Mirax Group, one of Russia’s five leading construction conglomerates, opened an office in Ha Noi and received its first license for a project on Monday.
Under the license, the group will spend US$200 million to build a five-star hotel with 300 rooms and 100 villas on an area of 16 hectares on the Cam Ranh peninsular in the central province of Khanh Hoa.
The construction is expected to finish in two years.
A deputy chairman of the group said the opening of the office is Mirax’s first step in its plan to get involved in property development in Southeast Asia.
Mirax was founded in 1994 in Saint Petersburg under the name Stroymontazh. It’s subsidiaries include MiraxConstruction, MiraxCity, MiraxService, MiraxPharma, MiraxInvest and MiraxTenders.
The group is carrying out projects in Ukraine, France, Turkey, Cambodia, the U.S. and Switzerland. It is also constructing a hotel network in Russia, Tunisia, Greece, Montenegro, Switzerland and Ukraine.