Branded residences elevate land potential in Vietnam’s metropolises

April 12, 2021 | 08:00
After some time in hibernation, several golden land spaces in Vietnam’s major metropolises like Ho Chi Minh City and Hanoi are roaring back to life.
branded residences elevate land potential in vietnams metropolises
The Ritz-Carlton development covers 8,500sq.m next to Ben Thanh Market

One highlight of these land plots is their attachment to globally acclaimed brands such as Ritz-Carlton, JW Marriott, and Marriott – and are all developed by Masterise Homes, a member of Masterise Group, which pioneers in bringing world-class excellence to the development, operation, and management of real estate products and services in the Vietnamese market and beyond.

Spacious plot at Saigon River becomes Grand Marina

The first to date is the central land plot along the Saigon River in Ba Son area which stretches from Ton Duc Thang to Nguyen Huu Canh streets in the heart of District 1 in Ho Chi Minh City.

The land space, formerly belonging to The Centennial Saigon luxury condominium project, has changed its name to the Grand Marina Saigon, with Masterise Homes acting as the developer of the maiden project.

As projected, the 10-hectare land space not only features branded apartments under two leading brands, JW Marriott and Marriott, the land space’s new owner also wants to provide a public park, waterfront boardwalk, and world-class marina integrated with the Ba Son metro station. This branded residence and hotel development will also feature eight waterfront towers.

branded residences elevate land potential in vietnams metropolises
The 10-hectare site of the Grand Marina Saigon project on Nguyen Huu Canh
branded residences elevate land potential in vietnams metropolises

One Central Saigon located opposite Ben Thanh Market

Sitting on Ben Thanh’s four-cornered land area with its four sides being major roads, and with the vibrant Ben Thanh Market opposite, the vast 8,500-square metre land space formerly under the Spirit of Saigon realty project has changed its name to One Central Saigon. The project developer is Masterise Homes, which is in full throttle for completion of the One Central Saigon premium development.

One Central Saigon will feature sublime condominiums under the Ritz-Carlton brand, which for the first time makes its name into Vietnam’s real estate market and is also the most upscale hotel brand from Marriott International.

The US brand operates more than 108 upscale hotel and resort venues across 30 countries and territories worldwide.

Ritz-Carlton’s well-established branded residences have made forays around the globe, visible in the North American and Middle Eastern markets, particularly in Dubai.

Land space in central Hanoi belongs to Masterise Homes

In Hanoi, the 4,000sq.m land plot on Hang Bai street, just 100m from Hoan Kiem Lake in the heart of Hanoi, now has a new owner – Masterise Homes – after years of sitting idle.

Before transfer, the land plot was under the ownership of privately-held Tan Hoang Minh Group and the compensation cost once hit $43,500 per sq.m. The project, named D’ San Raffles, sits next to Trang Tien Plaza; its other side is Hai Ba Trung, another central Hanoian street.

Global real estate brands like Marriott and Ritz-Carlton continually marking their presence in central business districts of Ho Chi Minh City and Hanoi attests to the high sentiments domestic and global investors have for Vietnam’s growth potential to branded residences.

This is grounded in the fact that leading British real estate consultancy Knight Frank states that the number of ultra-rich people in Vietnam, each with asset value surpassing $30 million, has been on a steady rise.

Accordingly, the country ranks third worldwide in ultra-rich people’s growth pace as by the end of 2019 Vietnam was home to 458 utra-rich people, up 7 per cent on-year, as noted in Knight Frank’s Wealth Report 2021.

Together with globally-acclaimed brands such as Marriott and Ritz-Carlton, these land plots also brighten the name of Masterise Homes. Through constantly bringing such brands to golden land areas in Vietnam’s key metropolises, Masterise Homes has affirmed its pioneering role in crafting the portfolio of urban branded residences in Vietnam.

Masterise Homes has put its name in the spotlight in recent years through acquiring many land plots in central strategic positions with full legal status.

The group has been pursuing a well-conceived strategy of fully realising its legal obligations to the customers, for instance, offering ownership certificates early to customers.

In fact, Masterise Homes is one of the earliest developers striving to give these pink books to customers.

By Ngan Ha

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