Could Shanta Holdings Become Bangladesh’s Real Estate King?

In April 2026, Shanta Holdings handed over Pinnacle, a 500-foot, 40-storey tower in Tejgaon and the tallest building in Bangladesh. Next on its list is Dhaka Tower, a 1.5 million sq ft skyscraper designed by OMA, the Dutch firm behind some of the world’s most famous buildings. In two decades, a company that started out of the garment trade has built a string of “firsts” that no other Bangladeshi developer can match. Does that make it the country’s real estate king? Here is the case for it, and the questions that still stand in the way.

From garments to skylines

Shanta’s story does not begin in property. Its founder and managing director, Khondoker Monir Uddin, built the group in ready-made garments from 1988. The group also became part of STS Group, the consortium behind Evercare Hospital Dhaka and International School Dhaka. Shanta Holdings itself started in 2005, and around 2010 the group turned its focus fully to real estate, selling its garment stake to the UK’s Dewhirst Group.

That background matters. A garment business teaches discipline on cost, deadlines and quality for international buyers, and the group’s work on a modern hospital and an international school gave it experience with complex, high-specification buildings early on. Since 2005, Shanta says it has delivered more than 10 million sq ft. In October 2026, the company told Prothom Alo it had handed over 57 residential and 7 commercial projects, and had about 35 residential projects (around 2,600 flats) and 8 commercial projects under construction across Gulshan, Baridhara, Bashundhara, Banani, Dhanmondi and Mirpur.

Shanta’s landmark towers

Most of Shanta’s best-known buildings stand along Bir Uttam Mir Shawkat Sarak, the Tejgaon-Gulshan link road beside Hatirjheel. Together they tell the story of the company’s rise.

Building	What it is	Status
Shanta Western Tower, Tejgaon	Shanta’s first commercial building; described by the company as the country’s first international-standard office tower	Completed
Forum, Tejgaon	Twin office towers, ground plus 24 floors, about 5.9 lakh sq ft on 90 kathas, 350 parking spaces	Completed 2022
Pinnacle, Tejgaon	40 storeys, 500 ft, LEED Platinum; the country’s tallest building	Handed over April 2026
Zenith, Tejgaon	Office tower of 34 floors above ground and 6 basements on 30 kathas, LEED Platinum pre-certified, wind tunnel-tested design	Under construction
Dhaka Tower, Tejgaon	About 1.5 million sq ft, about 150 m tall, designed by OMA	Under construction, due 2028

Forum: the first twin towers

Forum’s two 25-storey towers on 90 kathas of land were the country’s first twin towers, Shanta says. Office floors range from about 5,500 to 14,950 sq ft with 12-foot ceilings, double-glazed low-emission glass, central water-cooled chillers and a building management system monitored around the clock, The Business Standard reported in 2023. All office floors had been sold at the time, with Unilever’s new head office, Meghna Group and Dekko Group among the occupants. Shanta also provides ten years of facility management.

Zenith: the next tower on the link road

Zenith, at 199 Bir Uttam Mir Shawkat Sarak, is an ongoing office tower on 30 kathas with six basements, ground floor and 34 floors, and parking for 170 cars, according to Shanta’s project page. Floors range from about 3,460 to 6,180 sq ft. Like Pinnacle, it is designed to be LEED Platinum and its design has been wind tunnel tested, with double-glazed low-emission glass, six high-speed lifts, a rooftop terrace and an integrated building management system. Shanta has also announced Vista and, in September 2026, Prism on Gulshan Avenue as new commercial projects.

The case for the crown

1. It builds the tallest, and builds them first

Pinnacle, handed over on 18 April 2026, is 500 feet tall and has 40 storeys, making it the tallest building in the country, bdnews24.com reported. Shanta says it was the first building in Bangladesh to go through wind tunnel testing, and that its structure follows updated regional earthquake guidelines from engineers Meinhardt of Singapore. It also has eight high-speed lifts and a full building management system.

The company’s list of claimed firsts is long: the country’s first condominium (Digonto in Paribagh), the first international-standard commercial building (Shanta Western Tower, 2011), the first high-rise steel structure (The Glass House on Gulshan Avenue), and the first 25-storey twin towers (Forum, Tejgaon, 2022). These are the company’s own descriptions, but no rival has a comparable record of landmark projects.

2. It brings in world-class designers

Dhaka Tower, on the Hatirjheel shoreline in Tejgaon, is the first project in Bangladesh by OMA (Office for Metropolitan Architecture) of the Netherlands. It is planned as a roughly 500-foot office tower of about 1.5 million sq ft, with six basements for 724 cars, 21 high-speed lifts and a public observation deck, with completion due in 2028, The Financial Express reported. The project drew international attention: Dezeen, one of the world’s leading architecture publications, reported on the design, and ArchDaily covered its groundbreaking. OMA partner Iyad Alsaka told Dezeen the tower’s shape “expresses the aspirations of a dynamic nation.” Bringing an internationally known firm to Dhaka puts Shanta in a different league from developers who build mainly to standard designs.

3. It is setting the green standard

Pinnacle is LEED Platinum certified, the highest level of the US Green Building Council’s rating, and Dhaka Tower has LEED Platinum pre-certification. Green buildings in Bangladesh have mostly been garment factories; Shanta is one of the few pushing the standard into offices. Its marketing head described rainwater harvesting, greywater recycling and energy-saving operating rules in an interview with Mongabay in August 2026. As big companies face pressure to cut emissions, green-certified space is likely to be in higher demand.

4. Blue-chip tenants choose it

Shanta lists Unilever, Deloitte, Levi’s, HSBC, Marico, Robi, Sumitomo and Syngenta among the tenants of its commercial buildings, and Unilever’s head office is in Forum. Multinationals choose office space carefully on safety, quality and management. Their presence is one of the strongest signals of a developer’s standing.

5. It owns the Tejgaon story

Tejgaon was once an industrial area. Shanta Western Tower, Forum, Pinnacle and now Dhaka Tower have helped turn part of it into a new business district close to Gulshan and Hatirjheel. A developer that can shape a whole neighbourhood, not just single plots, has a kind of influence that few others in Dhaka have.

6. A strong brand

Superbrands Bangladesh has named Shanta the Superbrand in real estate four times, most recently for 2025 to 2026, according to a company announcement. In a market where buyers worry about delays and fraud, a trusted name is a real advantage.

The hard questions

A fair look at Shanta also has to set out what stands between it and the crown.

The slump hits Shanta too

Bangladesh’s housing market has stalled since 2024. A Shanta executive told The Daily Star in December 2025 that mid-range sales were down 40% to 50% compared with FY23, and luxury sales across the market have fallen more than 60%. Shanta’s reputation rests heavily on premium homes and high-end offices, exactly the segments hit hardest. Our report on why Bangladesh’s real estate market has stalled explains the wider picture.

Big towers take time

Pinnacle was approved in 2018 and was originally expected by December 2022; it was handed over in April 2026, more than three years later. Delays on a first-of-its-kind tower are understandable, but Dhaka Tower is even bigger, and its 2028 target will be a real test of whether Shanta can deliver mega-projects on time.

Not a home for most people

Most Shanta homes sit at the top of the market, in projects with names like Northern Lights, The Regal and Olympus. That builds prestige, but a “real estate king” in a country where most families cannot afford a Tk 1 crore flat may need to serve the middle class too. Developers such as Concord, Sheltech, bti and Tropical Homes focus more heavily on mid-range homes for ordinary buyers. Shanta’s planned Bashundhara projects will show whether it can broaden its reach.

We cannot see the numbers

Shanta is a private company and does not publish its accounts. Its revenue, profit, debt and sales are not public, so claims of leadership rest on its buildings and brand rather than verifiable market share. The company says it holds a long-term credit rating of AA+ and a short-term rating of ST-1, which it describes as the top rating in the real estate industry, for the fourth time running. That is a positive sign, but the full rating report is not published on its website. Many of the “firsts” also come from the company’s own materials. A listed developer, or one that published audited figures, would be easier to judge.

The competition is not standing still

Older groups have been building in Dhaka for longer and on a larger scale in housing. Leadership in Bangladeshi real estate can be measured in many ways: units sold, homes delivered, land bank, or landmark buildings. Shanta leads clearly on the last. On the others, the title is still open.

So, will it be called the king?

On quality, ambition and landmarks, Shanta already has the strongest claim in Bangladesh. No other developer has built the country’s tallest tower, brought in a firm like OMA, delivered LEED Platinum offices and attracted the same list of multinational tenants. If Dhaka Tower is finished well and close to schedule, and if Shanta can carry its standards into homes that more families can afford, it is easy to imagine people calling it the country’s real estate king.

But crowns in property are earned over decades, through downturns as well as booms. The next three years, with a weak housing market and Shanta’s biggest project ever, will decide whether the title fits.

What it means for buyers and tenants

• A strong track record lowers, but does not remove, risk. Even the best developers face delays in a downturn. Check the handover schedule and penalty clauses in any agreement.
• Visit completed projects and talk to existing owners or tenants about build quality and management.
• Weigh the premium. Landmark quality usually costs more per sq ft. Decide whether the brand and specifications are worth it for you.
• Follow the usual checks on land titles, RAJUK approval and bank mortgages, however well known the developer.

This article is for general information only and is not investment advice. Dhaka Debates has no commercial relationship with Shanta Holdings.

Frequently asked questions

When was Shanta Holdings founded?

Shanta Holdings started in 2005. Its founder, Khondoker Monir Uddin, built the wider group in garments from 1988 before turning to real estate.

What is the tallest building in Bangladesh?

Shanta’s Pinnacle in Tejgaon, Dhaka, at 500 feet and 40 storeys, handed over in April 2026.

What is Dhaka Tower?

A planned 1.5 million sq ft office skyscraper on the Hatirjheel shoreline, designed by the Dutch firm OMA and developed by Shanta, with completion due in 2028.

Is Shanta Holdings the biggest developer in Bangladesh?

It leads on landmark commercial buildings, but as a private company it does not publish sales figures, and other developers sell more homes to middle-income buyers. “Biggest” depends on how you measure it.

Is Pinnacle a green building?

Yes. Pinnacle is LEED Platinum certified, the highest level of the US Green Building Council’s rating.

Key words explained

Term	What it means
LEED Platinum	The top level of the US Green Building Council’s rating for energy- and resource-efficient buildings.
OMA	Office for Metropolitan Architecture, a leading architecture firm based in the Netherlands.
Condominium	A large residential complex with shared facilities, managed as one community.
Wind tunnel test	Testing a model of a tall building in a wind tunnel to check how it handles strong winds.
Curtain wall	A glass outer wall that hangs on a building’s frame rather than carrying its weight.
Superbrand	A title given by Superbrands, a global brand recognition programme.

How we reported this

We used Shanta Holdings’ website and company announcements published in The Daily Star (October 2025 and the Superbrand release), news reports from bdnews24.com (April 2026, Pinnacle handover), Prothom Alo (October 2026, interview with Shanta’s chief sales officer), The Business Standard (June 2023, Forum), international architecture coverage by Dezeen and ArchDaily (Dhaka Tower), Shanta’s project pages (Zenith, Forum), The Financial Express (May 2024, Dhaka Tower launch) and The Daily Star (December 2025, sales), an August 2026 Mongabay report on green buildings, and public reference sources on the company’s history. Claims of “firsts”, project counts and tenant lists come from the company and are labelled as such. Shanta did not review this article.