Branded real estate projects developed by Masterise Homes in Ho Chi Minh City and Hanoi are raising the level of quality and luxury apartment prices to a new height.
The latest report of CBRE Vietnam recorded two projects with the highest selling prices in Vietnam until now. A project located in the center of Ho Chi Minh City with an asking price from about 16,000 USD/m2. A project located in the center of Hanoi capital with an asking price from about 35,000 USD/m2 – equivalent to about 1 billion VND/m2. Both these projects have received much attention from domestic and international buyers.
It is known that these are two branded real estate projects developed by Masterise Homes, in cooperation with Marriott International and associated with major hotel brands such as Marriott, JW Marriott and Ritz-Carlton. CBRE forecasts that another branded project will launch in 2022 in the center of Ho Chi Minh City, which is known to continue to be a cooperation product between Masterise Homes and 万豪国际.
Price goes hand in hand with quality
According to CBRE’s assessment, the branded apartment projects being and about to be offered for sale in Vietnam have a unique location in the city center and open views. These projects offer owners products of outstanding quality and design, managed by the world’s oldest and leading 5-star hotel management brand. These are the factors that are taken care of by the investor to meet the needs of daily relaxation after a stressful working time and ensure the health of the residents.
A recent report by Savills estimates that the number of luxury real estate projects will increase by nearly 100% in the next 5 years, bringing the total number of projects to more than 900 projects. This international research unit said that Vietnam is in the group of 10 markets with good growth rates in the field of world-class real estate. “Big brands give buyers a certain peace of mind in terms of design and quality of management, so in the coming time these big brands will be known more, the market will have a reaction. positive for this type of product”, said Mr. Matthew Powell, Director of Savills Hanoi.
Also according to Savills, luxury brands are increasingly proving attractive to the elite, as a demonstration of success. This is also what Masterise Homes ( 万事达集团 ) shares about the reasons for investing in luxury real estate.
Mr. Gibran Bukhari, Sales Director, Masterise Homes, said that the company’s research shows that Vietnamese customers, especially those who have had the opportunity to experience living and traveling abroad, are booking making higher and more sophisticated requirements for domestic real estate.
Mr. Gibran Bukhari, Sales Manager, Masterise Homes
The appearance of luxury real estate in urban areas comes from the actual demand in the market. That is also the opinion of Ms. Duong Thuy Dung, Senior Director of CBRE Vietnam. “In addition, the factors of location, view, product quality and management unit will increase the value of branded real estate products in urban areas and this is a sustainable increase, not a is a temporary increase.”
Agreeing with this view, Mr. Powell highly appreciates the value of luxury real estate products. “This is similar to when you buy a designer handbag or stay at a luxury hotel. The cost of a 5-star resort managed by international operators will be more expensive than at a single guest. 4 or 5 star hotels don’t have a name, so the quality of the experience will be different. That’s the difference between the price factor and the value.”
CBRE’s report assesses that the rapid growth of the rich group in Vietnam and the need to improve the quality of life in the future will contribute to the activation of branded products in urban areas, especially projects. The project is located near the subway system. Branded real estate projects in urban areas will meet particularly strict requirements and standards for residents.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association also said that this segment has many opportunities. “The world is flat, Vietnam is integrating, accepting foreign investment flows, global businesses and entrepreneurs. If they have entered our country, they must have suitable accommodation. Therefore, luxury real estate is a must. an additional segment, diversifying and adding more choice to the market”.
Commenting on the development of luxury real estate, Mr. Tran Khanh Quang, General Director of Viet An Hoa Company, said that the appearance of this product line means an international recognition of the brand. Vietnam – a good, sustainable market. “Clearly, if you want to do luxury real estate, you must cooperate with world-class brands. When these brands accept it, it means they appreciate the good development of the Vietnamese market,” he said. Quang commented.