Vung Ro Petroleum and Rose Rock Group sign cooperation agreement on US$2.5 billion development in Vung Ro Bay, Vietnam

HONG KONG - Vung Ro Petroleum, an independent petroleum company based in Vietnam, and Rose Rock Group, boutique alternatives investment management and real estate development firm founded by members of the Rockefeller family, have entered into an agreement to cooperate on the development of a resort community in Vung Ro Bay, on the south central coast of Vietnam.

Vung Ro Bay is ideally located in Phu Yen province, with direct links to Tuy Hoa and its airport, making it a convenient location for both business and tourist visitors, as well as permanent residents. Based on the current Masterplan, Vung Ro Bay will be developed into three parts to include The Marina, The Village and Bai Mon beach, which will all be connected by The Green Thread, a 2.5 kilometer pedestrian path.

With its natural deep water and sheltered bay, The Marina is the gateway to Vung Ro. This will be a key destination comprising 350 marina berths, a waterfront hotel and retail space for shops, bars and restaurants along the corniche. The Village is centrally located in the development and will provide the majority of the residential accommodation. In addition, there will be a 650 meter retail street to support the community. Bai Mon, with its extensive and deep flat sandy beach, will comprise a lively beach resort with a variety of watersports available and a more exclusive boutique hotel along its 400-meter sandy beach.

The entire Vung Ro Bay development will emphasize sustainable development and focus on creating an extraordinary thriving ecology of education, healthy living, lifestyle and culture. The enclave will comprise several hotels with over 760 rooms, 4,300 apartments, 100 luxury townhouses, a variety of retail shops and 350 marina berths. The gross commercial area will total approximately 200,000 square meters, providing space for schools, healthcare facilities, retailing and entertainment complexes. Already garnering industry support, the Vung Ro Bay Masterplan won the Silver award at MIPIM in November 2013.

Kirill Korolev, CEO & General Director, at Vung Ro Petroleum said, "We are extremely excited to be embarking on this mega project and very pleased to be working with Rose Rock Group, a strong and reliable partner who will help us to ensure the success of this development. Our plan is to create a vibrant community for Vung Ro around the area's natural beauty and provide a world class destination for discerning residents and visitors."

Collin Eckles, President, at Rose Rock Group said, "We are delighted to be working with Vung Ro Petroleum on the Vung Ro Bay development project and we look forward to making this development an outstanding and preferred destination in the Asia Pacific region for visitors and a lifestyle choice for residents. We look forward to bringing unique and differentiating occupiers to the project from our global network to provide compelling value enhancing content to Vietnam."

Kirill Korolev says, "Vietnam is rapidly evolving as a unique destination for investment, residence and tourism. We see this as a country of dynamic and diverse investment opportunity, with an economy that is growing at among the highest rates in the world. Its strong fundamentals and favorable demographics make this an attractive investment destination for many people."

Sourced: TravelDailyNews