State-owned oil distributor Padma Oil Company Limited will build a commercial space in the capital by investing around Tk400 crore.
For the project, the company on Sunday signed an agreement with the joint venture of National Development Engineers Ltd, and Engineers & Architects Limited.
According to officials at the company, it will construct a 12-storey modern residential cum commercial building by 2025.
In the signing ceremony, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said, "The building should be visually pleasing keeping the environment intact and without disturbing the ecosystem in any way. The building construction code should be followed properly."
Mosaddeque Hossain, deputy general manager and project director of the company, told The Business Standard, "The building is going to set a unique example in terms of construction style. The company will get a good return from this."
Padma Oil's share prices dropped 6.59% and closed at Tk208.3 each at the Dhaka Stock Exchange on Sunday.
It was the worst share on that day among all listed companies.