Russian holding Becar Asset Management, in collaboration with the Dako company, has ventured into the cleaning services market in Tashkent. The initiative was revealed by Becar President Alexander Sharapov, as reported by New prospect publication.
Sharapov highlighted the immense potential of Tashkent, citing its growing population and robust economic growth.
He stated, "Tashkent is a city with a population of 3 mn at night and 5 mn during the day due to people coming to work. The economy of Uzbekistan is growing by 6% annually, real estate prices in dollars have increased by 20% annually over the past three years."
He also mentioned a significant urban development project that forecasts an increase of 1 mn people in Tashkent's population in the coming years, injecting $1 bn into the economy.
Becar Asset Management's current portfolio includes servicing Yandex offices and co-working spaces in Tashkent, with plans to expand into retail real estate and hotels. Sharapov noted the scarcity of modern cleaning companies in Uzbekistan and outlined the company's expansion strategy, which prioritizes consolidating operations in Tashkent before branching out to other Central Asian markets such as Kazakhstan, Turkmenistan, and Kyrgyzstan.
Moreover, Becar Asset Management is in discussions with major developers in Uzbekistan to potentially manage hotel projects under the brands We & I and You & Co. These projects are anticipated to accommodate 300-500 rooms and span 10-15 thousand square meters, with a projected implementation period of 2-3 years.
"In Uzbekistan, as in Russia, there are practically no investors willing to buy ready-made hotels. Therefore, we are looking at the condo format to build a facility and sell it to private companies," Sharapov explained.
In February 2023, the Vertical Hospitality hotel chain, a subsidiary of Becar Asset Management, expressed its intentions to enter the Uzbekistan market, exploring both independent ventures and partnerships for project developments.
Established in 1992 by Alexander Sharapov, Becar Asset Management is renowned for its consulting services in the real estate market, encompassing development, management, and cleaning operations. Operating under various brands such as Vertical Hospitality, You & Co, and We & I, the company manages properties across Russia, the UAE, Cyprus, the UK, the USA, and Portugal, with a staff exceeding 5,000 individuals. Financial specifics are undisclosed.
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