Country Garden Forest City Celebrating a Milestone, Marks 7 Years of Growth and Progress
JOHOR BAHRU, Malaysia, July 5, 2023 /PRNewswire/ -- Forest City, a real estate development of Country Garden Group, is celebrating its seventh anniversary as a thriving urban project. Situated in Johor Bahru, Malaysia, known for its livability, the development has grown significantly since its inception in 2016. With the completion of various residential and tourism facilities, coupled with its proximity to Singapore and the Malaysia-Singapore Second Link, its superior geographical location and favorable economic incentives for expatriates, Forest City has attracted homeowners from Hong Kong and more than 40 countries and regions around the world to settle there, resulting in a boost of 300,000 international tourists.
Chen Binghong, Regional CEO of Country Garden Malaysia and Singapore said, "We are delighted to celebrate the seventh anniversary of Forest City. As the city's facilities expand and local businesses flourish, Forest City continues to inject strong momentum into the socio-economic development of Johor Bahru and Malaysia as a whole. Singapore's recent announcement of an increase in stamp duty for foreign property buyers from 30% to 60% indirectly enhances the appeal of investing in the Malaysian real estate market. We remain more than optimistic about the development prospects for Forest City and will continue to build and create an exceptional urban living experience at an accelerated pace."
Forest City boasts an advantageous location, positioned near the Strait of Malacca, a major transportation artery and home to several world-class ports. Furthermore, the waterway, and, by the same token, the region where the real estate development is located, holds strategic importance within China's Belt and Road Initiative. Forest City is situated in Iskandar Economic Zone, a large-scale economic development area supported by the Malaysian government, which had attracted nearly US$82.8 billion in investment as of June 2022. Many multinational companies have already established a presence in the area. Moreover, being just two kilometers from Singapore, the Malaysian government is planning the development of a regional economic center encompassing Johor and Singapore. The initiative is expected to further drive economic growth in Johor and contribute to Forest City's growing role as a bridge for Malaysia-Singapore economic integration.
Forest City's residential planning has reached a mature stage, with approximately 26,000 units completed to date. Over 20,000 units have already been sold, all of which have been fully completed and met the necessary delivery requirements. Over 80% of the units have already transferred to their owners. The properties on the island offer excellent value, with prices starting at 510,000 Malaysian ringgit (MYR), roughly equivalent to 870,000 Hong Kong dollars (HKD). Owners enjoy permanent ownership rights and have access to the natural ecology and quality living amenities of Forest City and the surrounding area.
The development also features comprehensive tourism facilities, including two five-star hotels, two 18-hole international standard golf courses and a commercial street. Future plans involve expanding the line-up of amenities and building additional family-oriented entertainment venues. As the urban ecosystem continues to mature, Forest City aims to become a hub for eco-tourism, cultural exchanges, environmental education, and leisure and wellness activities, providing immersive ecological experiences for residents and visitors alike.
To fully cater to the needs of its island residents, Forest City has been actively enhancing education and healthcare services. The Shattuck-St. Mary's Forest City International School, operating since 2018, serves as a core educational facility, integrating educational resources from surrounding university towns and several renowned international schools. In terms of health and wellness, Forest City has partnered with MJ Group, a leading Asian healthcare management institution. Additionally, the area boasts several well-known medical facilities, ensuring island residents receive comprehensive health services.
Fang Fang, the Brand Marketing General Manager for Country Garden Malaysia and Singapore, stated, "In the coming years, Forest City will continue to upgrade its various amenities and provide concierge and other personalized services to homeowners from around the world, infusing Forest City with even more vitality and vibrancy."
Forest City, known for its environmentally responsible and smart initiatives, has gained international recognition for its innovative concepts of integrated development, vertical greening, and intelligent security. With nearly 30 international awards under its belt, one of its most notable accolades was being named in 2018 as one of Forbes' 5 New Cities That Are Set to Shake up the Future. In the next phase, Forest City will focus on the development of high-tech industries, digital centers, and green intelligent cities. Furthermore, in line with Malaysia'seconomic policies, the city aims to foster industrial development by attracting foreign capital investment and by enticing multinationals and other major firms to establish offices and facilities there.
To help Hong Kong residents learn more on the value of home ownership in Forest City, a seminar will be held in the second half of this year. Guided tours will be organized for Hong Kong residents interested in Malaysian real estate, inviting them to experience the island firsthand. The specific dates and registration details will be announced in due course.
About Forest City
Forest City is a collaborative endeavor between Country Garden and Esplanade Danga 88 Sdn Bhd (EDSB), with the support of the Johorstate government. Situated within the thriving Iskandar Economic Zone in Malaysia, it serves as an additional wellspring of economic growth for Southeast Asia. Spanning an expansive area of approximately 30 square kilometers and conveniently located near the Tuas Second Link, Forest City is dedicated to implementing an integrated development model that harmoniously blends an ideal lifestyle with urban progress. In the future, the city envisions the gradual establishment of a duty-free island and a special financial district, encompassing the core industries of tourism, education, healthcare, and finance, all aimed at spearheading a healthy and contemporary urban living experience.
Forest City offers a diverse range of housing options, including one- to four-bedroom high-rise waterfront villas, seaside villas, luxury high-rise waterfront apartments, condo apartments, residential units in the Phase 1 of the mixed-use Financial Center, and villas within a golf course community. Two hotels and two 18-hole international standard golf courses are already fully operational, providing residents and visitors with exceptional amenities.
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