On 6thJanuary, Marriott International signed a collaboration agreement with Vietnamese firm Masterise Homes, for the development of two mixed-use complexes in Ho Chin Minh City and Hanoi. The standards for their design and construction, as well as their management and operation, will meet the same requirements as any of the branded establishments already offered by both real estate entities around the world in the ultra-luxury segment. Both projects total 4,200 residential, commercial and office units. Residents and users will be able to enjoy a wide range of facilities, with a la carte amenities and services, similar to those of a five-star hotel.
“Vietnam’s growth over the years has been impressive,” said Rajeev Menon, president of Asia-Pacific (excluding China), for Marriott International. In the context of this tremendous growth, the project aims to respond to the increasing demand for alternative and luxury residential products in the country. Masterise Homes’ deputy CEO and CFO Jason Turnbull said his firm “has been developing prestige properties in Vietnam for more than 13 years, with the goal of building a real estate ecosystem to first-class international standards and establishing itself as a leader in the industry”.
Grand Marina, the most advanced project for which more details are known, is located on the last available large plot of land on the north bank of the Saigon River in District 1, a prime location in the heart of Ho Chi Minh City.
Savills International Development Consultancy has ranked Marriott International and Masterise Homes’ real estate development as the world’s largest brand-linked mixed-use residential project to date.