The promoter of Russia’s Far East Maritime Integrated Entertainment Zone (IEZ) said it plans to lease all land designated for Phase 1 by the end of the year. Igor Tropimov, general secretary of the Maritime Development Corporation (PDC), told GGRAsia that the corporation expects two new investment contracts to be announced soon.

“We hope to lease all land (phase 1) by the end of the year,” Mr Tropimov said at PDC headquarters last week. There are currently six lands available for private investors, he added.

PDC, a government-owned company under the Ministry of Tourism in Primorsky Krai, is pushing for IEZ in Primorsky Krai (pictured), a casino development area 50km (31 miles) from the Russian Pacific port city of Vladivostok.

IEZ occupies 619 hectares (1,530 acres). About a dozen properties covering 263 hectares are planned for the first phase of development.

Tropimov said he recently signed a preliminary contract with a Russia-based bookstore for one of its 7.89-hectare sites. The contract is for a casino hotel with more than 50 rooms, with a total investment of at least 7.2 billion rubles ($109 million).

“We are just waiting for some paperwork, so we proceed with the payment and finalize the investment contract and the lease,” the official told us. “He will be announced soon,” he added.

The director confirmed that PDC is currently negotiating with Korean investors under the coordination of K International Inc., a holding company that includes several Korean companies. According to official documents, it is for a total investment of at least 18 billion rubles. The investor will pay an additional 1.2 billion rubles to lease the 19.7-hectare site.

Mr. Tropimov said the Korean holding company will soon register its local subsidiary in Primorsky Krai, which is a prerequisite for investing in Primorsky Krai IEZ. He said, “We hope to sign investment contracts with Korean investors by the end of November.”

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