The Daily Star (TDS): What was the inspiration behind initiating the organization? Could you share with us the core values, mission, and vision that drive your company's operations?

Md. Aminur Rashid (AR): Since its inception, Edison Group has been committed to driving innovation and growth in Bangladesh's dynamic business landscape. In line with this doctrine, we ventured into the real estate sector to merge value and innovation within the evolving real estate market of this delta. Edison Real Estate Ltd. (EREL) envisions becoming the most trusted and respected real estate company in Bangladesh by improving the living standards of our customers and ensuring their happiness. Everyone at Edison upholds five core values: Integrity, Respectful & Long-Term Partnerships, Customer Satisfaction, Open & Transparent Culture, and Engaging and Growing Team Members.

TDS: What are the major projects your company is currently working on?

AR: EREL has diversified its portfolio in terms of apartment sizes, categories, locations, and prices. Within a few years, we became the largest developer in Bashundhara Residential Area, with 23 ongoing and upcoming projects involving purchased land, averaging 20 katha. Notable projects include Edison Iris, a 30-katha project in A Block designed by DwM4 Architects, and Edison Portia, another 30-katha project with an in-house design in M Block. Edison Desdemona is a 40-katha project on Japan Street, a masterclass by Form.3 Architects. Edison Verona, an 8-bigha gated community with 60% open space, is located next to the Uttara North Metro Rail Station and will be our upcoming flagship project, created collaboratively with renowned architect Nahas Khalil and Cube Inside. We've also introduced 11 elegantly designed projects in the well-planned area of Jolshiri Abashon.

TDS: How does your company differentiate itself in the real estate market?

AR: The unique differentiation of EREL lies in our procured land. All of our projects in Bashundhara R/A and the 8 bigha plot in Uttara are owned by us, which gives us a significant strategic and operational advantage over other stakeholders, particularly customers. This offers a seamless experience, as no third parties intervene in the entire customer journey. This approach also enhances the value of our properties, both in terms of affordability and long-term appreciation. Additionally, our design innovation, efficient space utilization, functionality, modern amenities, top-quality materials, the latest construction technologies, faster and high-quality construction, and seamless customer service ensure timely handovers and provide a comprehensive solution to buyers. We are thus setting new industry standards. Furthermore, we have introduced a loyalty program, the 'Edison Royal Club,' for our customers.

Photo Courtesy: Edison Real Estate Ltd.

TDS: Are there any innovative practices or technologies that your company has adopted recently?

AR: We have already implemented EV charging stations in some of our ongoing projects. Smart security system and gas leakage detectors are currently in the implementation stage.

TDS: How have customer preferences and demands changed in recent years, shaping your company's offerings?

AR: Customer demand over the last five years has seen a 39% increase for 1200-1400 sqft-sized apartments. We have already addressed this segment, alongside our variety of product offerings, by keeping both the apartment size and ticket size lower. There has been a fascinating and significant shift in design practices across the country. The aspirational class now feels the need for quality spaces, smart solutions, and lifestyle amenities. The biophilic designs in our projects allow residents to fully enjoy life and ensure the wellness of both their physical and mental states.

TDS: How do you evaluate the current state of the real estate market? What are the biggest challenges facing the industry, and how does your company address these challenges?

AR: At the moment, the industry seems to be moving at a slow pace. Some players are gradually returning to their regular velocity. However, our construction has not been affected for a single day. We have continued to provide bi-weekly updates on project progress to our respective customers. As always, the overall scarcity of land and its high price, along with the skyrocketing cost of materials and construction, are major concerns. Both retail and corporate financing are costly. Value engineering is a temporary solution to avoid placing an extra burden on customers, which, although common, is a discouraging practice in the market. In the long term, we need to address overall connectivity and communication, eliminate import difficulties for raw materials, and focus on developing homegrown capabilities, as well as sustainable and uninterrupted energy solutions. This will ultimately benefit all stakeholders in the market by controlling costs and offering real assets at reasonable value.

TDS: What do you foresee as the key trends in the real estate market over the next five years? How is your company planning to adapt to future market conditions?

AR: The proposed revision of the new DAP will provide developers with a bit of comfort, offering more room to explore creativity and increasing business opportunities. We've already developed in-house capabilities for complete architectural solutions and implemented the latest practices. Technology will gain more popularity in all aspects of home solutions. Edison Group has diversified its business portfolio since 2008 to address the innovative aspects of future demand.

TDS: Do you want to share any additional information or comments about your organization?

AR: We believe in long-term and respectful partnerships, whether with our co-players, internal stakeholders, or team members. We are focusing on developing human resources to achieve flexibility, which will be highly needed in the sector in the coming days. Edison Verona is the first-ever gated residence being created around the metro rail network in the capital.