Marriott’s Largest Branded Residence Project In Vietnam
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.
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.
The worsening security situation in Myanmar is likely to further boost Vietnam’s manufacturing industry as the military’s power grab last month has seen several factories – mostly owned by Chinese investors – torched and damaged in the Hlaingthaya industrial zone in the commercial capital Yangon. “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.