Grand Marina, Saigon successfully established the sector of branded residences in Vietnam
Jason Turnbull, Deputy Managing Director cum CFO of Masterise Homes
Given its record high price, Grand Marina, Saigon is now in the spotlight in the realty market. What would you say about the business results of this project since its introduction?
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 like branded residences.
Since its launch, the Grand Marina, Saigon project has received great attention from the public. A large number of customers visited the sales gallery and made their purchase, making this one of the most successful branded residential projects in their first sales launches.
Most importantly, Grand Marina has successfully established a new real estate sector in Vietnam—branded residences. This attests our ability to realize demand for international-standard luxury living in Vietnam and excellently delivered it in Grand Marina.
How do you see 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 that the market would quickly absorb our products as they cater to HNWIs’ demand for a finer living or a timeless assets.
After two sales launches, it is confirmed that the transaction value of branded residences are totally within the amount that families with stable and high incomes in Vietnam are willing to spend or invest in real estate. With the need to enjoy the best in life, customers seek to splurge and pamper themselves and their family in world-class services and amenities in their home.
Other customers are driven to Grand Marina, Saigon by their demand for a valuable trophy asset as a confirmation of their social status. With nearly 100 years of history and associated with globally-acclaimed brands, branded residences have proven their resilience against downturns and crises of the economy, as well as commercial value across the globe.
What benefit do Vietnam market and customers receive from the strategic partnership between Masterise Homes and Marriott International?
Our partnership is rooted in the firm belief in the prospect of Vietnam’s economy and the potential of the branded residential sector.
Branded residences are not a new concept, and many Vietnamese have already enjoyed services and amenities which are very similar to those offered in these schemes. The success of the Grand Marina, Saigon project is that it has pioneered in realizing and standardizing the tangible and intangible values of branded residences in the daily life of Vietnamese customers, which ultimately addressed 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.
At the same time, our partnership helps elevate the position of Vietnam’s real estate market on the world map as well as 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, and realizing its commitments in the project from construction and development to product handover and delivering its promises to customers which are truly global living standards in the residences.
In what ways does Grand Marina differ from other projects?
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; and especially the capability of the development team.
These residences are not simply associated with Marriot and JW Marriott brands; it also represents values of Marriott International the world’s largest hospitality group. The quality and experience of living here is aligned with truly international standards, something that 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, Saigon’s 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 and become a part of a global community to nurture their future growth and development.
Finally, similar to a branded luxury product, Grand Marina, Saigon is valued by its potential customers and global prestigious brands. Its commercial value is globally accepted and determined accordingly to its respective Marriott brand.
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