Ultra-luxury residences hit Vietnam

Ultra-luxury residences hit Vietnam

The signing ceremony between Masterise Homes and Marriott International took place on January 6 at Sheraton Saigon Hotel, with many representatives from the US Consulate in Vietnam and American Chamber of Commerce in Vietnam (AmCham) in attendance.

Representatives from Masterise Homes (Tran Quoc Hoai and Nguyen Huong Lien back left; Jason Turnbull front left) and from Marriott International (Justin Malcolm second from right, Scott Hodgetts right, and Ha Quoc Minh front right) joined honoured guests Alexander Tatsis from the US Consulate General (third from left) and Mary Tarnowka from AmCham (fourth from left)

The joint effort of the two entities – each bringing their impressive experience and expansive expertise in property development and hospitality management – is expected to bring a new ultra-luxury residential product concept of branded residences to Vietnam, elevating and changing the local landscape of residences to truly global luxury standards.

The partnership also underscores Masterise Homes’ position as Vietnam’s leading real estate player, reflecting its 6-year transformation to becoming a reputable world-class property developer.

The agreement is expected to deliver unparalleled luxury living in Vietnam, and is set to allow Masterise Homes to extend its development expertise into Vietnam’s fast-growing luxury real estate market, leveraging Marriott International’s global brands such as Marriott, JW Marriott, and The Ritz-Carlton to introduce urban branded residences to the Vietnamese property market.

“Masterise Homes has been building renowned properties in Vietnam, and we have solidified our position as an industry leader given our focus on building the real estate ecosystem with premier international standards,” said Jason Turnbull, deputy managing director cum CFO of Masterise Homes. “Our collaboration with Marriott International is another feather in our cap and, given their global standing, further highlights our capabilities to deliver the best living experiences with world-class standards to our residents.”

Rajeev Menon, president for Asia-Pacific (excluding China) at Marriott International, took part from Singapore

“Vietnam’s growth throughout the years has been very impressive,” remarked Rajeev Menon, president of Asia-Pacific (excluding China) at Marriott International. “We are grateful for the opportunity to work with Materise Homes to realise their vision of building premium communities in Vietnam, and are excited about growing our branded residence footprint in the region.”

Marriott International is one of the world’s leading hoteliers. Since its first hotel opened in 1957, the company now encompasses a portfolio of over 7,500 properties spanning 132 countries and territories. While premium brands like Marriott offer sophisticated spaces and experiences for upscale customers, luxury brands such as JW Marriott and The Ritz-Carlton provide exceptional bespoke services and amenities that define a new era of luxury.

“Our development will be associated with some of the most renowned brands in Marriott International’s portfolio, such as Marriott, JW Marriott and The Ritz Carlton – which will be the first residences of these brands in Vietnam,” added Turnbull. “Their design, development, management, and operation standards will follow the same requirements of any branded residence that carries the same brand around the globe, offering global citizens a privilege to experience world-class ultra-luxury living that is similar to a 5-star JW Marriott branded residence in London or a Ritz Carlton in New York.”

The projects that are currently in the planning stage are located in both Ho Chi Minh City and Hanoi, and will take the lead in introducing the urban branded residences concept in Vietnam. The branded residences experience, as seen in many developed real estate markets, offers tremendous opportunities in Vietnam amidst rising demand for alternative residential products that offer the next level of luxury living.

Grand Marina Saigon is the first highly-anticipated project, and situated at a one-of-a-kind location in the heart of Ho Chi Minh City. Its site is the last remaining large plot of developable land at the northern bank of the river within District 1, with a unique waterfront and historical background. The development is a large-scale, mixed-use complex with residential, office and commercial features. It is expected to be Marriott International’s largest branded residence project in the world, and the company’s first foray into Vietnam’s highly vibrant branded residential market segment.

The development will also position Masterise Homes as one of the largest real estate players in Ho Chi Minh City, supporting Marriott International’s global portfolio of properties. The complex, envisioned to be ultra-luxe, is set to be a highly exclusive and dynamic community and economic hub at the heart of both Ho Chi Minh City, attracting Vietnam’s tastemakers as well as international high-net-worth individuals.

About Masterise Homes

Masterise Homes is the member of Masterise Group that manages and develops all residential real estate brands of the group. With its philosophy of customer centricity, Masterise Homes relentlessly applies world-class standards in its developments. Masterise is committed to delivering unrivalled quality in all products and services for the ultimate in customer experience, contributing to the community and promoting sustainability, in Vietnam and beyond.

About branded residences

The concept of a branded residence can be traced as far back as the 1920s where the Sherry-Netherland Hotel on Fifth Avenue of New York pioneered the idea of serviced apartments for purchase alongside its successful hotel business. Since this time, branded residences have consistently grown in popularity around the world on the back of a growing, globally mobile, high net-worth population.

According to Savills World Research 2019, there are more than 420 branded residence schemes globally. Marriott International is the world’s biggest player in the branded residences sector. With 100 branded residences across 25 countries, Marriott International brands represent one in every four operational projects globally. The company leverages 15 of its 30 leading brands for branded residential projects, with Marriott, JW Marriott, Ritz-Carlton, St. Regis and W accounting for nearly 70 per cent of today’s operational developments.

Marriott International’s extensive brand portfolio means it can offer a brand appropriate for every location and project type, in which a branded residence in New York, Shanghai, or Bangkok will have the same exact quality standard as a branded residence in Vietnam.

Branded residences offer many advantages in a crowded global marketplace for luxury property. Globally-mobile, brand conscious wealthy individuals are attracted by brand name, quality design, security, and the level of service branded residences offer. Luxury brands have proved appealing to the affluent, by whom they are viewed as a mark of success.

While branded residences generally attract a price premium compared to a non-branded property, the value and benefits that owners enjoy often outweighs it. Wealthy individuals are also attracted to the trophy status of a branded residential product as it provides the kudos of being associated with the internationally recognised brand. Their appeal makes branded residences a community of like-minded individuals with common values and share a similar level of affluence. Their limited supply also means they are more exclusive – a value highly appreciated by the affluent elites.

VIR