Rose Rock Group, a Rockefeller family-backed alternative investment management firm, will help develop a $2.5bn residential and hotel project on the south-central coast of Vietnam.

The Vung Ro Bay development covering 200,000sqm will be developed with Vung Ro Petroleum Co. The project will include 350 marina berths, hotels with more than 760 rooms, 4,300 residential apartments, 100 townhouses and retail shops.

Vietnam’s property prices dropped by 10-30% last year and the declines have boosted sales and reduced supply in the market, according to the Vietnamese Construction Minister. The country’s economy expanded 5.4% last year, up from 5.2% in 2012, according to the General Statistics Office.

“We look forward to making this development an outstanding and preferred destination in the Asia-Pacific region for visitors and a lifestyle choice for residents,” Collin Eckles, president at Rose Rock, said in the statement.