Hotel builder to become first resident of the Kamchatka free port

Petropavlovsk-Kamchatsky was included in the in the free port area last June. The resident’s status provides for some taxation preferences.

"The first investment agreement has been concluded between the Far East Development Corporation and the “Novy Dom” company. The resident is to build a modern hotel compound in the centre of Petropavlovsk-Kamchatsky", the agency reports.

The investor has already started the construction work. The first stage of the construction includes a 9-storey hotel and a conference-hall, the second stage will cover the construction of a multifunctional centre including a business centre, tourist, sports and cultural objects. The total cost of the first stage is claimed as much as 650m roubles ($10.8m). It will be realized at the initiator’s expense.

Nine more companies are potential residents of the Vladivostok free port, and the claimed investments total 2 bln roubles ($33.24m).