Vietnam to host Marriott’s largest branded residence project as investors bet on Southeast Asian nation’s stellar growth

The Grand Marina, Saigon, developed by Vietnam’s Masterise Homes, will feature 4,500 ultra-luxury flats, making it Marriott’s largest branded residence project

Of the 420 branded residence projects in 2019, Marriott International operated 100 properties across 25 countries

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Vietnam is set to host Marriott International’s largest branded residences. Photo: Handout

Published: 11:00am, 23 Mar 2021Updated: 6:23pm, 23 Mar 2021

The US-based hotel operator Marriott International is making a foray into Vietnam’s branded residence segment, with the Southeast Asian nation’s property sector viewed increasingly favourably by international investors because of its stellar economic growth.

Developed by Vietnam’s Masterise Homes, the Grand Marina, Saigon, comprising eight residential towers with some 4,500 ultra-luxury units, is also Marriott’s largest. Spread over 10 hectares on the northern bank of the Saigon River in Ho Chi Minh City’s prime district, the mixed-use project also includes office and commercial components and an 850-metre waterfront promenade.

Hong Kong is serving as the global launch pad for the project, where the company is offering 72 units in the first tower at prices starting from US$888,000, according to Asia Bankers Club, which is marketing the property to its members. The first tower will be ready next year and the rest by 2024.

“There’s huge economic growth in Vietnam with gross domestic product of 6.9 per cent,” said Julian Wyatt, CEO of Masterise Property. “It’s just phenomenal. We’re seeing foreign direct investments into Vietnam in the area of US$21 billion ... We’re also seeing a lot of international trade agreements being signed. We’re very fortunate we’ve got a very proactive government changing a lot of policies to create a friendlier and easier business environment.”

Masterise Homes, the developer of Grand Marina, Saigon, is offering 72 units in the first tower at prices starting from US$888,000, according to Asia Bankers Club, which is marketing the property to its members. Photo: Handout

Analysts said Vietnam’s residential and industrial property segments enjoy a symbiotic relationship where any growth in one is likely to spill over on to the other. Foreign executives deployed to Vietnam are likely to look for suitable accommodation, giving developers incentives to offer more residential options.

Vietnam is widely regarded as China’s rival in manufacturing. When US-China tensions escalated during the administration of former US President Donald Trump, many companies moved their production to the Southeast Asian nation to avoid higher tariffs. Vietnam also benefited from the coronavirus outbreak in China last year. As Beijing suspended manufacturing operations to stem the outbreak, it disrupted supply chains and made Vietnam a top alternative to China. Companies such as Apple, Nintendo, Samsung and many of its Asia-based suppliers have relocated some of their production or assembling capacity to Vietnam.