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-meter waterfront promenade.
Hong Kong is serving as the global launchpad 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.
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“There’s huge economic growth in Vietnam with the gross domestic product of 6.9 percent,” 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 alt=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.
“The sad situation of Myanmar is still unfolding, but with the growing unease, Vietnam will present as an alternative,” said Alex Crane, managing director of Cushman & Wakefield Vietnam.
Actual foreign direct investment in Vietnam hit US$20 billion in 2020, a 2 percent decline from the previous year, according to a report by the Hanoi Times. The slight investment decline amid the worst global recession in history suggests resilience and continued optimism on Vietnam’s economy.
“Vietnam has strong economic, demographic, political and geographical factors that have attracted large amounts of FDI in recent years, and the relative success and stability of Vietnam in 2020 will certainly place Vietnam in a good position amongst manufacturers and companies,” said David Jackson, chief executive of property consultancy Colliers in Vietnam.
But the main story in Vietnam is the country’s growing wealth and the young population.
“The main driving forces for residential property are the strong demographic factors, such as large population, a high proportion of the young workforce, high urbanization rate, and emerging middle class,” said Jackson.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.