Singapore-based ONE°15 Marina Club will be developing an integrated marina resort in Vietnam to ride on the luxury boating and yachting wave in the region.
It yesterday signed a memorandum of understanding (MOU) with Vung Ro Petroleum to develop the property in Vung Ro Bay.
The development, to be named ONE15 Vung Ro Bay Marina Resort, will comprise hotels with over 760 rooms, 4,300 apartments, 100 luxury townhouses, retail shops and a 400 metre sandy beach, as well as marina berths.
The gross commercial area will total some 200,000 square metres, with space for schools, healthcare facilities, retail, leisure and entertainment complexes as well as the ONE15 Vung Ro Bay marina.
The Vung Ro Bay master plan won the Silver Award at the international property event MIPIM in Hong Kong in November 2013 as a travel and living destination.
The MOU was signed yesterday by Arthur Tay, chairman and chief executive officer of ONE°15, and Kirill Korolev, CEO and general director of Vung Ro Petroleum.
This will be the club's first marina property in Vietnam and is also its first partnership with Vung Ro Petroleum.
Mr Tay said: "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."
Vung Ro Petroleum is backed by the Rose Rock Group, an investment management and real estate development firm founded by the Rockefeller family.
This article was first published on May 27, 2014.
Get The Business Times for more stories.