Forest City in Johor is transforming into a bustling hub for businesses and investors, leveraging its prime location with excellent air and sea connectivity. The Chinese developer, Country Garden Group, envisions Forest City as a multifaceted hub encompassing financial, residential, and eco-friendly elements to shape ASEAN’s future economic landscape. Kevin Li, the chief financial officer of Country Garden Malaysia and Singapore, emphasized the project’s potential during the National Conference of Trust 2024.
Contrary to misconceptions labeling Forest City as a “ghost town,” Li revealed that over 10,000 residents currently call it home, with a significant influx of tourists in 2023 exceeding 4 million. Forest City’s Special Financial Zone, within the broader Johor-Singapore Special Economic Zone, offers tailored services for financial institutions, family offices, and investors, including tax exemptions and regulatory flexibility to attract global players.
Foreign financial entities can establish branches in Forest City with fewer constraints, while businesses and investors enjoy benefits like corporate tax exemptions and relocation cost deductions, fostering a conducive environment for financial growth. Malaysia’s focus on supporting single-family offices further enhances Forest City’s appeal, offering simplified setup procedures, minimal staffing requirements, and zero corporate tax for family offices.
Forest City’s strategic roadmap involves expanding through land reclamation projects and establishing a centralized service center for investors. The vision for Forest City encompasses environmental sustainability, financial innovation, and technological advancements, positioning it as an attractive destination for residents and businesses alike. The integration of eco-friendly initiatives with financial and digital advancements underscores Forest City’s commitment to creating a vibrant and sustainable ecosystem.
The development of Forest City aligns with Malaysia’s broader efforts to promote economic growth and attract international investments. By fostering a business-friendly environment and offering incentives to investors, Forest City aims to solidify its position as a key player in ASEAN’s financial landscape. With a focus on sustainable practices and cutting-edge technologies, Forest City is poised to redefine urban living and economic development in the region.
As Forest City sheds its “ghost town” label, it emerges as a dynamic and forward-thinking hub that embodies the principles of environmental responsibility, financial innovation, and digital transformation. With a clear vision and strategic initiatives in place, Forest City is set to become a model for sustainable urban development and a beacon of economic prosperity in the region.
📰 Related Articles
- RAEOA and CMC Transform Oecusse into Smart City Hub
- Venice Residents Struggle as Tourism Transforms Beloved City
- Temple University Alumna Turns Passion for Pets into Business
- Teenager Transforms E-Waste into Charity Devices, Inspires Global Change
- Sydney Sweeney Ventures into Lingerie Business with Bezos Backing