The signing ceremony between Masterise Homes and Marriott International took place on January 6, 2021 at Sheraton Saigon Hotel with representatives of both parties, the US Consulate in Vietnam, and AmCham Vietnam in attendance.
The joint efforts of the two entities – each bringing their impressive experience and expansive expertise in property development and hospitality management – aim to bring the ultra-luxury residential product concept of branded residences to Vietnam, elevating and changing the local residential landscape to truly global luxury standards.
The partnership also underscores Masterise Homes’s position as Vietnam’s leading real estate player, reflecting its six-year transformation to become a reputable world-class property developer.
The agreement is expected to deliver unparalleled luxury living in Vietnam and is set to allow Masterise Homes to extend its development expertise into Vietnam’s fast-growing luxury real estate market, leveraging Marriott International’s global brands such as Marriott, JW Marriott, and especially The Ritz-Carlton – one of the best-known superior luxury brands of Marriott – to introduce urban branded residences to the Vietnamese property market.
Representatives from Masterise Homes, Marriott International, and guests at the signing ceremony
“Masterise Homes has been building renowned properties in Vietnam and we have solidified our position as an industry leader given our focus on building a real estate ecosystem with premier international standards. Our collaboration with Marriott International is another feather in our cap and, given their global standing, further highlights our capabilities to deliver the best living experiences with world-class standards to our residents,” said Jason Turnbull, deputy managing director cum CFO at Masterise Homes.
Jason Turnbull, deputy managing director cum CFO at Masterise Homes delivering a speech at the signing ceremony
“Vietnam’s growth throughout the years has been very impressive,” remarked Rajeev Menon, president, Asia-Pacific (excluding China) at Marriott International. “We are grateful for the opportunity to work with Materise Homes to realise their vision of building premium communities in Vietnam, and are excited about growing our branded residence footprint in the region.”
Rajeev Menon, president, Asia-Pacific (excluding China), Marriott Internationaljoined the signing ceremony from Singapore via virtual meeting
Alexander Tatsis, Economic Section chief, US Consulate Generalat the signing ceremony
Marriott International is one of the world's leading hoteliers. Since its first hotel opened in 1957, the company now encompasses a portfolio of over 7,500 properties spanning 132 countries and territories.
While premium brands like Marriott offer sophisticated spaces and experiences for upscale customers, luxury brands such as JW Marriott and The Ritz-Carlton provide exceptional bespoke services and amenities that define a new era of luxury.
“Our development will be associated with some of the most renowned brands in Marriott International’s portfolio, such as Marriott, JW Marriott, and The Ritz Carlton – which will be the first residences of these brands in Vietnam. Their design, development, management, and operation standards will follow the same requirements of any branded residence that carries the same brand around the globe, offering global citizens a privilege to experience world-class ultra-luxury living that is similar to a 5-star JW Marriott branded residence in London or a Ritz Carlton in New York,” added Turnbull.
The projects that are currently in the planning stage are located in both Ho Chi Minh City and Hanoi, and will take the lead in introducing the urban branded residences concept in Vietnam.
The branded residences experience, as seen in many developed real estate markets, offers tremendous opportunities in Vietnam amidst rising demand for alternative residential products that offer the next level of luxury living. This positive outlook certainly bodes well for upcoming co-operation projects between Masterise Homes and Marriott International.
Representatives from Masterise Homes and Marriott International presenting guests with flowers
Grand Marina Saigon, the first highly anticipated project, is situated at a distinct location in the heart of Ho Chi Minh City. Its site is the last remaining vast land plot at the northern bank of the river within District 1, with a unique waterfront and historical background.
The development is a large-scale, mixed-use complex with residential, office, and commercial features. It is expected to be Marriott International’s largest branded residence project in the world, and the company’s first foray into Vietnam’s highly vibrant branded residential market segment.
The development will also position Masterise Homes as one of the largest real estate players in Ho Chi Minh City, supporting Marriott International’s global portfolio of properties. The complex, envisioned to be ultra-luxe, is set to be a highly exclusive and dynamic community and economic hub at the heart of Ho Chi Minh City, attracting Vietnam’s tastemakers as well as international high-net-worth individuals.
Masterise Homes is the member of Masterise Group that manages and develops all residential real estate brands of the group. With its customer-centric philosophy, Masterise Homes relentlessly applies world-class standards in all its developments.