Singapore’s ONEo15 Marina Club has announced the signing of a Memorandum of Understanding with Vung Ro Pateroleum Co. Ltd to develop its second superyacht marina site, in Vung Ro Bay, Vietnam. The MoU was signed by ONEo15 CEO chairman and CEO, Arthur Tay and Vung Ro Petroleum’s CEO, Kirill Korolev.

Entitled 'ONE15 Vung Ro Bay Marina Resort', the development will eventually comprise a number of hotels, residential villas, retail and dining spaces, 400m of beach and a marina, although berthing proportions are yet to be specified.

Commenting on this new project, Tay said:

“The creation of the ONE15 Vung Ro Marina Resort is the start of something very exciting for ONEo15 Marina Club and SUTL. 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.

Kirill Korolev and Arthur Tay at the signing of the MoU.

“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 Co. is certainly a step in the right direction for us.”

Korolev added that, “the MOU signing opens new horizons for the entire Vung Ro Bay development that will emphasise sustainable development and focus on creating an extraordinary thriving ecology of education, healthy living, lifestyle and culture.”

This is Vung Ro Petroleum’s first foray into marina development, although one of its backers is the real estate developer Rose Rock Group.

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