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|Vietnamese real estate goes global|
The first branded apartments of Grand Marina were purchased by customers of the Asia Bankers Club with a starting price of $1 million, equivalent to a unit price of $18,000 per square metre. This price is significantly higher than other luxury apartments in Ho Chi Minh City with an average price of nearly $7,000 per sq.m, according to CBRE Vietnam’s 2020 Real Estate Market Spotlight.
|Artist’s impression of Grand Marina, Saigon designed to Marriott standards|
However, this price is comparable to those of branded real estate projects in the region such as The Residences at Mandarin Oriental in Bangkok and The Residences at the St. Regis Singapore. On the other hand, compared to Hong Kong – one of the most expensive housing markets in the world – this price is significantly lower than the unit price of the city state’s luxury segment, estimated at an average of $46,800 per sq.m, according to Savills.
|The potential of Vietnam’s real estate is catching the attention of international investors|
The emergence of a new real estate model in Vietnam – the urban branded real estate – has caused the price of luxury apartments to jump and catch up with other countries in the region. With the endorsement of global brands, Savills’ Branded Residence 2020 report stated, “The average price difference of the branded real estate market and the unbranded luxury real estate is about 31 per cent.”
The Asia Bankers Club announced that many customers have boldly decided to invest in Grand Marina, Saigon, although they did not have the opportunity to visit the project or a model house.
Kingston Lai, founder and CEO of the Asia Bankers Club said, “The project is backed by the Marriott International brand, which has created confidence for customers. Moreover, in the context of the global economy, Vietnam is the only Southeast Asian country to record GDP growth in 2020 and is forecasted by the World Bank to increase its GDP by 6.81 per cent in 2021. Vietnam’s real estate market is emerging as a bright star, promising growth and opportunities for foreign investors like those from Hong Kong.”
The South China Morning Post wrote, “Vietnam to host Marriott’s largest branded residence project as investors bet on Southeast Asian nation’s stellar growth.” The article reports that Marriott International is making a foray into Vietnam’s branded real estate sector, starting with Grand Marina, Saigon.
The success of the Grand Marina, Saigon launch event in Hong Kong is a milestone marking the success of a new export product - branded apartments, in addition to long-established products such as rice and coffee. The appearance of the Marriott International brand in the segment has placed the Vietnamese real estate market on the world map and caught the attention of foreign investors.