Dubai - Mubasher: Moscow-based real estate developer Pioneer Group is planning to bring its unique mid-market YE’S apart-hotels brand to the UAE and the GCC by looking for potential investors and partners through its participation at Cityscape Global.
The three-day event, the Middle East’s largest real estate exhibition and conference, kicked off on Tuesday, 2 October at the Dubai World Trade Centre (DWTC) amid massive international and regional investors’ turnout.
Supported by Japan’s architectural and urban design firm Nikken Sekkei, The Pioneer Group will showcase its existing developments in Moscow and St Petersburg during the mega real estate event.
The Russian developer voiced its confidence that the new mid-market hospitality brand from Russia will attract the interest of potential Middle east partners in a regional hotel and apartment market, according to the company’s statement.
“The YE’S apart-hotel brand is a unique mid-market product, accessible to a wide range of investors, offering apartments fully furnished and ready for leasing with the added benefit of professional hotel management,” The Pioneer Group added.
Spanning 600,000 square metres, the Y’ES apart-hotels features high quality finishes, which are fully equipped with European furniture and household appliances, the company said, giving no further details on the project’s cost and timeframe.
The brown site is set to “be turned into an environmentally-friendly community, with sprawling lush green areas and pedestrian routes, in stark contrast to its current form,” it added.
It will comprise residential, educational, medical and commercial facilities, a church, plus parking and social Infrastructure.
It is noting that the Dubai’s Russian tourist arrivals grew 74% year-on-year to 405,000 during the first half worth of 2018, according to the emirate’s official data.
Russia has become one of the GCC emirate’s top five source markets.
“That is why YE’S is such an attractive proposition for UAE investors. Russian tourists particularly those from Moscow and St. Petersburg will recognize the brand and its value-led offering. With more and more mid-market tourists expected to arrive in the UAE from Russia, demand will be robust and sustainable,” said Leonid Maksimov, chairman of the Pioneer Group’s board of directors.
