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Druce’s sales event in Singapore attracts investors eyeing The Ritz-Carlton Residences, Hanoi at The Grand.

Savvy global investors and lifestyle connoisseurs eye The Ritz-Carlton Residences, Hanoi

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The Ritz-Carlton Residences, Hanoi proved its mettle and appeal with global investors and lifestyle aficionados at a recently held sales event in Singapore conducted by Druce.

“Customers have more than enough reasons to acquire a jewel of an asset in the form of one of these residences in Hanoi. First up is the undeniable prestige of owning and living in the crème-de-la-crème of branded residences, not to mention the first Ritz-Carlton Residences in Vietnam. It is a statement of your discerning taste and an exceptional eye for choosing only the best,” commented Martin Koh, CEO of Druce Singapore.

Singaporean investors attend Druce’s exclusive sales event on September 25.

A prestigious asset with timeless value
Named the top luxury brand by J.D. Power for seven out of the last eight years, The Ritz-Carltonattracts a large audience of loyalists and trophy collectors who identify with its lifestyle while providing instant global credibility for its branded residence development. The Ritz-Carlton Residences, Hanoi is the Grand Dame of branded residences and the only residential development in the Old Quarter – an enchanting area with captivating architecture, ambience, and history.

The Ritz-Carlton Residences, Hanoi at The Grand is the first from the legendary brand in Vietnam.

Situated along the popular Hang Bai Road and near Hoan Kiem Lake, one of the city’s most beloved landmarks, its prominent location is within proximity to the best of everything the city has to offer. The first Ritz-Carlton property in Vietnam, it is a landmark development that marries the best contemporary amenity levels with historic workmanship and design. Limited to 104 grand-luxe residences, The Residences is Ha Noi’s finest and most exclusive residences for a discerning few.

In line with the long-standing tradition of excellence synonymous with the Ritz-Carlton name, these branded residences will provide owners with world-class amenities complemented by the very best of elevated lifestyle services offered by Ritz-Carlton. At The Ritz-Carlton Residences, service is legendary and its signature.

The reason is clear: With 100 years of history, an unshakeable credo and corporate philosophy of unwavering commitment to service, both in its hotels and communities, Ritz-Carlton has been recognised with numerous awards for being the gold standard of hospitality. This partly explains the success of The Residences’ first sales launch, where the booking for the local quota was full.

“Trophy assets with global recognition appeal to trophy hunters worldwide,” noted Koh. “If you say to someone ‘I own a Ritz-Carlton Residence’, there’s no doubt the association with the brand plants all the right seeds in any listener’s mind. This is why buyers around the world continue to buy into globally trusted brands like The Ritz-Carlton.”

A hotspot for property investment
The second reason for the strong appetite in global markets for a Ritz-Carlton residence, noted Koh, is the investment appeal of the Vietnam property market. “An emerging market, Vietnam offers great upside potential for real estate investors.”

Despite the high inflation and slow-down in the global economy, Vietnam’s economic recovery accelerated over the last nine months on the back of resilient manufacturing and a robust service rebound. According to the General Statistics Office of Vietnam, Vietnam's GDP grew 13.67% in real terms in Q3/2022 from a year earlier. A World Bank economic update for
Vietnam released in August 2022 forecasts the annual growth to surge from an estimated 2.6 per cent in 2021 to 7.5 per cent in 2022, while inflation is projected to average 3.8 per cent over the year.

Echoing the positive sentiment, the International Monetary Fund said in September 2022 that Vietnam’s upbeat growth outlook is bucking the slowing trend elsewhere in Asia, with relatively subdued inflation that’s also an exception to the general rule in the region. The agency raised its Vietnam growth forecast to 7 per cent this year, lifting it by a full percentage point from three months earlier and the only significant upward revision among major Asian economies.

The gains in growth momentum coincide with Vietnam emerging as one of the alternative destinations for foreign investment amid trade disruptions and geopolitical tensions. The promising economic outlook, coupled with the legalisation of foreign property ownership since 2015, has seen the property market, especially the high-end sector, receiving increasing interest from foreign buyers.

Explaining the upward trend, Dung Duong, Executive Director at real estate services and investment firm CBRE, said, “With the number of ultra-high-net-worth individuals significantly increasing in Vietnam and foreign investors making a comeback after the pandemic, high-end and luxury properties will continue to receive a lot of interest, especially well-branded projects with assured product quality. Vietnam would see a strong appetite for branded residences as this sector is still in its infancy in the local market with more reasonable pricing compared to the regional level, which offers greater upside potential.”

Vote of confidence from the world’s leading hotelier
In 2021, Marriott International’s foray into the branded residence sector in Vietnam signified international confidence in the country’s strong fundamentals and its significance on the global real estate map. “Vietnam is a vibrant destination and has experienced record levels of tourism over the years as international travellers flocked to the country. Domestic travellers also began to discover the many wonders available in their own backyard,” said Emma Smithson, Regional Director of Residences Operations, Asia Pacific, Marriott International. “With the recent reopening of borders, we are hopeful for Vietnam to rebound rapidly, and we are excited to expand across even more parts of this captivating country.”

Global Investors seeking a foothold in Asia’s rising star should consider investing in a trophy asset in The Ritz-Carlton Residences, Hanoi. The fact that Marriott International plans to expand fourfold in Vietnam is its vote of confidence in both Vietnam’s positive economic development and the branded residence sector. Buyers can certainly take heart from this.

 

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