Japanese firm unveils major investment on scenic Russian Far East island

Japanese investors are planning a major resort on a picturesque Far East island, with a golf course in the summer and a ski area in the winter.

As much as $450million (24 billion roubles) is likely to be ploughed into the project that will see the transformation of a 300,000 sq metre site on Russky Island, off Vladivostok.

The complex, which will feature residential homes as well as the entertainment centre, is being developed by Japanese firm Iida Group Holdings. It plans to operate the golf centre itself, with negotiations still ongoing with the Primorsky Krai Administration.

The resort is the latest to be proposed in the region, which is aiming to lure tourists from across Asia. Plans are already in place for a new Las Vegas-style gambling zone in Primorye to rival Macau, with as many as 16 hotels expected to be built.

Vladivostok itself is also gearing up to become a Russian free port, in a move that the authorities hope will bring additional visitors. As part of this initiative, it is hoped that the airport will attract overseas airlines with foreigners being granted a visa-free stay in Primorsky Krai for up to eight days.

A representative of the governor said: 'This will load us with tourists in the future resort on Russky Island and the Primorye entertainment zone.'

Iida currently builds 25 per cent of houses in Japan and the company is also engaged in the project development of commercial real estate and general contracting work.

Earlier this year it emerged that it also planned to buy two wood processing plants in Primorsky Krai. However, the regional office of the Federal Anti-monopoly Service refused to sell 100 per cent of shares of Primorsklesprom to the Japanese company.