Masterise Group – Owner of apartment projects 500-700 hundred million VND/m2

In 2020, Masterise Group entered the list of 10 outstanding real estate developers in Vietnam voted by Forbes Vietnam magazine. This is also the youngest representative among the honored companies, besides the "old trees" of real estate for many years such as Vingroup, Novaland, Phu My Hung, Hung Thinh Land, etc.

Masterise Group - Logo
Masterise Group – Logo

Masterise Group – Owner of apartment projects of 500-700 million VND/m2: Young but surpassing the "elder" thanks to the formula "acquiring golden land, building super luxury houses, selling at super shocking prices"

We would like to introduce the series of articles "Businesses that sell the most houses in Vietnam". The business mentioned today is Masterise – the youngest name on the list. We invite you to read.

The Rise of Mysterious Bosses

The predecessor of Masterise Group is Thao Dien Investment Joint Stock Company (Thao Dien Investment), was established in 2007. By November 2019, Thao Dien Investment changed its name to Masterise Group Joint Stock Company (Masterise Group), which roughly translates to "emergence of the boss". Since then, the name Masterise also began to appear densely in the media.

Like many other real estate groups, Masterise Group owns a large group of subsidiaries and affiliates with the Masterise family name such as Masterise Retail (other retail in department stores), Masterise Center (other retail stores in department stores), Masterise Center (other retail stores in general stores), and Masterise Center organization of commercial introduction and promotion), Masterise Hotels (short-stay service), Masterise Property (consultation, brokerage, real estate auction, land use right auction). Not to mention, this group also has contacts with many other businesses, typically TCO Vietnam Investment Joint Stock Company and Techcom Capital - a legal duo who have put a lot of effort into the SkyViet aviation project. Although "died prematurely" later because it did not receive the nod of the management agency, the SkyViet project showed the formidable vision and potential of Masterise Group.

Masterise Group investor Masteri Center Point - Masterise Homes

The owners and shareholder structure of Masterise Group are also quite complex and mysterious. On the National portal on business registration, the legal representative for a series of companies Mastersie Group, Masterise Land, Masterise Retail, Masterise Property is Mr. Tran Quoc Hoai (born 1977).

However, more remarkable is the presence of billionaire Ho Hung Anh's relatives. Specifically, billionaire Ho Hung Anh's younger brother, Mr. Ho Anh Ngoc, used to hold the position of Vice Chairman and General Director of Masteries Group from 2011 to July 2012. Currently, this businessman has retired from his position here and has just been elected to the Board of Directors of Techcombank.

In addition, Mr. Ho Anh Ngoc's wife, Mrs. Nguyen Huong Lien (born in 1985), also represented the capital contribution at 6 subsidiaries of Masterise Group, including: Masterise Center Trading and Service Co., Ltd. Masterise Hotels Hotel Services Co., Ltd, Masterise World Resort Services Co., Ltd., Masterise Brokerage Co., Ltd., Masterise Services and Real Estate Management Co., Ltd.

On Masterise's official website, it only provides information about partners and ongoing projects without any data on leaders. Due to the fact that it has not been listed on the stock exchange, Masterise does not have to disclose the land fund area or financial indicators.

JUST BUSINESS BUT Friend with Big Brother

Masterise is a rare young real estate face pursuing high-end, luxury and super-luxury apartment segments.

The reputation of this real estate developer emerged soon after the first project was launched on the market: Masteri Thao Dien luxury residential area, belonging to the high-end segment. That was the time in 2014, the real estate market had started to warm up, but no projects really broke through.

Meanwhile, Masterise chose a bold direction that not all real estate companies can do. Masteri Thao Dien at that time was a rare high-end residential project developed under the model of a professional investor - quality contractor - reputable bank - strong partner.

Contributing to the investor in the project are the "big guys" in the real estate and financial industries including Vingroup as the investor of Vincom Mega Mall Thao Dien, an important item of the project. ; Contractor of Cotec Construction Joint Stock Company (Coteccons), an experienced unit in construction of luxury real estate projects.

Grand Marina Saigon investor masterise three son

Especially, right after the project was just launched (October 2014) - the time when the Real Estate Business Law stipulates that the investor must make the purchase of a guarantee for the project that has not yet been implemented, Masteri has actively cooperate with Techcombank of billionaire Ho Hung Anh, to manage capital, ensure that customers' cash flow into the project is invested for the right purpose, and the project is implemented on schedule. In case the apartment is not handed over on time in the fourth quarter of 2016, Techcombank commits to pay all benefits as stipulated in the contract, including prepaid amounts, interest and fees. related penalties that the investor is responsible for paying.

As a result, after only 8 months of opening for sale, more than 90% of Masteri Thao Dien's apartments put on the market have already been purchased. This strategy continues to be applied by the Group with subsequent projects.


Over the past 2 years, the legal entities connected to the Masterise Group have actively developed the clean land bank. For example, in the period of June-August 2019, the relevant legal entity is TCO Real Estate Trading and Consulting Company Limited (a subsidiary of TCO Investment Vietnam) and Minh Tan Real Estate Company Limited. Hanoi has in turn transferred more than 34.6 hectares of land in Gia Lam urban area (Gia Lam district, Hanoi) and 37,525 square meters of land for the above project from Gia Lam Urban Development and Investment Co., Ltd. Lam.

TCO Vietnam investment, also the owner of Vinhomes Thang Long project with a scale of 24.2 hectares, including 798 villas, garden houses, townhouses & commercial townhouses. In addition, the Masterise Group also owns the Vinhomes Me Tri project with a scale of 320,965 m2, then sold 100% to Vinhomes.

The first project - Masteri Thao Dien also owns a beautiful location when it connects directly to station 7 (An Phu station) of metro line 1 Ben Thanh - Suoi Tien, it only takes 7 minutes to go to the center of the District. 1, 17 minutes to Tan Son Nhat airport as well as easy to move to other areas in the city.

Masteri Lumiere Riverside District 2
Masteri Lumiere Riverside District 2

Subsequent projects such as Masteri Millennium (132 Ben Van Don, District 4), M-One Saigon (District 7), or M-One Gia Dinh (Go Vap District) were also well received by the market. In general, these apartments have a selling price ranging from 65-80 million VND/m2.

In the past few years, Masterise's name has continued to appear more and more associated with super luxury projects, located in "golden" locations in Hanoi and Ho Chi Minh City. Prominent are 3 projects: D'. San Raffles, Grand Marina, One Central HCM.

In the capital, Masterise received the transfer of "golden land" 22-24 Hang Bai (Hoan Kiem) from Tan Hoang Minh Group to continue developing the office project - super luxury apartment D'. San Raffles. Previously, this 4,071 square meter piece of land was abandoned, and it took Tan Hoang Minh 7 years to get a permit. According to some sources, this super-luxury apartment-office project will be completed around 2023 and has an asking price of up to 570 million VND/m2.

In Saigon, Masterise attracted more attention after the transfer at the Saigon - Ba Son Complex project. According to the 1/500 planning project in 2015, Saigon - Ba Son Complex Center, invested by Ba Son Corporation, is distributed into three groups on the basis of subdividing into 6 land lots, including: including mixed housing, apartment functions, commercial services and officetel.

By 2016, Ho Chi Minh City Investment Trading Services Joint Stock Company (Vincentra) was approved to invest in the project with a total investment of about 30,000 billion VND, and at the same time, it divided into 8 land lots. including HH1 (8,999.3 m2), HH2 (3,825.5 m2), HH3 (2,899 m2), HH4-1 and HH4-2 (6,167.2 m2), HH4-3 (7,141.3 m2), HH5-1 (3,558 m2) and VP2 office space (6,042 m2).

Grand Marina Saigon Bason District 11
Grand Marina Saigon Bason District 1

Since then, although the progress of the project seems to be at a standstill, the transactions of transferring these land lots have been active, going through many investors. By 2020, the emergence of new legal entities – including Supreme Real Estate Investment Joint Stock Company and Elegance Real Estate Investment Joint Stock Company, Minh Huy Land Investment One Member Limited Liability Company – are believed to be related. closely with Masterise, bought the above plots.

At the same time, The Centennial Saigon project at Ba Son complex of the previous investor Alpha King was transferred to Masterise and renamed Grand Marina. From 2021, the Grand Marina branded apartment project officially starts construction. Worth mentioning, the price of these apartments offered by Masterise is about VND 200 million/m2, double the level offered by Alpha King 2 years ago.

Golden location of the Grand Marina project.

Also in Ho Chi Minh City, Masterise continues to receive the development of the Spirit of Saigon project (Ben Thanh quadrangle) from the investor Bitexco. After changing the name to One Central HCM, the selling price of these apartments changed rapidly. If the analysis report of VNDirect Securities Joint Stock Company at the end of last year said that the Ben Thanh Quadrangle project will be added to the shopping cart of projects open for sale in 2021 with an opening price of about $20,000 - $25,000/ m2 (equivalent to 460 - 570 million VND/m2), according to many sources in the market, the selling price after returning to Masterise's hands will be even more "shocking", possibly up to 30,000 USD/m2, equivalent to nearly 700 million VND/m2.

It is easy to see that one of the main reasons why Masterise is able to offer "huge" prices for its projects is the location factor, because they are all located on "golden" land amidst the context of the land bank in the city. The city is scarce. Besides, another strategy applied by this real estate "player" to its projects is to cooperate with famous international management brands, helping the apartment to be labeled "brand name".

Research by Savills shows that luxury real estate often costs about 35% more than the market, largely due to factors such as location, investor brand and operator. The scarcity of each project is also a factor that helps increase the value of this product line.

Grand Marina Saigon - Marriott International & Masterise Homes- Start building Branded Residence in Vietnam -compressed

For example, on January 6, 2021, Masterise Homes and Marriott International Hotel Group have become strategic and exclusive partners 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.

Currently, according to data from Forbes Vietnam, the number of apartments launched by Masterise to the market is about 7,175 units, ranking 7th out of 10 in the list of outstanding real estate developers in 2020 compiled by this magazine. voted, more than BIM Group, Dat Xanh and Khang Dien.


Currently, Masterise Group is focusing on implementing 6 projects. In which, there are 2 projects in Hanoi, Masteri West Heights - in the high-end segment and D'. San Raffles – belongs to the super luxury segment as mentioned above. Worth mentioning, Masteri West Heights is fully located in the smart urban Vinhomes Smart City in Tay Mo - Dai Mo ward, Nam Tu Liem, Hanoi, expected to be handed over in 2022.

Masteri Center Point - Masterise Homes luxury apartment project in District 9
Masteri Center Point – Masterise Homes luxury apartment project in District 9

The remaining four projects in the South include: Grand Marina, One Central HCM, Masterise Lumiere Riverside and Masteri Center Point. In particular, Masteri Center Point is also located in the urban area of Vinhomes, specifically at the location of the largest urban center of Vinhomes Grand Park in the East of Ho Chi Minh City.


The living space at Lumiere Boulevard helps bridge the generation gap

The living space at Lumiere Boulevard helps bridge the generation gap

Lumiere Boulevard: Comprehensive utility apartments right at the project

Lumiere Boulevard: Comprehensive utility apartments right at the project

Grand Marina Saigon của Masterise Homes đạt giải thưởng Thiết kế Kiến trúc Châu Á 2023

Masterise Homes' Grand Marina Saigon has won the 2023 Asian Architectural Design Award


Discover 12 luxury amenities for Lake residents

Masterise Homes hợp tác với Nội thất hàng hiệu Modale - Nhà phân phối độc quyền tại Việt Nam

European luxury furniture distributor Modale introduces the first store in Vietnam


3 "tailor-made" privileges from Modale in cooperation with Masterise Homes exclusively for customers