Marriott International has agreed with Masterise Homes, a real estate firm based in Vietnam, to develop a dual-branded residential and officetel project in Ho Chi Minh City.
The project will include branded units from two Marriott International brands – JW Marriott and Marriott Hotels.
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It will feature 4,200 residential and officetel units and is anticipated to open in late 2024.
The dual-branded development marks the world’s largest hotel-branded residential project announced until date, according to Savills International Development Consultancy.
Marriott International Asia Pacific chief development officer Paul Foskey said: “We are delighted to work with Masterise Homes to introduce a premium offering for potential homeowners in Vietnam seeking options affiliated with our globally respected brands.
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“The signing underscores the strong appeal of the branded residences segment, especially within the Asia Pacific region.”
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By GlobalDataEach private retreat will provide a wide range of facilities, including amenities and on-demand services similar to a quality hotel.
The officetel units will be designed to resemble residential units. They will offer the benefits of dual functionality of both commercial and residential components.
The dual-branded development will form a key part of an integrated mixed-use project, which is set to feature residential, offices and commercial units.
Masterise Homes deputy managing director and chief financial officer Jason Turnbull said: “Masterise Homes has developed renowned properties in Vietnam for over 13 years and solidified its position as an industry leader with its focus on building a real estate ecosystem with premier international standards.
“Marriott International’s commitment to operational excellence will help bring world-class standards to residents of this dynamic new project.”
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Ho Chi Minh City (Saigon) skyline at night in District 1, Vietnam. (Credit:Jim/Wikipedia)
