Marriott Maps Out its Residential Expansion with the Most Ambitious Project in Vietnam
Vietnam looks set to be Southeast Asia’s best economic performer this year, with expected growth of at least 6.5%1. This marks an incredible turnaround for a country that only recently eased its Covid-related restrictions.
As investors bet big on Vietnam’s economic potential, with $11.7 billion in foreign direct investment flowing into the country in the first five months of 2022 – 83.7% of last year's total2 – Vietnam’s real estate market has reached its own milestone. The number of branded residences increased 230% globally over the last decade3, and Grand Marina Saigon stands out as one of Asia’s most anticipated branded residences. Featuring branded units from two Marriott International brands – JW Marriott and Marriott Hotels, the upcoming 4,500-unit riverfront development is the world’s largest branded residential project – and Vietnam’s first branded one with Marriott International.
A Vibrant Branded Residence Destination
Marriott International is the world’s largest operator of branded residences, with more than 100 branded residences across 25 countries to its name and 60 more projects in the pipeline. Its debut in Vietnam's urban branded residences category signifies international confidence in the country’s strong fundamentals – and its significance on the global real estate map.
“Vietnam is a vibrant destination and has over the years experienced record levels of tourism as international travelers flocked to the country and domestic travelers began to discover the many wonders available in their own backyard,” says Emma Smithson, Regional Director of Residences Operations, Asia Pacific, Marriott International. “With the recent reopening of borders, we are hopeful for Vietnam to rebound rapidly, and we are excited to expand across even more parts of this captivating country.”
This is a view shared by Dung Duong, Executive Director at real estate services and investment firm CBRE. “Vietnam is believed to be the next hotspot for branded residences. With the number of ultra-high-net-worth individuals significantly increasing in Vietnam and foreign investors making a comeback after the pandemic, high-end and luxury properties will continue to receive a lot of interest, especially well-branded projects with assured product quality. Vietnam would see strong appetite for branded residences as this sector is still in its infancy in the local market with more reasonable pricing compared to the regional level, which offers greater upside potential.”
The New Standard of Urban Luxury
Even by the ambitious standards of the hospitality heavyweight, the upcoming Grand Marina Saigon breaks new ground in luxury real estate. Overlooking the northern banks of the Saigon River, the 10-hectare development will bring one of the world’s most recognizable luxury hoteliers to Ho Chi Minh City’s coveted District 1, and is slated to open in phases from the first quarter of 2023. To set new standards in elevated living among the highest echelons of “Saigon’s Wall Street,” Marriott turned to Masterise Homes, a homegrown real estate developer also known to international buyers for sister ultra-luxury residence The Ritz-Carlton Residences, Hanoi at The Grand.
In Grand Marina Saigon, Masterise Homes’ landmark sets eight skyline-defining residential towers within an oasis of parks and plazas, anchored by an 850-meter promenade that puts the Saigon River on residents’ doorsteps. “Location is the top motive behind purchases of branded residences at Grand Marina, Saigon, both from our local and international buyers,” says Gibran Bukhari, Head of Sales of Masterise Homes. “It is such a unique and unrivaled riverfront location in District 1, considering its heritage and how limited land bank is for new residential developments in the city center. We’re proud to be bringing to life this one-of-a-kind project, and to introduce it to both local and international markets.”
Beyond its unparalleled location and aspirational design, Grand Marina Saigon’s combination of strata-title real estate with Marriott International's hospitality ticks all the boxes of high-net-worth individuals’ desire for finer living and timeless experiences. In redefining luxury living, this trophy asset fuses uncompromising quality and world-class Italian fitouts complemented by the dedicated services and amenities Marriott International is known for, including concierge, F&B and fitness teams, plus a host of exclusive offers from Marriott Bonvoy loyalty program. “For these homes, the elevated service, staffing and amenities really deliver on the promise and experience of staying in a hotel, but it's available 365 days a year, not just when you’re on vacation,” notes Smithson.
An Investment With Global Recognition
True to its disruption of luxury living, the fine life doesn’t stop when owners are off premises. Grand Marina Saigon’s seamless integration into the lifestyles of the most discerning travelers is made possible by residential staff that who care of owners and their homes whether in residence or away, and an Owner Recognition Program that offers owners the same uncompromising service and amenities they have come to love while staying in more than 8,000 Marriott International hotels and resorts globally.
The quality of the development, backed by the strength of the Marriott brands, its global network and the guarantee of effortless home ownership, has drawn great interest from both international and local buyers, prompting multiple sight-unseen purchases. For owners seeking a like-minded community and the opportunity to expand their network while building a timeless legacy for the next generation, the tangible and intangible long-term value of Grand Marina Saigon is unmissable.
“The greatest value the customers receive in our branded residences is a truly world-class property that matches their needs and its price,” says Bukhari. “This is the first residential project in Vietnam that offers the value of global recognition, providing trophy assets that appeal to trophy hunters around the world. If you say to someone, 'I own a Marriott residence' or 'I live in JW Marriott residences,' there’s no doubt the association with those brands plants all the right seeds in any listener’s mind. The quality and experience of living here is aligned with truly international standards, something that you cannot find in unbranded residential projects.”
And as Marriott International expands its portfolio fourfold in Vietnam, its partnership with Masterise Homes is creating unparalleled opportunities in one of the world’s fastest-growing economies. In Vietnam’s largest and most vibrant city, the Marina is calling.
[1] Bloomberg News [2] Vietnam+ [3] Savills
