Malaysia boasts 366 skyscrapers as of Jan 3

 By NST Business Times/Kathy B. - February 27, 2024

Malaysia boasts a total of 366 skyscrapers as of Jan 3, securing the fourth position in terms of skyscraper count globally.

KUALA LUMPUR: Malaysia boasts a total of 366 skyscrapers as of Jan 3, securing the fourth position in terms of skyscraper count globally.

Among these impressive structures, 293 soar beyond 150m, with 67 exceeding 200m and six towering over 300m, according to Wikipedia.

Kuala Lumpur hosts the world's second-tallest building, the Merdeka 118, at 678.9m, with a multi-faceted diamond-shaped facade and unique spire design.

Dubai, which has a population of just over three million, boasts the tallest building in the world, the Burj Khalifa, at 828m.

The term "skyscraper" typically refers to buildings surpassing 150m in height and featuring more than 40 floors.

Leading the global skyscraper race are China with 4,377 structures, followed by the United States with 1,164 and the United Arab Emirates with 545.

Even with a relatively modest land area, Singapore lays claim to 130 skyscrapers, reflecting its vertical urban development.

Skyscrapers offer multifaceted contributions to a country's economy, from job creation to attracting foreign direct investment.

From the standpoint of real estate development, these towering structures signify substantial investments, generating revenue for developers, construction firms and property management companies.

According to economists, this infusion of capital fosters economic activity within the construction sector and its ancillary industries.

Moreover, they said the construction and operation of skyscrapers act as catalysts for employment opportunities.

Skilled and unskilled labour are required throughout the construction phase, such as architects, engineers, construction workers and administrative personnel. Post-construction, skyscrapers necessitate ongoing maintenance, security and other services, further bolstering job creation.

Economist K.K. Law from an investment bank said skyscrapers often assumed the role of landmarks and focal points within cities, attracting businesses and residents alike.

 "Their presence tends to elevate demand for nearby properties, leading to increased property values and return on investment for property owners.

"Typically housing offices, retail spaces, restaurants, hotels and various commercial establishments, skyscrapers stimulate economic growth by generating revenue, attracting consumers and fostering vibrant business environments."

Law said central business district skyscrapers, in particular, emerged  as hubs of economic activity, housing the headquarters of multinational corporations and financial institutions.

Furthermore, the construction of skyscrapers frequently prompts enhancements in infrastructure, such as transport networks, utilities and public spaces.

"These investments not only stimulate economic development but also enhance the overall quality of urban life.

"In essence, skyscrapers symbolise economic vitality and urban progress, playing a pivotal role in propelling economic growth, job creation and investment on a global scale," he said.

Reflecting on Malaysia's prominent position in the global skyscraper landscape, KGV International Property Consultants executive director Samuel Tan deliberated on the driving force behind this phenomenon.

Tan attributed Malaysia's skyscrapers to a blend of national pride and economic ambition, particularly catalysed by former prime minister Tun Dr Mahathir Mohamad's vision to position Malaysia as a modern economic powerhouse.

He said the economic boom of the 1990s spurred skyscraper construction, fuelled by corporate ambitions to showcase prominence and prosperity.

"Flushed with cash, iconic projects and buildings were initiated by private developers and government-linked companies. They started building skyscrapers, changing the landscapes of the larger cities, especially Kuala Lumpur.

"Companies want to make their presence known, and one of the best ways is to have outstanding buildings carrying their corporate names."

However, he cautioned against overzealous development, noting the current challenge of oversupply amid a slowdown in the economy.

Citing occupancy rates and the need for prudent development, Tan emphasised the importance of balancing iconic projects with economic feasibility.

"Now that the economy has slowed down, we are suffering from an 'overbuilt' situation."

According to him, there are 18.39 million square metres of space in the purpose-built office (private) as of the third quarter of 2023, and the occupancy rate was  only 72.7 per cent.

The occupancy rates range from 52.4 per cent in Putrajaya to 90.6 per cent in Labuan and 92 per cent in Terengganu.

Larger cities in Kuala Lumpur and Selangor reported rates of 72.1 per cent and 70.6 per cent, respectively. Sarawak reported an occupancy rate of 87.4 per cent and Sabah at 87.25 per cent.

Tan urged developers to prioritise sustainable growth and prudent resource allocation to avoid exacerbating oversupply.

He said in essence, while iconic skyscrapers symbolised national progress and corporate success, their construction must align with economic realities and prudent development strategies to safeguard against overbuilding.

"Developers must be mindful that they should avoid overbuilding as there are opportunity costs involved.

"Funds can be utilised for more productive purposes, and these will also help in their business cash flow. Notwithstanding, the pride of having iconic skyscrapers must not be discounted. But it should be done only if one can afford it and it does not add to an oversupply situation."

Last week, Sultan of Perak Sultan Nazrin Shah said skyscrapers did not have meaning if there were still people trapped in poverty.

Alliance For A Safe Community chairman Tan Sri Lee Lam Thye said in a statement skyscrapers might symbolise economic growth with their towering heights and gleaming facades, and stood as a testament to human engineering and ambition.

But below these buildings in some cities and towns, there were shacks housing people who had little access to education, healthcare and basic amenities, he said.

In helping the urban poor, he suggested providing access to more small, low interest loans to enable them to start or expand small businesses, and create sustainable sources of income.

"There should be social welfare initiatives that provide financial assistance, healthcare and housing support to those in need. This can act as a safety net during difficult times," he said.

Source: https://www.nst.com.my/business/corporate/2024/02/1018200/malaysia-boasts-366-skyscrapers-jan-3

Chang: Free legal fees - fact or myth

 By NST Property/ Kathy B. - February 15, 2024 

Chang Kim Loong

KUALA LUMPUR: Property development is a competitive industry, according to Datuk Chang Kim Loong, the National House Buyers Association's (HBA) honorary secretary-general.

  He said real estate developers have been promoting their properties and giving away freebies to draw in customers, even if the cost of their properties is still somewhat expensive.

  Freebies include club membership, an automated gate, air conditioning, a kitchen cabinet, and legal fees.

Chang pointed out that the list is not exhaustive and that legal fees need to be objectively examined among the freebies provided to buyers.

  Typically, the free legal charge offer would be described as "free legal fees" or "legal fees borne by the developer" or something similar in sales brochures and advertisements.

  "What are free legal fees? Is it a freebie in the truest sense of the word? The question is, are buyers really enjoying a waiver of such legal fees?

  "Generally, free legal fees would mean that the developer would pay for the legal fees on the sale and purchase (SPA) agreement. However, the offer of free legal fees may not cover disbursements such as stamp duties, search fees, registration fees, printing charges, or purchase of documents costs, and the purchaser will have to pay for them.

  "In other words, the offer of free legal fees, in its plain and obvious meaning, suggests that the legal fees the purchaser would have to pay to the solicitor would instead be paid by the developer. 

"It would therefore be understood that if the purchaser had appointed a solicitor, the developer would pay for the solicitor's fees.

  "However, is this what happens when a purchaser buys property from a developer who offers free legal fees?" What happens actually is quite different," he explained.

 According to Robert Tan, one of HBA's legal advisors, an erroneous understanding of "free legal fees" exists in the housing development industry, much to the dismay of purchasers having disputes with developers concerning the purchase of the property. 

  By providing "free legal fees," the developer would suggest to the buyer that the buyer handle the SPA agreement and any associated transactions with a law firm on the developer's panel. 

As a result, the loan paperwork will fall under the purview of the same law firm as a packaged arrangement.

  "If the purchaser chooses that law firm, the developer will supposedly absorb the legal fees. Quite obviously, the developer takes the view that such arrangements represent a cost-saving to the purchaser as well as facilitate and expedite dealings.

  "Now the irony is that the solicitor of the law firm attending to the SPA agreement would not normally scrutinise the agreement for the purchaser to understand in layman language but would say that it is a 'standard agreement'. 

  "Instead, the solicitor would ensure that the developer's rights and interests in the agreement are intact and that the purchaser duly signs the agreement and, thus, is bound by it. 

  "From a legal point of view, the solicitor acting in such a manner would actually be acting for the developer. The solicitor is therefore the developer's solicitor, and being the developer's solicitor, the developer would have to pay the solicitor's fees.

  "Therefore, there is nothing free about it as far as the purchaser is concerned. It can only be considered free if the buyer receives independent legal representation and does not have to pay for it," said Tan.

  He claimed that, as a result, the buyer does not have a lawyer reviewing and defending their rights and interests under the contract.

  Tan said the purchaser is without legal representation, and since the purchaser has no solicitor acting for the purchaser in the agreement, there are no legal fees for the purchaser to pay.

  "Unfortunately, many purchasers realise late in the day that the solicitor attending to the SPA agreement is actually the developer's solicitor, and the purchaser had no legal representation in the first place and legal fees to pay.

  "The purchaser normally realises this fact when a dispute arises with the developer and the purchaser asks the solicitor for help and is informed that the solicitor who attended to the sale and purchase agreement is actually the developer's solicitor," he said.

  "In summary, are free legal fees a fact or a myth? There is nothing free about it as far as the buyer is concerned. It can only be considered free if the buyer receives legal representation and does not have to pay for it," Tan said.

Source: https://www.nst.com.my/property/2024/02/1013764/chang-free-legal-fees-fact-or-myth

Melaka's tourism allure may spur real estate sector

 By NST/Property  Kathy B. - February 19, 2024 

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KUALA LUMPUR: Melaka is capturing attention as it emerges as a prime destination for both local and international real estate investors, alongside its flourishing tourism sector. 

  The state's allure as a tourist hotspot can significantly influence its real estate dynamics, especially in regions near historical landmarks, beaches, and other attractions, noted KK Lau, a seasoned real estate consultant.

  Acknowledged for its profound historical background, cultural richness, and vibrant tourism offerings, Melaka is witnessing a surge in its real estate sector, he said.

  Melaka's real estate market boasts a diverse array of properties, encompassing residential units, commercial venues, and holiday rentals. 

  According to Lau, condominiums, landed properties, and commercial lots are prevalent options, with prices gradually ascending due to ongoing developments, including residential and commercial projects.

  Lau underscores the transformative impact of these endeavors on the real estate landscape, ushering in novel housing alternatives and amenities. 

  Nonetheless, he cautioned that, akin to many real estate markets, property values in Melaka are susceptible to fluctuations driven by factors like supply-demand dynamics, economic variables, and governmental regulations. 

  "Typically, prime locations or areas undergoing rapid development command higher property prices," Lau told NST Property.

  Highlighting the investment potential inherent in Melaka's real estate scene, Lau suggests that individuals eyeing growth prospects could find promising opportunities, particularly amid the region's burgeoning tourism industry and advantageous geographic positioning within Malaysia.

 Nonetheless, he stressed the importance of being well-informed about pertinent regulations and restrictions governing property ownership and investment in Melaka, which may vary for locals and foreigners alike.

  According to the National Property Information Centre (NAPIC), Melaka continues to maintain its reputation as the state with the most affordable housing prices in Malaysia, with an average price of RM207,600, compared to the national average of RM458,751 up until the third quarter of the previous year.

  Consequently, there has been a rise in the rate of home ownership in Melaka, which currently stands at 84.5 percent, surpassing the national average of 76.5 percent.

  Lau said that this increase can be attributed to the state government's housing policy, which mandates that every housing project spanning over four hectares must allocate at least 50 percent for affordable housing (RMM). 

  The RMM segment encompasses low-cost homes priced at RM70,000, low medium-cost units at RM120,000, RMM Impian A units not exceeding RM180,000, and RMM B units not exceeding RM250,000. 

  As of December 31 last year, a total of 48,966 RMM units have been completed, are under construction, or have been approved and are in the planning phase. These RRM developments are the result of collaboration between state and federal agencies, as well as private developers.

  Recent reports indicate that the percentage of home ownership in Melaka is expected to continue its upward trend, reaching 88 per cent by 2030. This projection implies a need for the construction of at least 4,191 new houses annually.

https://www.nst.com.my/property/2024/02/1014917/melakas-tourism-allure-may-spur-real-estate-sector

Revitalising distressed malls in Johor's real estate market

 By NST Property/ Kathy B. - February 20, 2024 

Image via Google

KUALA LUMPUR: White knights and investors are entering the Johor real estate market, particularly to save distressed shopping malls, said KGV International Property Consultants executive director Ir Samuel Tan.

  Some malls, like Lot 1 Waterfront City Mall, need a new lease on life, he said.

  Situated directly in front of the palace and facing the Straits of Johor, the five-storey mall is now deserted and a great eyesore, Tan said.

  The Lot 1 mall was constructed for more than RM100 million in 2000 as part of the Johor Bahru (JB) Waterfront City floating project. The RM6 billion JB Waterfront City project was launched in 1996.  

  Tan said that in order to bring people into the city centre, the entire Lot 1 site will be upgraded into a town square and broadwalk featuring an iconic revolving tower. 

  He told NST Property that a number of JB malls are considering big upgrades or redevelopments. 

  The ideal course of action, according to him, is for an investor to forcibly take the property with government support. 

Samuel Tan

  Tan also urged mall owners to plan modifications to their properties given that a bigger portion of JB is expected to benefit from significant developments like the special financial zone (SFZ) and special economic zone (SEZ), as well as infrastructure improvements.

  He said that the Forest City shopping mall, which has been sluggish since the outbreak, could do better going forward.

  "The plan to make Forest City an SFZ will create job opportunities and bring people to stay, work, and shop there," he said, adding that improved connectivity from Singapore will turn this duty-free island into a shopping paradise. 

  He expects this destination will be revitalised with more meetings, incentives, conferences, and exhibitions (MICE).

  "It is feasible to have Forest City serve as a transportation centre and have high-speed rail pass through it, even though it would cost more to build. 

  "Nonetheless, it is valuable to have it there if the advantages outweigh the disadvantages. Forest City will experience a revitalisation that goes hand in hand with the SFZ. This ought to become a must-see location for both foreigners and locals," he said.

  According to Tan, suburban malls, including Midvalley at Southkey, Paradigm Mall, Aeon Tebrau, Aeon Bukit Indah, and Sutera Mall, will also experience the knock-on effects.

  These, he said, are models of proper mall management. 

  "These malls frequently relocate their tenants to provide customers with a novel experience. To set the malls apart from the competition, new brands are added. In addition to shopping, family-friendly recreational activities are included to make it a complete experience," he said.

  Tan said that in order to draw customers, some of the older malls will need to be renovated and revitalised to attract visitors. 

  He said that The Zon at Stulang Laut has aged over time and needs renovations. 

  "The inconvenience of clearing customs deters some people from going there. Given that it is sited within a duty-free zone, it is an attraction for those who want to purchase selected items free of tax. The uniqueness of The Zon is its suitability as a MICE centre. Specific efforts must be made towards that purpose," he stated.

  Another well-known facility that is underutilised, according to Tan, is Leisure Mall.

  He said, the mall needs physical improvements and greater tenant attraction efforts in order to draw in customers.

  "Despite its prime location, the tenant mix is subpar. Generally speaking, stratified malls that sell individual spaces do poorly because the mall owners are unable to regulate the tenant mix," he said.

Source: https://www.nst.com.my/property/2024/02/1015373/revitalising-distressed-malls-johors-real-estate-market

YTL Reit enriches asset portfolio

 By Sharen Kaur - February 19, 2024 

YTL Hospitality REIT (YTL Reit) is on an expansion spree, both domestically in Malaysia and internationally, as it seeks to enrich its portfolio with top-tier hospitality properties.

KUALA LUMPUR:  YTL Hospitality REIT (YTL Reit) is on an expansion spree, both domestically in Malaysia and internationally, as it seeks to enrich its portfolio with top-tier hospitality properties.

The primary objective is to ensure sustained and lucrative income distribution for its unitholders while driving long-term growth in net asset value per unit. 

Currently, YTL REIT boasts a collection of 10 hotel properties in Malaysia, featuring renowned brands like JW Marriott Hotel Kuala Lumpur, The Majestic Hotel Kuala Lumpur, and The Ritz Carlton Hotel Kuala Lumpur.  

The recent acquisition of the Syeun Hotel in Ipoh, Perak, for RM55 million in cash marks another strategic move adding to its repertoire. 

The four-star hotel offers 290 rooms, and is nearly five minutes on foot from the Ipoh Parade Shopping Complex.

The grand opening of the Syuen Hotel took place on October 24, 1993. 

Reflecting a neo-classical theme in its design, the hotel's architecture pays homage to the finest elements of traditional Ipoh architecture. 

It was reported that Syeun Hotel was the fourth hotel in Ipoh to shut down in 2020 due to the impact of the Covid-19 pandemic. 

It was one of the most well-known hotels and among the oldest in Ipoh. It closed permanently on May 31, 2020. 

According to Pintar Projek Sdn Bhd, YTL REIT plans to revamp the acquired property and reintroduce it under the AC Hotels by Marriott brand.

This transformation is expected to unlock significant value for YTL REIT, enhancing both its financial performance and market position.  

Under a variable rental arrangement, YTL REIT will partake in the income generated from the property, leveraging its strategic location and accessibility to capitalise on positive growth prospects. 

Pintar Projek is the manager of YTL REIT.

It said that the Board is optimistic about the property's potential to yield a growing income stream, further solidifying YTL REIT's standing in the industry.

The acquisition process involves Maybank Trustees Bhd, acting as the trustee for the REIT, executing a sale and purchase agreement with Syeun Hotel Bhd, the vendor. 

Barring any unforeseen circumstances, the completion of the proposed acquisition is anticipated during the first half of 2024.

Source: https://www.nst.com.my/property/2024/02/1014931/ytl-reit-enriches-asset-portfolio

Sarawak's growth will be backed by increased DE allocation, says RHB Research

 By Sharen Kaur - February 20, 2024 

Sarawak's ambition to achieve developed state by 2030 will be powered by a capital injection of over RM100 billion into its economy over the next six years. 

KUALA LUMPUR: Sarawak's ambition to achieve developed state by 2030 will be powered by a capital injection of over RM100 billion into its economy over the next six years. 

This planned influx of capital aligns well with the state's PCDS 2030, emphasising infrastructure, utilities, transport, manufacturing, and renewable energy as pivotal facilitators, among other sectors.

The state government's initiatives suggest a plethora of infrastructure opportunities, not only related to hydrogen and methanol but also encompassing broader infrastructure projects.

"This could bode well for Sarawak's economy moving forward, which grew 6.5 per cent year-on-year (YoY) in 2021 after recording a 3.1 per cent YoY expansion in the preceding year, according to RHB Research.

Looking ahead, Sarawak is poised for economic growth between 5.0 per cent and 6.0 per cent in 2024, surpassing an estimated 4-5 per cent in 2023, the firm noted.

RHB highlighted that this economic growth would be bolstered by increased development expenditure (DE), both from the Sarawak and federal governments.

Notably, Sarawak's allocation of DE stands at RM7.8 billion, the highest in five years, while the federal government's allocation to Sarawak reaches a historic high of RM5.8 billion in 2024.

The heightened DE is anticipated to fuel growth in Sarawak's construction sector gross domestic product (GDP), particularly through a surge in infrastructure projects.

In 2023, Sarawak ranked fifth in terms of project value awarded at RM9.9 billion, after Selangor (RM25.4 billion), Johor (RM20.5 billion), Kuala Lumpur (RM15.5 billion), and Pulau Pinang (RM12.7 billion). 

Projects such as the STR and Phase 2 of the Sabah-Sarawak Link Road, alongside various other construction endeavors, are expected to elevate Sarawak's project value awards in the coming years.

Sarawak's construction sector witnessed commendable growth, recording RM14.6 billion worth of construction work in 2023, with a compounded annual growth rate of 4.5 per cent over six years—a notable feat compared to states experiencing declines.

RHB highlighted Sarawak's aggressive infrastructure development, supported by increased DE at both federal and state levels.

It said that this aligns with the state's PCDS 2030, aiming for a GDP of RM282 billion by 2030, as opposed to the estimated RM146 billion for 2023.

The firm identified key sectors such as water, transportation, renewable energy, and industrial gas production as prime areas for infrastructure expansion, along with the potential establishment of data centers.

Additionally, new oil discoveries and Sarawak's advantageous position for carbon capture and storage are anticipated to drive demand for related infrastructure.

Source: https://www.nst.com.my/property/2024/02/1015358/sarawaks-growth-will-be-backed-increased-de-allocation-says-rhb-research

Transport hub at Johor's Forest City, akin to KL Sentral?

 By Sharen Kaur - February 1, 2024 

Is Forest City in Iskandar Puteri, Johor, preparing to reserve land to create space for the infrastructure required for the West Line of the light rail transit system and Kuala Lumpur-Singapore high-speed rail (KL-Singapore HSR)? Pix credit: www.forestcityjb.com

KUALA LUMPUR: Is Forest City in Iskandar Puteri, Johor, preparing to reserve land to create space for the infrastructure required for the West Line of the light rail transit system and Kuala Lumpur-Singapore high-speed rail (KL-Singapore HSR)?

Country Garden, the biggest private developer in China, announced this week that several transportation-related infrastructure projects are being developed in the surrounding areas in an attempt to improve accessibility to and from Forest City.

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Fang Fang, the company's general manager of brand, sales, and marketing for Malaysia and Singapore, said the LRT West Line and the KL-Singapore HSR are two of the projects, with plans to establish stations in Forest City.

Market insiders said there is a plan to align the KL-Singapore HSR line so that Forest City is used as the border crossing to Singapore.

"We firmly believe that Forest City will host stations for both the LRT and the KL-SG HSR rail lines. There could be a spur line, given the short distance to Singapore.

"Forest City could also have a transportation hub akin to the KL Sentral transport hub in Brickfields," the insider told Business Times.

In an interview with Singapore's Straits Times, Johor ruler Sultan Ibrahim Sultan Iskandar (now Yang di-Pertuan Agong) was cited as saying that he wanted the KL-Singapore HSR to be revived and realigned so that the border crossing is via Forest City.

The King said the rail project could be funded privately, with the government giving the contractor a 30-year lease to operate the line before taking over the project.

Seven consortiums have submitted concept proposals to develop the KL-Singapore HSR.

Business Times reported that three of the seven consortiums are led by Tan Sri Vincent Tan Chee Yioun-controlled Berjaya Group, YTL Group, and China Railway.

Berjaya Rail Sdn Bhd (BRail), a 70 per cent subsidiary of Berjaya Land Bhd, reportedly teamed up with IJM Construction Sdn Bhd, Malaysian Resources Corp Bhd (MRCB), and Keretapi Tanah Melayu Bhd (KTMB) to bid for the project.

MRCB is the master developer of the multi-billion-ringgit KL Sentral, which houses the Express Rail Link (ERL) station for the KLIA Ekspres and the KLIA Transit, KTM Komuter, LRT, and monorail. 

The development includes hotels, office towers, serviced apartments, and shopping malls

Samuel Tan, executive director of KGV International, said that unlike the KL Sentral transport hub, which is a city model, the Forest City transport hub should be a touristy model with an emphasis on drawing tourists and attracting MICE activities that are able to draw in the appropriate audiences to visit, play, and shop on the island.

"We anticipate the hosting of many conventions in Forest City. Events, dining, and lodging will be more affordable thanks to the lower ringgit than in Singapore and the surrounding nations. An additional draw is the championship golf course.

"We expect the duty-free island status and the occupied service apartments will both benefit from the shopping mall's ability to thrive once more," he told Business Times.

Tan said there should be a link from Forest City to the Second Link to make international travel to Singapore and Indonesia simple.

Furthermore, he said ferry services from Tuas or Sentosa Island should be made available.

"In a similar vein, ferry services ought to be linked to Indonesia's numerous islands. This will result in the SIJORI model, which was proposed several decades ago, coming to pass. Better yet, domestic travel will be made easier if the ferries can hold cars," he said.

Additionally, he said more international flights should be offered to Senai International Airport to draw people to Forest City.

HSR station in Forest City

Developers of Forest City have lobbied the government to place an HSR station in the mega property project just west of the Second Link crossing between Singapore and Malaysia to boost the development.

The HSR will be a major catalyst to increase southbound human traffic, not only from the population between Malaysia and Singapore but also from international travellers due to the potential connectivity between the Kuala Lumpur International Airport in Sepang and Changi Airport.

Johor will have the longest HSR alignment since the state will be traversed by more than half of the proposed 330–350 km track.

The three proposed stations for the KL-SG HSR line are to be located in Muar, Batu Pahat, and Iskandar Puteri, with Forest City being an add-on.

Regarding the three LRT lines that are being considered, Ikea Tebrau, Senai, and either Legoland or Forest City could be the locations of their respective terminal stations.

According to the insider, if a station for the KL-Singapore HSR line is going to be built in Forest City, it makes more sense to locate the LRT station there.

The US$100 billion (about RM473 billion) Forest City project, nearly thrice the size of Sentosa Island, was launched by Country Garden in 2016. 

Country Garden owns 60 per cent of Forest City. Its Johor partner is Esplanade Danga 88.

The project, when completed in 2035, is billed as a paradise with white-sand beaches and turtles. It will span 7,000 acres on four reclaimed islands and house 700,000 people.

Country Garden reportedly invested RM20 billion in the project over the course of seven years and houses fewer than 10,000 people, or about 1.0 per cent of its target.

Meanwhile, Fang Fang said in the statement that Country Garden will be upgrading the facilities in Forest City in preparation for the launch of the Special Financial Zone (SFZ).

Prime Minister Datuk Seri Anwar Ibrahim announced in August 2023 the setting up of a SFZ zone in Forest City to boost investment, growth, and economic activities in Johor.

The memorandum of understanding for this was inked on Jan 11, 2024, between the Prime Ministers of Malaysia and Singapore.

Fang Fang said the upgrading work is crucial to ensuring that Forest City will attract new investors via the SFZ initiative.

Other upgrades in Forest City include the construction of a checkpoint for the Royal Malaysian Customs Department to relocate the existing checkpoint to a new place.

The construction of the new inspection centre, which is expected to be completed by the end of this year, will ensure smooth inspections by related agencies while also enhancing enforcement in the area, she said.

She said Forest City is also upgrading the Internet network services and completing various uses of the latest technology to ensure that it becomes one of the best financial zones in the region.

Source: https://www.nst.com.my/business/corporate/2024/02/1008451/transport-hub-forest-city