New mega project planned for Vietnam coast
January 21, 2014 - Vietnam
Rose Rock Group, a Rockefeller family-backed alternative investment management firm, will help develop a $2.5 billion residential and hotel project on the south-central coast of Vietnam.
The Vung Ro Bay development covering 200,000 square meters (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 today.
The project will include 350 marina berths, hotels with more than 760 rooms, 4,300 residential apartments, 100 townhouses and retail shops.
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.
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