The Saigon Times - Rose Rock Group, established by the Rockefellers, and Vung Ro Petroleum have clinched a deal to develop a resort community worth US$2.5 billion in Vung Ro Bay in Phu Yen Province, the group said on Tuesday.
An artist’s impression of The Marina, The Village and Bai Mon beach
Kirill
Korolev (L), CEO and General Director at Vung Ro Petroleum Company, and
Collin Eckles, President at Rose Rock Group, shake hands after signing a
cooperation agreement on Vung Ro Bay development - Photos: Courtesy of
the investors
The big-ticket project when realized will create a huge resort complex comprising three key components: The Marina, The Village and Bai Mon beach, which will all be connected by a 2.5-kilometer pedestrian path called The Green Thread. The joint-venture agreement was signed last Friday, the group said in a statement issued on Tuesday.
Vung Ro Bay is ideally located in Phu Yen Province in the south-central coast, with direct links to Tuy Hoa and its airport, making it a convenient location for both business and leisure visitors, as well as permanent residents, the investors said.
High aims
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, according to the investors’ master plan for the project.
The Village, meanwhile, will be centrally located in the development and will provide a majority of residential accommodations. 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 have a lively beach resort with a variety of watersports available and a more exclusive boutique hotel along its 400-meter sandy beach.
“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,” according to the investors.
High hopes
Kirill Korolev, CEO and General Director of Vung Ro Petroleum, pinned high hopes on the cooperation with Rose Rock Group, which is an investment management and realty development firm founded by members of the Rockefeller family.
“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 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.”
He also noted that Vietnam is rapidly evolving as a unique destination for investment, residence and tourism, which is a good case for the project.
Meanwhile, Collin Eckles, President of Rose Rock Group, was also confident in the project’s success.
“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,” he said in the statement.
According to the investors, 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 cooperation project has not been officially announced in Phu Yen Province, said Pham Van Bay, deputy director of Phu Yen Department of Culture, Sports and Tourism. However, the plan seems to have obtained support from provincial tourism authorities.
Bay told the Daily on Tuesday that “when in place, such large-scale infrastructure facilities and services will create strong momentum for Phu Yen’s tourism to attract visitors.”
Tourism in Phu Yen is still underdeveloped, with total revenue of only VND540 billion, or roughly US$26 million, in 2013, according to data from the tourism department. Last year, the province welcomed 600,000 visitors, including international guests, and the province targets 750,000 this year.
There are currently only two five-star hotels in the province, while most other accommodation facilities there are low-standard ones of two-star level.
Vung Ro Petroleum Company Limited is an independent petroleum company based in Vietnam with plans to offer the highest global standards of petroleum and petrochemical products. The company is investing more than US$4 billion to develop an oil refinery, petrochemical plant, and seaport in Phu Yen, with construction scheduled to begin in this year’s second quarter.
Rose Rock Group is a boutique alternatives investment management and real estate development firm founded by members of the Rockefeller family, specializes in advising, consulting to and partnering with developers of properties of scale and permanence.
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