US firm and Vietnamese petrol company partner to build resort in central Vietnam

Wednesday, 2014-01-15 18:25:13
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Kirill Korolev, CEO & general director of Vung Ro Petroleum (left) and Collin Eckles, president of Rose Rock Group at the signing ceremony (Source: baodautu.vn)
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Nhan Dan Online/VNA - Vung Ro Petroleum, a private company based in Vietnam, and US company Rose Rock Group have signed an agreement to develop a US$2.5 billion resort in Vung Ro Bay on Vietnam’s south-central coast.

The bay is located in Phu Yen Province, with direct transport links to Tuy Hoa township and its airport.

A marina and a village will be constructed, and Bai Mon beach will be developed and connected by a 2.5-km pedestrian path. With its naturally deep water and sheltered bay, the marina will be the gateway to Vung Ro. It will comprise 350 berths, a waterfront hotel, and retail space for shops, bars and restaurants along the corniche.

The village will be at the centre of the development, providing the majority of the residential accommodation. A 650m retail street will support the community. Bai Mon – with its extensive and wide, flat sandy beach – will feature a beach resort offering a variety of water sports and an exclusive boutique hotel along its 400-metre shore.

According to the developers, the entire Vung Ro Bay project will emphasise sustainable development and focus on creating a thriving ecology of education, healthy 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. There will be space for schools, healthcare facilities, retail, and entertainment complexes.

Rose Rock Group is an investment management and real estate development firm based in Hong Kong and founded by members of the Rockefeller family.