Marina development in Vung Ro, Vietnam. Watch this space.

by One?15 Marina Club on 27 May 2014 ONE°15 Marina Club and Vung Ro Petroleum signed an MOU to develop an integrated marina resort in Vung Ro Bay, Vietnam. ONE°15 Marina Club and its Chairman, Arthur Tay, are well known in Singapore and around Asia. Vung Ro Petroleum Co. Ltd is an independent petroleum company based in Vietnam, backed by the Rose Rock Group, an investment management and real estate development firm founded by the Rockefeller family.

To be named ONE15 Vung Ro Bay Marina Resort, the development aims to become an international nautical hub with its superb location and natural deep water and sheltered bay. The project will consist of a private members club, marina berths, hotel, dining, retail outlets, and a collection of boutique villas. Kirill Korolev, CEO and General Director of Vung Ro Petroleum Co. says: 'the MOU signing opens new horizons for the entire Vung Ro Bay development that will emphasize sustainable development and focus on creating an extraordinary thriving ecology of education, healthy living, lifestyle and culture.'

Ideally located in the Phu Yen Province of Vietnam with direct links to Tuy Hoa and its Dong Tac Airport, Vung Ro Bay development is a convenient location for both tourists and residents alike. The development will comprise several hotels with over 760 rooms, 4,300 apartments, 100 luxury townhouses, a variety of retail shops and a 400m sandy beach as well as the marina berths. The gross commercial area will total approximately 200,000 square meters, providing space for schools, healthcare facilities, retailing, leisure and entertainment complexes as well as the ONE15 Vung Ro Bay marina.

Arthur Tay added, 'In Asia, we are seeing more and more aspiring generations wanting to embrace new lifestyle choices such as yachting and waterfront living. As an integrated marina property developer we believe in sharing what we know to help build the marina property business in the region, and are actively pursuing marina projects in Vietnam, Korea, Malaysia, Thailand, Sri Lanka and China.

Be it seaside, lakeside or riverside, we expect to see more infrastructure being built to accommodate this growing demand and governments putting the appropriate regulatory environment in place for yachting and marina activities. These developments present many opportunities for us. This collaboration with Vung Ro Petroleum is certainly a step in the right direction for us.'