Luxury real estate brands are gradually asserting their position, creating diversity and appeal to the market.
Recently, next to Vinhomes Riverside Urban Area (Long Bien, Hanoi), a real estate project called Noble Crystal has appeared. With a commitment to bringing top-notch living experiences to customers, Noble is a new brand launched by investor Sunshine Group to develop luxury and classy real estate projects.
With a total investment capital of up to 8,800 billion VND, the Noble Crystal Project will be managed and operated by World Hotels Residence. On December 12, the investor will officially announce the selling price. The expected time to receive the house is June 2026, and the apartment will be handed over in 2027.
This complex consists of 4 apartment buildings 15-17 floors high, arranged in a straight line, surrounded by shophouses, creating a bustling urban area.
Currently, branded real estate is appearing all over the country, such as Nobu Residences in Da Nang, The Residences at Arbora in Hoi An. Future projects such as Mandarin Oriental, Bai Nom in Phu Yen also attract customers from different segments nationwide. In addition, demand from branded real estate developers for projects in urban areas, especially in Hanoi and Ho Chi Minh City, continues to grow.
A typical example is the super luxury apartment project The Ritz-Carlton Residences at The Grand (Hanoi) by Masterise Homes. After Singapore, Bangkok (Thailand), Colombo (Sri Lanka) and Kuala Lumpur (Malaysia), Hanoi has become the 5th destination of the "branded" Ritz-Carlton apartment in the Asia-Pacific region. The two "giants" in the real estate and hotel services industry, Masterise Homes and Marriott International, have joined hands to develop the Ritz-Carlton in Hanoi.
This luxury apartment complex has only 104 units, located in a "golden location", and will be operational from the fourth quarter of 2023. In the luxury real estate segment, Ritz-Carlton has long been considered one of the legendary iconic brands worldwide. The first real estate project in Vietnam carrying this brand possesses a sophisticated design, creating a luxurious and classy living space. Meanwhile, in Ho Chi Minh City, the investor Masterise Homes also developed the Grand Marina Saigon Project - a Marriott luxury apartment complex.
In 2024, the branded real estate market will continue its global expansion trend, recording growth in the number of projects and geographical scope. In particular, Asia-Pacific is gradually "taking a bite" of the pie from other regions. According to newly released data from Savills, in the past decade, the branded real estate market has grown by more than 180% globally, 230% in Asia-Pacific and 210% in Vietnam. Phuket and Da Nang (Hoi An) are markets that are showing their dynamism in this segment because of their beautiful coastal locations.
The demand for luxury living spaces is increasing, promoting branded real estate to develop creative projects and invest in design. Branded real estate brands outside the hotel industry are gradually asserting their position, creating diversity and appeal for the market.
Savills' report shows that the branded real estate market is still fiercely competitive, with brands focusing on protecting and expanding market share.
It can be said that branded real estate is starting to transform from a lifestyle product to a potential investment product. This is different from lower segments, with projects that prioritize meeting the housing needs of people.
According to Mr. Matthew Powell, Director of Savills Hanoi, brands are expanding beyond gateway cities and the capital, exploring more remote and isolated destinations. Savills data shows that many factors affect brand value, including brand, chain size, location and format.
In these competitive markets, developers need to differentiate themselves by focusing on lifestyle, benefits and unique amenities.
Sophisticated buyers are driving the growth of branded real estate, as they focus on wellness amenities, sustainability and personalized services, meeting the growing demand for environmentally friendly projects and enhanced quality of life. To meet these criteria, developers and brands are innovating to differentiate themselves in a competitive market.
Furthermore, the market may be approaching saturation point, raising questions about the industry’s ability to sustain its growth momentum. Following global trends, Mr. Matthew said that Vietnam is maintaining a steady growth momentum in the luxury real estate sector, thanks to the development of the macro economy and the rapid increase of the upper class.
The growing affluent class has fueled the demand for owning a “second home”, as well as investing in high-end resort projects for the purpose of relaxation and profit.
In addition, beautiful natural landscapes, temperate climate, government policies supporting infrastructure development and low cost of living are also outstanding advantages of Vietnam.
“However, to maintain attractiveness, developers need to pay attention to challenges related to legal regulations, complex administrative procedures and competitive pressure from other markets in the region,” said Mr. Matthew Powell.
Source: https://baodautu.vn/batdongsan/bat-dong-san-hang-hieu-dan-khang-dinh-vi-the-d231799.html
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