The "cross-border" appeal of Marriott International-branded Vietnamese properties was demonstrated in the first launch event in Singapore, organized by Masterise Homes in collaboration with Druce.
Marriott brand guarantee: "cross-border" attraction
The international newspaper last week reported that consulting sessions to introduce Vietnamese real estate held in Singapore attracted hundreds of investors on September 24 and 25. The consultation and sale sessions are held with a limited number of participants, only for VIP customers of Druce - Masterise's global real estate distribution partner.
Two Vietnamese branded projects cover Singapore media and regional markets.
The projects introduced are Grand Marina, Saigon and Ritz-Carlton, Hanoi - both centrally located in the two largest cities in Vietnam, and associated with Marriott's brands. International - the largest hotel group in the world.
Vietnamese real estate has long been an investment trend in the island nation, attracting large FDI inflows from Singapore. However, the event organized by Druce and Masterise marked the first time that Vietnam's "branded real estate" product entered this market.
At the VIP consulting sessions in Singapore on September 24-25, international customers were strongly impressed with two branded projects in Vietnam.
According to Mr. Martin Koh, CEO of Druce Singapore, this success was anticipated. “We are confident we can help Vietnam score points in the international market, as two Masterise Homes projects are backed by Marriott's global reputation. This is not a subjective opinion of Druce. It is the positive feedback from the last event that proves it,” said Mr. Martin.
In 2021, Masterise Homes once cooperated with Asia Bankers' Club to launch Grand Marina, Saigon in Hong Kong and achieve impressive sales in the midst of the biggest wave of the pandemic. These consecutive successes confirm the demand of international investors for Vietnamese real estate, as well as the confidence in Marriott International branded projects.
Grand Marina's opening event in Hong Kong shocked the Vietnamese market with a record of sales.
Responding to a survey at the event, Singaporean investors said that the factors that make them consider are the unique location in the city center and the brand associated with real estate. According to Masterise Homes, these are also two strengths that are highly appreciated by Hong Kong investors Grand Marina apartment project Saigon.
It can be seen that international customers are willing to put down money with a guarantee from a global brand. Since 2015 when foreigners were allowed to own real estate in Vietnam, the domestic market has become more attractive than ever to foreigners, especially in the ultra-luxury segment.
Vietnam – the rising star of the real estate market
According to the "2022 Global Luxury Market Insights" report, the number of rich people with total assets of more than $5 million has increased by 20% in 2021. Meanwhile, the amount of assets has increased by 20.4%, reaching more than $75 trillion. This is also the main driving force for the luxury market to achieve a 14.5% increase in sales and a 20.3% increase in prices.
The Singapore newspaper also emphasized that Vietnam is not an exception to the above trend when the wealthy class is growing rapidly. According to Knight Frank, the number of the rich (with assets over $1 million) will increase by 59% and the super-rich (over $30 million) by 26% over the next five years.
The number of super-rich people in Vietnam will increase by 26% in 5 years, reflecting the dynamism of the Asia-Pacific.
Duong Thuy Dung, Senior Director of CBRE Vietnam shared: “With the increasing number of high-income people in Vietnam and international visitors returning after the pandemic, the high-end segment will continue to receive received great attention, especially projects with strong brands to ensure product quality. Vietnamese real estate will see a sharp shift in demand in the high-end segment, which is priced more reasonably than regional markets, as well as possesses positive upside potential.
Vietnam is known to be a fast-growing market, with the potential to increase a large return on investment.
In 2021, Marriott International introduced Grand Marina, Saigon with a scale of nearly 4,200 apartments - also the world's largest luxury apartment complex in Vietnam. This event also affirms Marriott International's confidence in Vietnam's solid foundation. “With the reopening of tourism, we hope Vietnam will recover quickly and look forward to continuing to expand,” said Emma Smithson, Asia-Pacific director of Marriott International. my portfolio to many locations in this fascinating country.”
Responding to Bloomberg, a Marriott representative highly appreciated Vietnam's potential, especially in the context of countries gradually reopening.
Marriott International is gradually implementing a plan to expand its portfolio 4 times in the Vietnamese market, adding nearly 9,000 luxury hotel rooms and apartments in the next 4 years.