Cheval Residences Group, a leading London developer, said it has been receiving an overwhelming response from the GCC investors for its serviced apartment projects in the Middle East and UK.

The regional investors are keen to capitalise on the region’s growing hospitality market and rising trend of the extended stay model, said senior representatives of Cheval Residences, while speaking at the annual Global Serviced Apartment Summit MEA held in Dubai.

They shared their expertise as leading specialists in the serviced apartment sector, manging third party assets as well as creating award winning residences.

Cheval Residences is renowned for its collection of luxury serviced apartments and penthouses located in London’s most desirable addresses.

"The serviced apartment, branded residences and extended stay sector is taking off in the GCC due to a number of contributing factors," remarked Mohammed Almarzooqi, the managing director, Cheval Property Management and Cheval Residences.

"Firstly, the continued fast pace growth of the UAE’s hospitality market is paving the way for diversification, increasing investor opportunities in sectors like serviced residences," he stated.

"The GCC region continues to be a significant contributor to business in to our four- and five-star London residences for both short and extended stay. This popularity naturally lends towards increased demand for serviced residences in not only London but also cities like Dubai and Abu Dhabi," he stated.

The luxury and convenience of these properties coupled with added value due to the UK pound fluctuation is further pushing bookings and investments in this sector,” he said.

Almarzooqi was joined by George Westwell, the director, Cheval Residences, in the panel sessions with a group of active owners and investors in the sector who shared their views on the opportunities to cater for this projected demand.

At the summit, Cheval Residences highlighted how operating a luxury serviced apartment complex can prove to create an alternative, flexible and more competitive financial return than building and operating a hotel.

According to a recent Colliers International report at least 10,000 additional serviced apartment units are required to fulfil projected demand in Saudi Arabia, the UAE and Qatar.

"We are in Dubai to further showcase opportunities for investors and developers in the regional serviced apartment sector. As part of our planned international expansion we’re excited to be adapting our award winning business model from the UK to the GCC," stated Westwell.

"This year, Cheval Residences has focused on launching exclusive Extended Stay developments in the UK within existing residences at both Cheval Knightsbridge and Cheval Hyde Park Gate to cater for growing demand from the GCC," he added.-TradeArabia News Service