After acquiring the "golden" land lots in Ho Chi Minh City and Hanoi, Masterise Homes has re-established a high price even double that of the previous investor.
The opening sale of the Grand Marina, Saigon project developed by Masterise Homes in the Hong Kong market at the end of March with a starting price of up to 432 million VND/m2 has "shocked" the real estate market in water by unprecedented selling price.
Surprisingly, a building in this 25.29-hectare land lot was developed by another investor and sold an apartment project with a starting price of 230 million VND/m2 in 2019. However, this is not a school. The only combination is Masterise Homes acquired and developed projects with "shocking" price increases.
Collect a series of golden soil
The 25.29 ha golden land lot has another name, Saigon - Ba Son Complex Center at 2 Ton Duc Thang, District 1, HCMC.
According to the 1/500 planning project in 2015, the Saigon - Ba Son Complex Center is invested by Ba Son Corporation. In April 2016, the People's Committee of Ho Chi Minh City announced that it had approved for Ho Chi Minh City Investment, Trade and Service Joint Stock Company (Vincentra) to invest in the Saigon - Ba Son Complex Center with a total investment of nearly VND 30,000 billion. . By the fourth quarter of 2016, Vincentra subdivided into eight land lots and separated from this grand project for new legal entities to own.
During the past 5 years, although through the hands of many owners, the 8 plots of land did not have much change in the progress of construction and construction. Only in 2018, the plot of land with the symbol HH5-1 suddenly fell into the hands of the investor from Hong Kong, Alpha King, and was developed into the Centennial Saigon apartment project and shocked the market with the selling price of the apartment. up to 10,000 USD/m2. However, Alpha King did not continue to develop the project.
Only in 2020, the appearance of two new legal entities, Supreme Real Estate Investment Joint Stock Company and Elegance Real Estate Investment Joint Stock Company, which are believed to be related to Masterise Group, will create new vitality. for the land.
In early 2021, Masterise suddenly announced the Grand Marina, Saigon branded apartment project with a selling price of 18,000 USD/m2.
At the same time, the Ben Thanh quadrangle with the former name of Spirit of Saigon, owned by Saigon Glory Co., Ltd., a subsidiary of Bitexco Group, also unexpectedly fell into the hands of Masterise. In early 2021, the name Masterise Homes suddenly appeared on a bulletin board outside the project, showing that this emerging real estate giant has become a developer. At the same time, Masterise Homes also changed the name of this project to One Central HCM.
In Hanoi, the land of 4,071 m2 with two fronts at 22-24 Hang Bai, which has been abandoned for many years, also belongs to Masterise Home. Previously, this land was owned by Tan Hoang Minh Group. The project, formerly known as D' San Raffles, is planned to be developed into a 9-storey building with 5 basements, including a complex of commercial centers, high-class offices, and luxury apartments.
Add "brand", price increase "shock"
At branded apartment project Grand Marina, Saigon, Masterise has pushed the price compared to The Centenial Bason of Alpha King is about 200 million VND/m2, nearly double the old selling price 2 years ago.
In an analysis report published at the end of last year, VNDirect Securities Joint Stock Company said that the Ben Thanh Quadrangle project will be included in the shopping cart of projects opening for sale this year with the opening price forecasted to be the most expensive. Ho Chi Minh City, about 20,000 - 25,000 USD/m2 (equivalent to 460 - 570 million VND/m2). However, according to many sources in the market, the selling price of this project after being handed over to Masterise's owner may be announced up to 30,000 USD/m2, equivalent to nearly 700 million VND/m2.
One of the most important factors that makes Masterise confidently push real estate prices up significantly compared to the old investors is the participation of an international branded management unit.
On January 6, Masterise Homes and Marriott International Hotel Group became an exclusive and strategic cooperation partner in many projects of Masterise Homes.
Accordingly, Masterise Homes is the developer of Marriott's international-standard luxury real estate projects to the Vietnamese market.
Real estate business leaders said this is the first time brands have developed residential real estate projects in Vietnam. The projects will be designed, built, managed and operated to the same quality standards as those of Marriott's brands.
