HCMC branded residence project debuted in Hong Kong at $1 mln starting price
HCMC branded residence project debuted in Hong Kong at $1 mln starting price
The Grand Marina, Saigon, Marriott's largest branded residence project developed by Vietnam's Masterise Homes, was purchased at a starting price of $1 million per apartment in Hong Kong this March.
Artitst’s impression of Grand Marina, designed to Marriott standards. Photo by Masterise Homes.
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The price, equivalent to a unit price of $18,000 per square meter, is significantly higher than other luxury apartments in Ho Chi Minh City with an average price of nearly $7,000 per square meter, according to CBRE Vietnam’s 2020 Real Estate Market Spotlight.
However, the price is comparable to those of branded real estate projects in the area like The Residences at Mandarin Oriental in Bangkok and The Residences at St. Regis Singapore.
On the other hand, compared to Hong Kong – one of the most expensive housing markets in the world – the price is significantly lower than the unit price of the city state’s luxury segment, estimated at an average $46,800 per square meter, according to Savills.
Hong Kong investors get information about the project. Photo by Masterise Homes.
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The emergence of a new real estate model in Vietnam, urban branded real estate, has caused the price of luxury apartments to jump and catch up with other countries in the region. With the endorsement of global brands, Savills' Branded Residence 2020 report stated, "The average price difference of the branded real estate market and the unbranded luxury real estate is about 31 percent."
Asia Bankers Club announced many customers have boldly decided to invest in Grand Marina Saigon without visiting the project or a model house.
"The project is backed by the Marriott International brand, which has created confidence for our customers. Moreover, in the context of the global economy, Vietnam is the only Southeast Asian country to record GDP growth in 2020 and is forecasted by the World Bank to increase its GDP by 6.81 percent in 2021," Kingston Lai, founder and CEO of Asia Bankers Club, said.
"Vietnam’s real estate market is emerging as a bright star, promising growth and opportunities for foreign investors like those from Hong Kong."
According to South China Morning Post, Vietnam welcomes Marriott's largest branded real estate project as investors are betting heavily on this amazingly growing Southeast Asian country. The article reports that Marriott International is making a foray into Vietnam's branded real estate sector, starting with Grand Marina Saigon.
"The success of the Grand Marina Saigon launch event in Hong Kong is a milestone marking the successful export of a new branded apartment product model, in addition to long-established products such as rice and coffee. The appearance of the Marriott International brand in the segment has placed the Vietnamese real estate market on the world map and caught the attention of foreign investors," a Masterise Homes' representative stated.
