Rockefellers plan $2.5b development in Vietnam

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Vung Ro RockefellerRose Rock Group, an alternative investment management firm backed by billionaire family Rockefeller, will help develop a $2.5 billion residential and hotel project on the south-central coast of Vietnam, Bloomberg reported.

The Vung Ro Bay development in Phu Yen province north of Nha Trang is covering 200,000 square meters and will be developed with oil company Vung Ro Petroleum Co. The project will include 350 marina berths, hotels with more than 760 rooms, 4,300 residential apartments, 100 townhouses and retail shops.

The new development comes amid a growing interest among overseas investors in Vietnam’s potential as a tourism and gambling destination. Vietnam’s property prices dropped between 10 and 30 per cent last year and the declines have boosted sales and reduced supply in the market.

Vung Ro is investing more than $4 billion to develop an oil refinery, petroleum plant and sea port in Phu Yen province. Rose Rock specialises in real estate, health care, and arts and culture. The group also has developments in China.

“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 a statement.

The number of international visitors to Vietnam increased 11 per cent in 2013, according to the General Statistics Office of Vietnam. The country targets attracting 48 million visitors and $10 billion in total tourism revenue.

Rockefeller family members are descendants of 19th-century oil magnate John D. Rockefeller, who founded Exxon Mobil Corp.

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Reading Time: 1 minute

Rose Rock Group, an alternative investment management firm backed by billionaire family Rockefeller, will help develop a $2.5 billion residential and hotel project on the south-central coast of Vietnam, Bloomberg reported.

Reading Time: 1 minute

Vung Ro RockefellerRose Rock Group, an alternative investment management firm backed by billionaire family Rockefeller, will help develop a $2.5 billion residential and hotel project on the south-central coast of Vietnam, Bloomberg reported.

The Vung Ro Bay development in Phu Yen province north of Nha Trang is covering 200,000 square meters and will be developed with oil company Vung Ro Petroleum Co. The project will include 350 marina berths, hotels with more than 760 rooms, 4,300 residential apartments, 100 townhouses and retail shops.

The new development comes amid a growing interest among overseas investors in Vietnam’s potential as a tourism and gambling destination. Vietnam’s property prices dropped between 10 and 30 per cent last year and the declines have boosted sales and reduced supply in the market.

Vung Ro is investing more than $4 billion to develop an oil refinery, petroleum plant and sea port in Phu Yen province. Rose Rock specialises in real estate, health care, and arts and culture. The group also has developments in China.

“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 a statement.

The number of international visitors to Vietnam increased 11 per cent in 2013, according to the General Statistics Office of Vietnam. The country targets attracting 48 million visitors and $10 billion in total tourism revenue.

Rockefeller family members are descendants of 19th-century oil magnate John D. Rockefeller, who founded Exxon Mobil Corp.

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