The year 2021 ends with the uncertainty of the real estate market, many businesses suffer due to the impact of the Covid-19 epidemic, then Masterise Group re-emerges as a phenomenon of the year.
That is the appearance of super projects, setting house price records in Vietnam and becoming a leading name in the real estate market. So what is creating these surprises, helping Masterise Group to stand firm against Covid-19 when the whole high-end real estate market is struggling?
Rise from the project acquisition strategy
The predecessor of Masterise Group is Thao Dien Investment Joint Stock Company (Thao Dien Investment) established in 2007. By 2019, Thao Dien Investment officially changed its name to Masterise Group and quickly expanded into a diversified ecosystem. industry with a series of companies under the Masterise brand.
Since then, Masterise Group has quietly opened a new "empire" with the appearance of many companies in its ecosystem under the Masterise brand. These include Masterise Retail in retail, Masterise Hotels in hospitality, Masterise World in resort services, Masterise Brokerage Co., Ltd and Masterise Agents in brokerage, and Masterise Services. in the field of real estate management and especially Masterise Homes in the development of residential real estate projects.
Not stopping there, in April 2020, Masterise Group officially launched Masterise Property Real Estate Management Co., Ltd. specializing in consulting, brokerage, real estate auction, land use right auction. Ms. Phan Thi Anh Tuyet, General Director of Masterise Group, is currently the legal representative of Masterise Homes and many companies bearing the "Masterise" brand in this ecosystem.
After expanding the ecosystem, Masterise Group emerged in the real estate market when it continuously made acquisitions of a series of diamond lands from the hands of big names in the real estate world. Typically, in Ho Chi Minh City, Masterise Group M&A successfully completed the Centennial Saigon apartment project in the Saigon - Ba Son complex from Alpha King and the Spirit of Saigon complex in the Ben Thanh quadrangle from the owner. from Bitexco.
In Hanoi, Masterise Homes continues to acquire and develop a super-luxury project called The Grand Hanoi on a golden land of more than 4,000 square meters at 22-24 Hang Bai from Tan Hoang Minh. This project also set a record for house prices in Vietnam at $35,000/m2 (nearly VND 800 million/m2).
In addition, Masterise Homes also received the transfer of 2 land plots from Vinhomes in 2 projects: Vinhomes Grand Park District 9 (HCMC) and Vinhomes Ocean Park (Hanoi) to develop luxury apartment projects here.
Not only continuously acquiring and expanding the land fund, Masterise also transferred the project to many other giants. Few people know that the 320,965 m2 Vinhomes Green Bay project (Me Tri commune, Tu Liem district, Hanoi) was originally owned by the Masterise Group through Quyen Tinh Co., Ltd and related shareholders contributing capital. into Me Tri Sports and Entertainment Development JSC. Later, this project was sold 100% by Masterise Group to Vinhomes group.
Going against the trend, creating success in the middle of a pandemic
Giữa bối cảnh dịch Covid-19 diễn biến phức tạp, phân khúc bất động sản cao cấp gặp khó thì Masterise Group bất ngờ chọn hướng đi ngược khi ồ ạt ra mắt hàng loạt dự án BĐS hạng sang với mức giá kỷ lục trên thị trường.
Specifically, at the beginning of 2021, Masterise Group shocked the whole market when selling apartments at the project Grand Marina Saigon, converted from Centennial Saigon, for $15,000-16,000/m2. At that time, the price of super luxury apartments in Ho Chi Minh City. Ho Chi Minh City is only about 80 million VND/m2. At the opening event in Hong Kong at the end of March 2021, the starting price of apartments at Grand Marina Saigon even reached 18,000 USD/m2, an unprecedented price in Vietnam.
However, this record was quickly broken in the fourth quarter of 2021 when Masterise Homes developed a super luxury project called The Grand Hanoi on a 4,000 square meter golden land at 22-24 Hang Bai of Tan Hoang Minh. . This project also set a record for house prices in Vietnam at $35,000/m2 (nearly VND 800 million/m2). Although the price is the highest in Vietnam, a Masterise representative said that the transaction is currently almost out of stock.
Explaining the strange direction in the midst of the Covid-19 epidemic, Mr. Gibran Bukhari - Business Director of Masterise Homes once shared that this is not an illegal direction when the market is difficult. In fact, when the market is difficult, investors can see the value of the branded real estate product line, and this has been proven worldwide for nearly 100 years.
Gibran Bukhari also said that according to Savills' report in 2021, although Covid-19 was widespread, the whole world had 77 more housing projects in this segment put into operation, a record high number. Real estates that meet the criteria of safety, green, clean, utility ... will be a guarantee to attract high-income people who want to enjoy a safe, high-class life without interruption.
“We develop products not according to market conditions, but to create products that can be sustainable no matter what the situation. Therefore, the maximum value that customers will receive from this model is the international standard according to the price paid by the customer; there are no deviations from the advertising compared to the actual value”, affirmed Mr. Gibran Bukhari – Sales Director of Masterise Homes.
In fact, luxury apartments have appeared in Vietnam since 2006, but only concentrated in coastal resorts developed by investors or foreign investment funds, such as The Nam Hai, Six Senses Con Dao, or Hyatt Regency Danang. Branded apartments at these resorts are also known as condotels and have been "playing around" the Vietnamese real estate investment market for many years. However, developing luxury real estate in cities is a completely different story and Masterise Group is the pioneer in Vietnam.
Masterise Group owns an advantage that few investors can match when holding golden land plots in the context of increasingly scarce land funds in major city centers. As a result, this "empire" stands out among many real estate giants with its strategy of targeting the luxury residential segment managed by international hotel operators.
The handshake with Marriott International made a miracle
This is also the reason why in 2021, Masterise Homes also has a strategic move when signing a cooperation agreement with Marriott International, developing luxury real estate projects international level in Hanoi and Ho Chi Minh City, associated with prestigious hotel brands such as Marriott, JW Marriott and The Ritz-Carlton.
In particular, the Ritz-Carlton brand appeared for the first time in Vietnam and set a record for the price of an apartment of VND 800 million/m2 at 22-24 Hang Bai (Hanoi). Ritz-Carlton Hanoi is the fifth branded real estate project of this legendary brand in the Asia-Pacific region (after Singapore, Bangkok - Thailand, Colombo - Sri Lanka and Kuala Lumpur - Malaysia).
It can be said that the handshake between Masterise Homes and Marriott International not only positions the Masterise brand, but also facilitates this business to sell products at much higher prices than competitors in the same industry.
In addition, in 2021 Masterise also surprised the whole market with a policy that caused a stir when it became the pioneer to launch the "Home for Home" solution. That is, people can exchange their old house for a new one with an amount of only VND 50 million without making any payments until they receive the house.
Masterise Group's explosive plan in 2022
Currently, Masterise Group is focusing on implementing 7 projects. In which, 3 projects in Hanoi are Masteri Waterfront, Masteri West Heights - in the high-end segment and The Grand Hanoi - in 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.
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.
According to information from Masterise Group, in 2022, Masterise Homes' branded real estate portfolio will have new members, a type of luxury real estate from famous fashion and lifestyle brands in the world. world. These include the branded residence area in Thu Duc city, the luxury apartment project in the center of Ho Chi Minh City…
Despite the great achievements of 2021 and groundbreaking plans for 2022, Masterise Group still faces existential challenges in terms of its long-term capacity to deliver on its commitments. with customers and brands. When the developer of a branded real estate is not a marketer or a sales person, but must have the real ability to go through the rigorous censorship of the brand, the process of building and developing, handing over the product and It is especially important to maintain the international experience and living standards at the luxury real estate forever.