Rockefeller-backed Rose Rock Group to co-develop residential and hotel project in Vietnam
Rose Rock Group will be co-developing a residential and hotel project valued at $2.5 billion located in Vietnam's south-central coast, Bloomberg reported. Rose Rock Group is an alternative investment management company backed by the Rockefeller family.
Citing a joint emailed statement, the report said Rose Rock will be developing the project together with Vung Ro Petroleum Co, an oil firm based in Tuy Hoa, Phu Yen province in Vietnam. The development in Vung Ro Bay encompasses 200,000 square meters or 2.15 million square feet and will feature 350 marina berths, hotels that have over 760 rooms, 4,300 residential apartments, 100 townhouses as well as retail shops.
The report quoted Construction Minister Trinh Dinh Dung who said on December 24 that the property prices in Vietnam had dipped from 10% to 30% in 2013. This drop had led to increased sales and lowered market supply. The General Statistics Office revealed that Vietnam's economy had grown 5.42%, a rate faster than the 5.25% pace it recorded in 2012, the report said.
Singapore-based Knight Frank LLP Asia Pacific Research Director Nicholas Holt told Bloomberg, "Vietnam's property market has been a bit of a roller coaster. We are seeing foreign investors sniffing around for good opportunities and the returns could be potentially very attractive if one holds the view that the market is at the bottom and land prices will start to rise."
The statement said that Vung Ro is pouring over $4 billion in the province of Phu Yen for the development of an oil refining facility, petroleum plant and seaport. Meanwhile, Rose Rock focuses its investments in real estate, healthcare and culture and the arts. According to the statement, the investment manager also has developments in China, the report said.
Rose Rock President Collin Eckles said in 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."