Japanese group ready to invest $450m in leisure complex on Russky Island

Japan’s Iida Group Holdings is prepared to pump up  to $450m into Russky Island to develop a hotel and leisure resort complete with golf courses and a ski complex. Situated in the Sea of Japan’s Peter the Great Gulf and linked to Vladivostok by the Russky Bridge, the island was given special economic status and designated the Russky Island Tourism & Recreation Zone five years ago. 
The Iida Group is responsible for up to 25% of all new housing under construction in Japan, and the proposed 300,000m² resort would include a five-star and a three-star hotel. The company is planning to run the golf operation itself and hopes to recoup its costs within five to seven years, according to Russia’s Deputy Minister for Development of the Far East Sergei Kachayev, who claims that talks took place at the MIPIM Japan real estate show in Tokyo last month.

Source: Kommersant