- Eastern Housing Limited
Infobox Company
company_name = Eastern Housing Limited
company_
company_type =Ltd
foundation =Islam Group 1965
location =Motijheel ,Dhaka ,Bangladesh
industry =Housing
homepage = [http://www.easternhousing.com/ Eastern Housing]Eastern Housing Limited (EHL)is a
public limited company [ [http://www.bdstock.com/ Bangladesh Stock Market] ] inBangladesh working inreal estate development. [ [http://www.datamonitor.com/companies/company/?pid=A3645AFF-B7F5-4CA9-BC10-0D155C8CB1EB Datamonitor] ] The registered office of the company is situated in Bangladesh. Eastern Housing Limited is one of the 29 members of theREHAB Association , the cetral body for private sector developers in Bangladesh. [http://www.thedailystar.net/2004/07/16/d40716050454.htm Rehab housing fair in New York next month] , The Daily Star, 2004-07-17] 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 inDhaka , the capital of Bangladesh, along with other major developers. [Koen Steemers and SimosYannas; Architecture City Environment: Proceedings of PLEA 2000: July 2000; page 372; James & James, 2000; ISBN 1902916166]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 ofDhaka city. It started its work by successfully implementing a project of building 700 houses inPallabi Thana , Dhaka,National Institute ofPublic Administration; Problems of Municipal Administration; page 271; Municipal government of East Pakistan; 1968] and acquiring convert|910|acre|km2 of land. [Assembly Proceedings; Official Report; page 281, East Pakistan Assembly, 1968] It was one of the first to provide low-cost housing to the residents of Bangladesh (thenEast 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. [ [http://www.thedailystar.net/2004/12/25/d41225050147.htm Flats beyond middle-class reach as land gets pricey] , The Daily Star, 2004-12-25] It regularly takes part in REHAB real estate fairs, both at home and abroad, and experiences sell-out performances. [ [http://www.thedailystar.net/story.php?nid=12925 REHAB fair ends with commitment to lower cost urban housing] , The Daily Star, 2008-01-05] The slogan of Eastern Housing Limited is "Apan Thikana Gore Dey", which translates to "builds your own address". [ [http://www.easternhousing.com Eastern Housing] ]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. [ [http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN018960.pdf Report No. 64] , Strengthening the Role of Private Sector Housing in Bangladesh] In January 2004, the company became a part of the government initiative to build housing for expatriate Bangladeshis inGulshan Thana , Dhaka. [ [http://www.thedailystar.net/2004/01/25/d401252507102.htm Flats for the expatriates] , The Daily Star, 2004-01-25] In 2005, Eastern Housing became the highest tax-payer among the 101 real estate developers listed withNational Board of Revenue (NBR). [ [http://www.thedailystar.net/2005/02/16/d50216050148.htm NBR to audit 10,000 self-assessed tax returns] , The Daily Star, 2005-02-16] 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. [ [http://www.bangladeshnews.com.bd/2006/10/16/private-housing-development-projects-govt-rushes-to-okay-dubious-deals-as-tenure-ticks-away/ Private Housing Development Projects: Govt rushes to okay dubious deals as tenure ticks away] , Bangladesh News, 2006-10-16] 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, [ [http://www.thedailystar.net/2004/09/01/d409012505122.htm High-rises living on the edge] , The Daily Star, 2004-09-01] while the South Banshree project is criticized for getting waterlogged during themonsoon . [ [http://www.thedailystar.net/2005/08/01/d508012508117.htm South Banasree area waterlogged, lacks civic amenities] , The Daily Star, 2005-08-01]Market share
Based on the information provided on company website, up to 2008, Eastern Housing Ltd. has sold over convert|620|acre|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. [ [http://www.islam-group.com/companies/ehl.html Islam Group of Industries website] ; Retrieved 2007-10-11]
Financial Performance
As of
January 1 ,2008 the totalMarket capitalization 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 withDhaka 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 lastAnnual general meeting onDecember 18 ,2006 when it announced BDT 72 million net profit after tax, which translates to BDT 11.54 of earnings per share. [ [http://www.dsebd.org/displayCompany.php?name=EHL Company Information page on Dhaka Stock Exchange website] ; Retrieved on 2008-01-05.] A consistently profitable venture, Eastern Housing paid 10% dividend to stockholders in 2003, [ [http://www.thedailystar.net/2003/12/20/d31220050946.htm Eastern Housing declares 10pc cash dividend] , The Daily Star, 2003-12-20] and a 15% in 2007. [ [http://www.thedailystar.net/story.php?nid=15321 Eastern Housing okays 15pc cash dividend] , The Daily Star, 2008-01-05]External links
* [http://www.easternhousing.com Eastern Housing Limited official website]
* [http://www.dsebd.org/displayCompany.php?name=EHL Eastern Housing Limited on Dhaka Stock Exchange]References
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