Developer Samolet plans to venture into a new region by investing RUB 15 bn in a project in the Arkhangelsk Region, as per an agreement signed at SPIEF. This is reported by Interfax.

'The project involves comprehensive residential development in Arkhangelsk region,' reported the company's press service. The investment project will proceed under the preferential regime of the Arctic zone of the Russian Federation, with AZRF resident status providing access to various tax and other incentives.

'We have extended mechanisms for accelerated construction of housing and social infrastructure to the Arctic, proven successful in the Far East, enabling dynamic business development and active regional investment,' said a company spokesperson. Investors benefit from reduced property and income tax expenses for ten years and enjoy lower insurance premiums subsidised by the state. A special government program offers compensation for interest rates on bank loans. Procedures for acquiring land plots and customs formalities have been streamlined,' explained Kirill Kamenev from FEDC.

The Arkhangelsk regional government will support the developer in preparing housing projects and refining parameters and mechanisms, as well as locating priority sites.

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