bodies, and associations involving the public , are often required by law to hold...
on December 18, 2006 when it announced BDT 72 million net profit after tax, which translates to BDT 11.54 of earnings per share
Earnings per share
Earnings per share is the amount of earnings per each outstanding share of a company's stock.In the United States, the Financial Accounting Standards Board requires companies' income statements to report EPS for each of the major categories of the income statement: continuing operations,...
. A consistently profitable venture, Eastern Housing paid 10% dividend to stockholders in 2003, and a 15% in 2007.