An article published by Bloomberg news shows the new move of Marriott International in the luxury real estate segment in Vietnam.
Hanoi is about to have Ritz-Carlton branded apartments
The branded real estate model was born in the 20s of the last century after the Sherry-Netherland hotel in Manhattan was built from the cooperation of a real estate developer and a famous hotel brand.
After nearly 100 years, this model has expanded from the US to many countries and territories around the world, including Asia. The number of luxury real estate projects in this region has been increasing sharply in the past few years, currently accounting for more than a third of the global supply of luxury apartments. Currently, this place has about 79 projects in the process of forming, expected to provide the market with 16,130 apartments by 2025, Bloomberg cited data from C9 Hotelworks, an organization providing development consulting services. Hotels, real estate brands in Asia.
Thailand and Vietnam are the two leading potential markets in this continent. Bloomberg news agency also evaluates Vietnam as an attractive real estate development destination. As for Marriott International - the world leader in this segment, although it only entered the Vietnamese market in January 2021, the group has a plan for the second luxury apartment project, attached associated with the Ritz-Carlton brand.
Potential of luxury real estate in Vietnam market
Bloomberg in another article analyzed that owning a luxury apartment is considered an absolute "manifesto" to affirm the wealth and class of the owner. This is one of the reasons to attract customers to buy branded real estate, besides the purpose of living and pure investment. The size of the rich and super-rich population in Vietnam has grown impressively over the past five years, with the number of people with net worth over $1 million and over $30 million increasing by 26% and 108%, respectively.
This growth comes from the impressive growth rate of Vietnam's economy. Since 2019, Bloomberg has reported that Vietnam is one of the world's fastest growing economies, with an average growth rate of over 6% for 20 consecutive years. This news agency believes that this is the great potential of the high-end real estate market in Vietnam.
Agreeing with Bloomberg's article, the South China Morning Post also said that the real estate sector in Vietnam is increasingly favored by international investors because of its outstanding economic development and customer operators. US-based hotel, Marriott International, is making a foray into the luxury real estate segment in Vietnam.
Vietnam - "new land" of luxury real estate
In early 2021, Marriott International announced a branded real estate project in Vietnam – Grand Marina, Saigon in District 1, HCMC, associated with two brands Marriott and JW Marriott. According to recent information from Bloomberg, this hotel group will soon launch the next Ritz-Carlton branded real estate project in Hanoi.
Ritz-Carlton, Hanoi branded apartments appear among the branded real estate projects of Marriott International.
This is a brand with more than 100 years of history, born under the founder of Cesar Ritz, the king of the hotel industry - specializing in serving emperors, and today has been recognized as the standard of the resort industry worldwide. with service that has become legendary. Before Ritz-Carlton's flagship real estate projects were born, the image of world celebrities living for a long time at the Ritz Paris and London hotels had become a symbol of the pinnacle of luxury living globally.
The Ritz-Carlton, Hanoi luxury apartment project is located on beautiful land in the heart of Hoan Kiem District, along Hang Bai Street and near Hoan Kiem Lake, one of the city's favorite landmarks. With this location, owning a branded apartment here will be a pride in the class and taste of the future owner. This will also be one of the branded apartments in the capital up to now.
With a limited number of 104 branded apartments, this will be a Hanoi-class "mansion" for a small number of sophisticated customers.
“We are delighted to be able to expand Ritz-Carlton's growing portfolio to Vietnam, specifically Hanoi, and tap into the growing demand for branded living spaces among the local elite. this country has a strong growing economy,” shared Mr. Gautam Bhandari, Regional Vice President, APEC Regional Development, Marriott International. “With The Ritz-Carlton Residences project in Hanoi, Marriott will provide consulting services to Masterise Homes on design and construction to ensure that the branded apartments have quality commensurate with the brand's standards, with highly competitive in the market and bring long-term value to customers. When open for operation, the project will provide Ritz-Carlton management services.”
It is expected that The Ritz-Carlton in Hanoi will open at the end of 2023 and is the brand's 5th luxury real estate project in the Asia-Pacific region, after other projects. in Singapore, Kuala Lumpur, Colombo and Bangkok.