VietNamNet Bridge - According to Bloomberg, Rose Rock – a company of tycoon Rockefeller will invest $2.5 billion into an apartment – resport project in Tuy Hoa city, the central province of Phu Yen.



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Vung Ro Bay.




The project on Vung Ro Bay has a total area of 200,000 m2, invested by Rose Rock and Vung Ro Petroleum Co.Ltd., according to a joint announcement released yesterday.

The project will build 350 marina berths, a waterfront hotel with more than 760 rooms, 100 townhouses and retail space for shops, bars and, restaurants along the corniche. There will be space for schools, healthcare facilities, retailing, and entertainment complexes.

Vung Ro Petroleum invests $3.2 billion in a refinery and seaport project in Phu Yen province. Rose Rock Group is an investment management and real estate development firm having a base in Hong Kong, founded by members of the US's Rockefeller family, specializes in real estate, health care, arts and culture.

Kirill Korolev, CEO & general director of 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."

"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 favourable demographics make this an attractive investment destination for many people," he said.

Collin Eckles, president of 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."

According to Minister of Construction – Mr. Trinh Dinh Dung, Vietnam real estate prices have fallen by 10-30 % over the last year. This has boosted sales and reduced supplies on the market. Last year, Vietnam's economy grew 5.42%, 5.25% more than 2012.

Source: VNE/VNS