Forest City Country Garden, a 14 square kilometre project was not simply a property project but a “city development project”. Mo Bin, the president and executive director of Country Garden Holdings, said “We will develop apartments, villas as well as schools, hospitals, exhibition centre, and a financial special administrative region to achieve city-industry integration,”. Country Garden intention is to create a multi-layer eco-city, which has been designed to locate vehicular traffic and light rail transport away from ground level.
Forest City is in partnership with Kumpulan Prasarana Rakyat Johor, a Johor state investment arm, through a joint venture where Country Garden holds a 60 per cent stake.
Pre sales of apartments in one island would kick off in the first half of this year and the average price would be 1,200 Ringgit per square foot (HK$2,181 per sq ft), and “700 units have already received pre sale permits from the government,” said Jason Fu, regional head (Malaysia) of Country Garden.
“Johor to Singapore is just like Shenzhen to Hong Kong,” and “Shenzhen’s development has given us great inspiration.”, said by Mo Bin, the president and executive director of Country Garden Holdings.
Alan Tan Wing Wton, a director, ASEAN & South Asia at the Singapore Business Federation said he looked forward to Country Garden’s lead in encouraging Singapore companies to look overseas and invest in Malaysia.
As a part of Malaysia’s Iskandar Special Development Zone, the project enjoys beneficial policies including preferential tax rates, and ” in talks with the government to get approval to have duty-free shopping and landing visas in the area.”, said by Mo Bin, the president and executive director of Country Garden Holdings.
Country Garden plans to invest into the Forest City Project in phases, and have channelled Renminbi 8 billion yuan in so far, Country Garden’s chief strategy officer Jeff Lin said.
Source : http://www.scmp.com/business/article/1903916/country-gardens-malaysian-mega-development-eyes-global-buyers