TBY talks to William Stott, Managing Partner, Monarch Eurasia, on the sector.

William Stott

How has the market evolved and how has Monarch Eurasia grown in the last three years?

Kazakhstanis now travel around the world and are aware of high quality. While there are certain developers that continue to provide sub-standard products, others have evolved to meet the demands of end users and match global trends. In this way they help the market to grow and have a brighter future. Our mission is to help end-users make better use of their real estate. This way we also create interest for investors and landlords because instead of just developing products, they become more interested and understand what they should develop to satisfy the needs of end users.

In which sub-segments of commercial real estate do you see the greatest demand?

There is great need in the market at present to improve existing assets, many of which are in bad shape or poorly conceived but can be improved and made more profitable. It is sometimes cheaper to refurbish or renovate than to demolish and rebuild. Depending on the product, renovation and refurbishment takes a few months to 12 months and sometimes can be done in phases, thus protecting or accelerating a company's cash-flow streams and reducing risks.