Forest City Positioned To Become Key Business And Investment Hub -- Country Garden

KUALA LUMPUR, Nov 12 (Bernama) -- Forest City in Johor is emerging as a strategic hub for businesses and investors, supported by great air and sea connectivity, and is focused on creating economic growth and sustainability, according to its Chinese developer Country Garden Group.

Country Garden Malaysia and Singapore chief financial officer Kevin Li said it has the potential to become a key hub, blending financial, residential, and eco-friendly initiatives to play a major role in ASEAN’s future.

“A cornerstone of Forest City’s development is its ambitious vision for a multipurpose hub, branded as an Eco Island, Safe Island, Financial Island, Smart Island, and Duty-Free Island.

“This vision combines environmental stewardship with advancements in finance, technology, and digital innovation, making it an ideal location for both residents and businesses,” he said during a presentation at the National Conference of Trust 2024.

Li refuted the widespread notion that Forest City is a “ghost town”, saying that currently, more than 10,000 people live there.

“And just in 2023, we welcomed more than 4 million tourists into the city,” he added.

Li highlighted Forest City Special Financial Zone, which is part of the broader Johor-Singapore Special Economic Zone and offers a tailored environment for financial services.

“This zone targets financial institutions, family offices, and investors, with attractive incentives such tax exemptions of up to 20 years and relaxed regulatory frameworks,” he said.

He noted that foreign financial institutions can establish branches in Forest City with fewer licensing restrictions, while businesses and investors benefit from incentives such as corporate tax exemptions, relocation cost deductions, and other advantages, fostering an ideal ecosystem for financial growth.

Malaysia’s emphasis on promoting single-family offices is also a major draw, with streamlined setup processes, minimal staffing requirements, and zero corporate tax for family offices, he said.

“Looking ahead, Forest City plans to expand further with land reclamation projects and the creation of a one-stop service centre for investors,” he added.

-- BERNAMA