An artist's impression of ONE°15 Vung Ro Bay Marina Resort to be built in Phu Yen Province
Vietnam-based independent company Vung Ro Petroleum (VRP) signed Monday a memorandum of understanding with Singapore-based ONE°15 Marina Club (O°15MC) to develop an integrated marina resort in Vung Ro Bay off the south-central coast of Vietnam.
Under the MoU, the ONE°15 Vung Ro Bay Marina Resort in Phu Yen Province will be developed into an international nautical hub. It will comprise up to 350 marina berths, a private members' club, several hotels with over 760 rooms, dining and retail outlets, as well as exclusive boutique villas.
Kirill Korolev, VRP’s general director, told Thanh Nien the whole project is estimated to cost US$2-2.5 billion. Rose Rock Group, an investment management firm backed by the Rockefeller family, last January said it had entered into an agreement with VRP to develop the 200,000-square-meter project.
The project is expected to break ground next year after the wholly Russian-invested VRP finishes the construction of basic infrastructure.
UK design firm Atkins' masterplan for the Vung Ro Bay project won the silver award for Best Future Mega Project at MIPIM Asia Awards 2013 in Hong Kong.
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