PowerPac-Kajima consortium signs $3.6bn deal with China Energy to build Iconic Tower

A consortium of Bangladesh’s PowerPac Holdings Limited and Japanese Kajima Corporation signed a $3.6 billion engineering, procurement and construction (EPC) and financing deal with China Energy Company Limited for development of the Central Business District (CBD) located at Sector-19 in Purbachal of capital Dhaka.

Mr. Ron Haque Sikder, managing director of PowerPac Holdings Limited, and Mr. Zhang Hongming, member of the board of directors and vice president of China Energy Company, signed the agreement on behalf of their respective organisations in Beijing on Wednesday, according to a statement of PowerPac.

Senior officials of both sides were present at the signing of the deal. Under the agreement, China Energy Company would be partnering with the consortium for the development works as well as arranging finance for the CBD project in Purbachal.

The Iconic supertall skyscraper – 142 storied -- to be built in the CBD at Purbachal new town area in the capital. The project, once implemented, will have various facilities like office spaces with ultra-modern features, business centre, commercial spaces, retail and brand shops, luxurious apartments, 5-6 star hotels, convention centre, cultural centre, hospital, international school and shopping malls.

The project will modernise Dhaka’s skyline.
As per the master plan of the Purbachal New Town Project, there will be an international standard stadium with a capacity of 50,000 spectators, a world standard university, an eco-park and a golf course training centre. Rajdhani Unnayan Katripakkha (Rajuk) formally handed over the 100-acre site to PowerPac Holdings Limited and Kajima Corporation in December last year.

Earlier two months ago, PowerPac Holdings Limited signed another EPC and financing contact worth $2 billion with Power China for the development of the same project. The PowerPac Holdings Ltd., a sister concern of the country's one of the largest business conglomerates Sikder Group, while Kajima Corporation is one of the oldest and largest construction companies in Japan.

 Founded in 1840, the company has its headquarters in Motoakasaka, Minato, Tokyo. Kajima's services include design, engineering, construction, and real estate development. China Energy Company Limited is a one of the biggest Chinese private conglomerates.