The Rose Rock Group, an alternative investment management and property firm founded by the Rockefeller family dynasty, and an Asian energy firm, have agreed to develop a residential and hotel development on the southern coast of Vietnam.

The Rose Rock Group, an alternative investment management and property firm founded by the Rockefeller dynasty, and an Asian energy firm, have agreed to develop a residential and hotel development on the southern coast of Vietnam.

The Vong Ro Bay project – described by Bloomberg as worth $2.5 billion – is an example of how the Asian country is seen as an increasingly attractive economic proposition, a far cry from over 40 years ago when the region was engulfed in war.

Rose Rock Group has entered the agreement with Vung Ro Petroleum, an independent petroleum company based in Vietnam, according to a statement from both entities. Rose Rock Group already has an Asian presence with a portfolio of developments in China.

The statement described Vung Ro Bay as “located in Phu Yen province, with direct links to Tuy Hoa and its airport, making it a convenient location for both business and tourist visitors, as well as permanent residents”.

Vung Ro Bay will be developed into three parts to include The Marina, The Village and Bai Mon beach, which will all be connected by The Green Thread, a 2.5 kilometer pedestrian path, the statement said. The development will comprise a marina with 350 berths, a waterfront hotel with space for shops, bars and restaurants. The residential and hotel development will consist of 760 rooms, 4,300 apartments and 100 luxury townhouses.

Separately, Rockefeller & Co, the family’s eponymous investment organisation and family office, issued its first-quarter 2014 economic and asset allocation outlook, saying that despite last year’s equity rally being higher than the most optimistic forecasts, it sees valuations as still relatively attractive, holding out the prospect of growth rate prospects in the mid- to high-single digits.