Grand Marina pioneers branded residences in Vietnam
Grand Marina pioneers branded residences in Vietnam
Jason Turnbull, deputy managing director and CFO of project developer Masterise Homes, highlighted some achievements of the ultra-luxury branded residence project.
- Why did the launch of Grand Marina, Saigon come at this particular point in time?
I believe we have chosen the right time to land the branded residences segment in Vietnam as the local economy continues to maintain strong growth momentum and more buyers are able and willing to pay for ultra-luxury properties.
Since its launch last year, Grand Marina, Saigon has received great public attention. A large number of customers visited the sales gallery and made their purchase, making this one of the most successful branded residential projects.
Most importantly, Grand Marina has successfully established a new real estate sector in Vietnam - branded residences. This attests to our ability to realize demand for international-standard luxury living in Vietnam.
Jason Turnbull, deputy managing director and CFO of project developer Masterise Homes. Photo by Grand Marina.
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- What do you think about the potential of branded residences in Vietnam?
I see great potential. When we decided to bring this concept to Vietnam in Grand Marina Saigon, we believed the market would quickly absorb our products as they cater to high net worth individual’s demand for finer living or timeless assets.
After two sales launches, it is confirmed the transaction value of branded residences are totally within the amount families with stable and high incomes in Vietnam are willing to invest. With the need to enjoy the best in life, customers seek to splurge and pamper themselves and their family with world-class services and amenities.
Other customers are driven to Grand Marina by their demand for a valuable trophy asset as a confirmation of their social status. With nearly 100 years of history and by being associated with globally-acclaimed brands, branded residences have proven their resilience against economic downturns and crises, as well as commercial value across the globe.
- What benefits do Vietnam market and customers receive from the strategic partnership between Masterise Homes and Marriott International?
Branded residences are not a new concept, and many Vietnamese have already enjoyed services and amenities that are very similar to those offered in these schemes.
The success of the Grand Marina project is that it has standardized the tangible and intangible values of branded residences in the daily life of Vietnamese customers, which ultimately addresses their needs. The greatest value the customers receive in our branded residences is a truly world-class property that matches their needs and its price, and is true to our commitment.
Besides, our partnership helps elevate the position of Vietnam's real estate market on the world map while creating an opportunity for Marriott International to explore the potential of one of the fastest-growing economies in the world.
- What difficulties does a developer of branded residences face during the project development process?
The biggest challenge is to equip itself with the capability and expertise to go through an extremely rigorous review process to land the partnership with the brand, realize its commitments in the project from construction and development to product handover, and deliver on its promises to customers that focus on truly global living standards.
The aerial view of Grand Marina, Saigon. Photo by Grand Marina.
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- What sets the Grand Marina, Saigon project apart from others in the market?
Grand Marina, Saigon is a globally-recognized branded residential project, in which each product has to go through a rigorous review of all aspects from design and construction to development and operation; especially the capability of the development team.
These residences are not simply associated with Marriot and JW Marriott brands; it also represents the values of Marriott International - the world's largest hospitality group. The quality and experience of living here is aligned with truly international standards, something you cannot find in unbranded residential projects. Furthermore, this is the first project in Vietnam that offers the value of global recognition.
This could be extremely important to the local affluent class and nouveau riche, because they aspire to be recognized and respected. Owning an apartment at Grand Marina, Saigon is a testament to their success and status.
Moreover, Grand Marina residents will be members of an elite community, and have an opportunity to expand their network and further build their wealth, while also giving the next generations access to fine values to become part of a global community that nurtures their future growth and development.
Finally, similar to a branded luxury product, Grand Marina, Saigon is valued by its potential customers and prestigious global brands. Its commercial value is globally accepted and determined according to its respective Marriott brand
