Rose Rock Group, a Rockefeller family-backed alternative investment management firm, will help develop a US$2.5 billion residential and hotel project on the south-central coast of Vietnam.
The Vung Ro Bay development covering 200,000 square metres (2.15 million square feet) will be developed with Vung Ro Petroleum Co, a Tuy Hoa, Phu Yen province-based oil company, according to a joint e-mailed statement on Tuesday. The project will include 350 marina berths, hotels with more than 760 rooms, 4,300 residential apartments, 100 townhouses and retail shops, according to the statement.
"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," Collin Eckles, president at Rose Rock, said in the statement.
Vietnam's property prices have dropped between 10% and 30% last year and the declines have boosted sales and reduced supplies in the market, Construction Minister Trinh Dinh Dung said on Dec 24. The country’s economy expanded 5.42%, faster than the 5.25% pace in 2012, according to the General Statistics Office.
Vung Ro is investing more than $4 billion to develop an oil refinery, petroleum plant and sea port in Phu Yen province, according to the statement. Rose Rock specialises in real estate, health care and arts and culture. The group has developments in China, according to the statement.