- Brief Description of Country Garden Pacificview
Country Garden Pacificview Sdn. Bhd. (“CGPV”) is the developer and operator of Forest City Project, for which Country Garden (“CG”) holds 60% and Esplanade Danga 88 Sdn Bhd (“EDSB”) an associate company of Kumpulan Prasarana Rakyat Johor (“KPRJ”) holds the remaining 40%.
- What is the status of the Forest City project?
The company completed the land alienation in November 2013, and all land premium has been fully paid.
The original land title area, which is currently under development, measures approximately 1,978 hectares. After consideration of the Detailed Environmental Impact Assessment (DEIA) and Hydraulic Study, our new land form comprises of 4 islands with a new land area which is approximately 1,624 hectares. The new model resulted in the reduction of 354 acres, this is to ensure the sea grass is preserved for future generations while maintaining the flora and fauna of the surrounding area.
On 16 June 2014, Country Garden Pacificview voluntarily ceased all construction at the site. The construction was voluntarily ceased because the DoE requested a DEIA to accompany the project’s viability assessment and State garnered approvals.
On 9 January 2015, DoE has approved the DEIA for the Forest City project of 1,386 acres. The Forest City EMP was subsequently approved on 2nd February 2015, and construction work on the project was mid-March 2015.
At Country Garden Pacificview, we always ensure that our projects are compliant, adopt best practices of governance and that they fully represent the needs of the communities, the environment and the State’s economic development. Beyond that, we strive to provide the best quality in terms of facilities, services and designs while keeping in mind in ensuring the needs of the communities are also fulfilled. Such ‘Green City’ shall set the trend for tomorrow’s model eco-city. We at Country Garden Pacificview believes that people and nature can live harmoniously together. Our goal is to find and maintain that balance between nature and nurture. We understand that there are challenges when pioneering new visions, but that should not discourage us from bridging the gap between yesterday and tomorrow.
- What is the size of reclamation area for Forest City project?
The original land title area, which is currently under development, measures approximately 1,978 hectares. On 9 January 2015, DoE has approved the DEIA for the Forest City project of 1,386.05 hectares. Beyond that, we will continue to work closely with all stakeholders and regulatory authorities, to ensure the project development always takes into consideration the needs of the communities and the environment. It is one of our top priority to minimise the impact to the local communities and ensuring that the surrounding ecology are well preserved.
- How will the current land size affect CGPV’s investors?
Whatever is given to us, we are happy to develop. Together with the support of our partners and relevant authorities, we are confident that the Forest City project will provide the best possible value to our investors.
- How many islands does the Forest City project consists of? What’s the size of each island?
The Forest City project consists of 4 islands with a total land area of 3,425 acres. The sizes of each island are:
- Island 1: 979 acres
- Island 2: 1,896 acres
- Island 3: 405 acres
- Island 4: 145 acres
- When will the construction of Forest City recommence?
Construction works on Forest City has recommenced as announced on 19 March 2015, as the Department of Environment (DOE) has approved both the Detailed Environmental Impact Assessment (DEIA) on 9 January 2015 and the updated Environmental Management Plan (EMP) on 2 February 2015. The project is estimated to be completed by 2035.
- How do you rate the economic potential of the Forest City project?
With Country Garden Pacificview’s sound and experienced management team, the Forest City project will not only elevate the quality of life of all Johorians, but also keep Malaysia’s socio-eco?nomic progresses balanced by meeting the needs of the community and environment.
We will also work towards promoting sectors that are complementary to our nearest neighbour, Singapore. We do foresee a high possibility that Forest City will have a significant spill-over effect to Singapore once the population builds up in Forest City.
Contributing to Malaysia’s Goal in Reaching High-Income Nation Status:
Forest City is consistent with the Government’s vision as outlined in the Economic Transformation Programme (ETP) – to increase the population and household income for the state of Johor. Upon completion, it is expected that new job opportunities will be created for vast numbers of citizens. Forest City aims to provide world class facilities to attract game players and market makers from around the world, this in turn will have a domino effect where in Malaysia will benefit from the spill over effect. This will also be a catalyst for local migration from different parts of Malaysia, ensuing in creation of new job opportunities.
South – Western Gate Development:
Forest city will be one of the pioneers for the south – western gate development. This will inevitably increase investment activities in that region, balance up development with Eastern and Central Southern Johor Bahru and create an investment corridor in the region. At the moment, majority of the development is concentrated towards the eastern hemisphere of Johor. We wish for Johor to be a wholesome development where every region contributes towards growth and stability. Country Garden Pacificview is not just a developer but we feel the need to be responsible to balance the region by placing the right components in the right location to maximise potential.
Income Based Diversification for Local Communities:
Currently, most of the members of the surrounding communities’ income is derived from aquaculture and agriculture activities. Forest City will provide a platform that will encourage local communities to explore viable options in different sectors such as; the service sector where skills can be honed in through workshops and training schools. Country Garden Pacificview (CGPV) shall encourage these local communities by giving them first-hand experience in such sectors. Furthermore, CGPV plans to provide such training schools to prepare them with necessary skills and tools that fits the potential for their future growth.
Rejuvenating Infrastructures in the Area:
Consultants were hired to study the area in order to maximise the benefit of development for Forest City Project. Taken into account by the consultant, this is a 30 year project where planning and development is constantly changing to suit the surrounding area while benefiting the local communities. Development of Forest City will involve upgrading the infrastructure in Tanjung Kupang, including the building of a new access road, construction of power stations, new water reticulation systems. These upgrades will benefit the local communities and at the same time, help promote development in the region. Such development will increase human traffic to and fro to these areas which in turn will result in them getting more opportunities as they come in contact with more people.
Appreciation in the surrounding land cost:
With the completion of new infrastructures, there will be an increase in the surrounding land cost. This is another extended benefit from the Forest City Project.
Contribute to State Income:
Upon completion, Forest City is expected to generate additional income to the State by way of Quit Rent, Assessment Rent, Advertising Taxes and Entertainment Taxes. The 1,623 acres of land will be constructed by way of reclamation. It creates new land mass to the State Government and directly contribute to State income when it’s mature.
Improve quality of living:
The local community will grow together with us and to ensure no one is left behind, we will offer to provide trainings, workshops, or even contribute to transform their fishing methods, including assistance to pursue deeper sea fishing. We are also looking at the possibility of providing training and assistance in aquaculture, ie: fishing hatcheries.
- Will Forest City impede the growth of Pelabuhan Tanjung Pelepas (PTP)?
CGPV has discussed this with LPJ and PTP on multiple occasions, either by way of private engagement or with the involvement of State authorities. We have agreed to provide a 1000m (requirement is 500m) buffer to their approved development. Furthermore, our site is actually not within their navigation channel as the water depth is too shallow for cargo ships. Apart from this, the Forest City project is actually residential and commercially driven, and so we foresee our development benefiting everyone rather than hampering each other.
- What is Forest City’s plan to mitigate any potential environmental risks in the area?
Consultants have been appointed to identify & mitigate potential environmental risks. We have run more than 20 models to ensure the best reclamation size and shape, where in there shall be close to zero impact to the surrounding area. The current revised master plan has been reviewed and approved by the Department of Environment (DoE).
- How does the Forest City project fit into the existing Iskandar Malaysia Master Plan?
Expected timeline for development of Forest City project is 30 years. The project was approved by the Johor State government during the SPC meeting with support from relevant authorities. Forest City is situated within the Iskandar Development Zone based on proximity. Despite not being in Iskandar Malaysia blueprint initially, we consider every possible outcome and will proceed with the most viable solution which will benefit both the communities and the surrounding area. This is an on-going development where both Iskandar Malaysia and Forest City will complement and develop hand in hand.
- What is the land premium levied by the State Government to undertake the reclamation? Has CGPV paid it in full?
Land premium has been paid in full. The amount paid is at the discretion of the Johor State Government. The cost of reclamation is fully borne by the developer, which is actually the biggest part of the land cost.
- Is this project exempted from the ruling that foreigners can buy properties over RM1 million? And what about the low-cost and affordable housing requirements?
Forest City project will be subjected to all available development guidelines. However, for such a pilot project, we will strive to apply for some incentives and support from relevant authorities to ensure the project could have a smoother start with differentiation from neighbouring developments.
In term of low-cost housing, our current land use is categorised as commercial. Considering the land cost after reclamation is going to be quite high, we will engage and work with the State Government to evaluate how best we could contribute to the low-cost housing, either by the way of (1) constructing at the other mainland site or (2) contribution to the State Government.
- Why does CGPV opt to reclaim land for this project? Wouldn’t it be easier to just acquire existing land?
Forest City aims to balance up the development between South – East, Central and South – West of Johor Bahru. To ensure the project has economical scale and is sustainable, we need a sizeable land bank for the entire development project. If we were to acquire existing land, it may create a long list of social impact towards the local community by way of displacement. Through reclamation, we are creating a new land mass for the State Government and the people of Johor Bahru, minimising the social impacts. CGPV aims to develop harmoniously with the support of local community.
- Will the reclaimed island have a direct link to the second bridge to Singapore, located nearby?
Yes. It is our hope and part of our long-term plan that the reclaimed land will have a direct link to the second bridge to Singapore. However, it will involve setting up of a new CIQ. Furthermore, we are studying the requirements of setting up the new CIQ.
- How will the project be financed?
CGPV has obtained the land titles for Forest City Project, and it gives us flexibility when it comes to project financing. We will initiate discussions with potential financiers as soon as we have confirmed our planning. Potential financiers will be both local and international. In the meantime, all the funds have been generated through internal financing.
- Was there any land acquisition involved along the shoreline?
No. Those areas of land belong to Lembaga Port Johor (LPJ) are being leased to Port Tanjung Pelepas (PTP). We are not exploring this option. However, Forest City is planning to have a main access road from Lebuhraya Tanjung Pelepas. Forest City is committed to work with local authority to ensure the option with least impact to be implemented. The opening of this new access road will help boost the development in this region. After thorough studies conducted on road alignment, the local community has appealed to CGPV to relook on this alignment. Based on their suggestions, we conducted multiple models. After listening to the local community and through our studies, CGPV has decided to go with the best model with the most minimum affects to the local community.
- What is CGPV’s commitment towards ensuring a healthy environment?
CGPV values quality for the environment. For example, the sand that we are using comes from the best quality with high nutrient sources that will be good for the ecology. Moreover, we are committed to preserving the sea grass by working with government agencies and also local NGOs. A lot of effort has been put to ensure near zero environmental impact by introducing double silt curtains and also online monitoring system at our site, where we can monitor the quality of water. The model of our islands will be to focus on the sea grass bed in the middle, therefore we would do our best to preserve this ecology for future generations to enjoy.
- Can CGPV provide more details on the mitigation measures that will be taken in developing Forest City that was mentioned in the DEIA?
Several measures have been implemented which includes but not limited to (1) installation of silt curtain to contain the plume within the controlled area, (2) Frequent schedule on air, noise, water monitoring to ensure all potential impacts are being monitored and assessed, (3) online monitoring systems to monitor water quality in real time, (4) Routine third party audit to ensure all the requirements are implemented as per requirement. Any additional measures may be requested from DOE from time to time. We at CGPV are highly committed to do our level best in ensuring all the environmental factors are thoroughly assessed and mitigate thereafter.
- Can CGPV provide more details on its plan to minimise environmental impact?
We would like to emphasise on the efforts that CGPV is undertaking to ensure least environmental impact. CGPV has engaged a DOE certified environmental consultant, Dr. Nik Associates where they have conducted studies as per standard protocol. Beyond that, CGPV has conducted public dialogue at the community hall and multiple focus group discussions with the local community where all the concerns have been addressed in the DEIA report. The DEIA report was on public display for one month at 7 locations in Johor, 1 location in Putrajaya, 1 location in Kuala Lumpur and all DOE state offices around Malaysia. We would like to highlight on our commitment towards complying with all DOE standards by maintaining good conduct of work and high quality in everything we do. CGPV aims to develop harmoniously with the support of local community.
- Has the Country Garden Causeway been removed?
The management of the environment is our top priority. As per our current proposal, the removal of the CG causeway will be our immediate action now that work has recommenced. The plan of action is to work with qualified sea grass specialists and engineers in order to ensure the proper and safe removal of the causeway. It will take us few months to remove the designated causeway.
- What remedial measures is CGPV taking for the Merambong Shoal?
CGPV will work closely with qualified sea grass specialist when it comes to the excavation of the causeway near the sea grass area. Furthermore, CGPV will be working alongside relevant authorities and NGOs on the preservation programme. CGPV is highly committed to do our level best to ensure all the environmental factors are thoroughly assessed and mitigated.
- Will CGPV seek the degazettement of the Merambong Shoal as a protected area?
The 3,425 acres approved by DOE for Forest City does not include the Merambong shoal. Hence, we do not have any plans with regard to the degazzettement of the Merambong shoal. However, CGPV will still take active effort to ensure all the potential impacts will be thoroughly assessed and mitigated.
- The DEIA proposed the relocation of sensitive marine life in Merambong Shoal, will CGPV do so?
Currently, CGPV is in the process of working closely with the relevant authorities for the intervention and preservation program. The information of this programme will be shared as we progress along. Our goal is to ensure that if we do it once, we do it right.
- When will the dredging exercise begin?
As per our current schedule, the dredging exercise will only take place in the year 2033. We will ensure qualified contractors will be appointed and all authoritative approvals will be obtained before dredging begins.
- Are there any mitigation measures required for Tanjung Balau?
Qualified contractors and authoritative approvals will guide us in ensuring all the necessary measures are taken into consideration.
- Which dredging company will be involved or appointed to complete the work?
The appointment of contractors will go as per standard company procedure. Our company’s policy is to ensure that all of these standards are met. As per our current schedule, the dredging exercise will only take place in the year 2033. We will ensure qualified contractors will be appointed and all authoritative approvals will be obtained before dredging begins.
- What are the obstacles in CGPV’s future fund raising exercise?
Firstly, we would like to thank our investors for their confidence towards us. We understand that current investors feel very strongly towards CGPV’s success in this project. This encourages CGPV to overcome any obstacles that it may encounter. Future fund raisers will see our potential in overcoming the said obstacles.
This project is unique in its own way as it is the biggest reclamation island in South Malaysia. We aim to make this development a designated landmark. It is this uniqueness that gives Forest City its personality. The strategic location of Forest City will be a contributing factor to the attractiveness of this project. Due to these contributing factors, investors will see a real potential in Forest City.
With Country Garden’s years of knowledge and experience, and combined with the abovementioned factors, these key attributes will contribute to Forest City’s overall attractiveness.
We understand that there are challenges when pioneering new visions, but that will not discourage Forest City from bridging the gap between yesterday and tomorrow.
- What is the price range for both residential and commercial lots?
Currently, we are finalising our plans and designs to ensure that all standards are being met. Price range is always determined by the market. However, since Forest City sits on a reclaimed land, the reclamation cost will also be one of the factors to be considered.
In terms of facilities and amenities, Forest City aims to provide a sustainable environment in an urban setting which is not only efficient, but also comfortable to invest, work, play and live in.
- What other developments will be in Forest City?
We strive to provide the best quality in terms of facilities, services and designs, while keeping in mind to ensure the needs of the communities are fulfilled.
Currently, we are still in talks with several investors. We have also appointed top consultants to ensure that all potential components in Forest City to be strategically maximised. One of our main objectives is also to complement Iskandar Malaysia. We see Forest City having a great potential in generating momentum on the current promoted sectors.
30. Who is CGPV’s key target market?
Forest City is an international project that aims to attract people from around the globe to invest, work, play and live in. Our goal is to create a neighborhood of diverse community, accommodating multi-generational multifaceted lifestyles.
31. Will foreign buyers have easy access to Singapore?
It is our hope and part of our long term plan that Forest City will have a direct link to the second bridge to Singapore. We are still studying this as a potential plan.
32. Would there be any spillover effects for Woodlands, Tuas or rest of Singapore?
Forest City is an international project that aims to attract people from around the globe to invest, work, play and live in. Apart from Iskandar Malaysia, we will also work towards promoting sectors that are complementary to our nearest neighbour, Singapore. We do foresee a high possibility that Forest City will have a significant spillover effect to Singapore once the population builds up in Forest City.
33. What benefits will the development have on stakeholders?
We strive to provide the best in terms of quality, facilities, services and designs; while keeping in mind to ensure the needs of the communities are fulfilled conversely.
Currently, we are still in talks with several investors. We have also appointed top consultants to ensure that all potential components in Forest City is to be strategically maximized. One of our main objectives is to simultaneously complement Iskandar Malaysia. We see Forest City having a great potential in generating momentum on the current promoted sectors.
34. What is the total investment cost of the project?
The final figures are still being tabulated. This is still an ongoing process. New updates will be released as and when possible.
35. Now that work has restarted on the Forest City project, what is the current GDV?
The current gross development value (GDV) of the Forest City project is at RM450 billion
36. Is CGPV responsible for the mass fish deaths that occurred in the Straits of Johor recently?
Thank you for the question. According to our environmental consultant, Asian Environmental Solutions Sdn Bhd has been carrying out tests daily and monthly and have found no major or sustained anomalies in the water readings that could point to the death of fish.
CGPV voluntarily stopped work eight months ago to conduct the DEIA to be certain that we are working with the environment, not against it. Our full statement can be found here
37. When was the approval for Forest City to be a part of Iskandar Malaysia granted? And what are the benefits of Forest City being in Iskandar Malaysia?
The approval for Forest City to join Iskandar Malaysia was granted on 27 January 2015.
The benefits of joining Iskandar Malaysia are flagship incentives, which covers healthcare and education.
38. When will the first residential lots be ready for public viewing?
CGPV will introduce a showroom village, which will be ready by end of year 2015 for public viewing
39. The Forest City project has raised concerns about property oversupply in Johor. What is CGPV’s stance on this?
Thank you for your question. Our goal is diversify the target market to address the converns of oversupply. The target market for the Forest City project is not only Johor and Singapore, but international audiences as well. Forest City in excellent strategic location, with unique islands offering urban functionality such as recreational, shopping and eco-living.
40. Has Singapore acknowledged the recommencement of work on Forest City?
CGPV is not in the position to answer on behalf of the Federal Government of Malaysia as this is a question related to intergovernmental outreach. Our role as a developer is to ensure that we are compliant to all rules and regulations, as well as working with the relevant authorities, to elevate the quality of life of all Johorians and balancing socio-economic progress with the needs of the community and the environment.
41. There are concerns that the project will contribute to loss of fishing ground. What plans are in place to aid local fishermen?
CGPV is committed to working with the environment, not against it. We are also dedicated in aiding the local community, and we appreciate the feedback and cooperation received regarding the Forest City project. To-date, CGPV has donated RM3 million to the Fishery Association to aid local fishermen. Fishermen also have access to provide feedback to CGPV via multiple channels.
42. How will waste materials from the project be disposed?
CGPV always considers the environment’s interest throughout the project. There will be gazetted offshore dumpsites for waste materials that are risk free and in compliance with the law.
43. Can you provide us with concrete updates on the Environmental Mitigation Plan (EMP) measures undertaken to protect the environment?
To date, CGPV have implemented the following mitigation measures:
- Double Silt Curtains (4km)
- Daily water monitoring systems
Currently, the following mitigation measures are being implemented:
- CG Causeway Removal
- Shore Protection Structure
- Sewage management
- Transboundary impact landform
- Online Monitoring System
- Water Quality Monitoring (15 stations)
- Third Party Audit
- Shoreline Monitoring
- Seagrass Intervention Program
44. Understand that Hong Kong – listed Country Garden Holdings Co is looking to raise as much as RM800 million. How does country Garden plan to utilise the sukuk proceeds? When and where does Country Garden plan to raise the amount?
Country Garden is always open to funding proposals from various domestic and international financial institutions, which includes our presence in Malaysia region. We will continue to explore on these potential opportunities, which include the possibility of setting up a Sukuk programme and issuances.
In factm on group wide basis, Country Garden Holdings Co. Ltd. has just completed 2 notable fund raising activities in the month of July/August 2015:
- 2 tranches of RMB domestic bonds of up to RMB 6bil, with 3 year tenor at 4.2% coupon rate – this is arecord low in the bond issuance history and domestic financing history of the Group. Its interest rates also broke the lowest record of initial issuance of corporate bond by real estate companies.
- A 4 year HKD/USD dual tranche syndicated loan of an amount equivalent to USD 800mil, at HIBOR/LIBOR+3.1% – this is a biggest bank loan even taken out by the Group with the lowest rate among the loan of the same tenure, and with the largest number of banks (eg.: 12 Chinese, Hong Kong and European banks) underwriting it. It was also the largest syndicated loan taken out by a non-state owned Chinese residential property developer in the international syndicated loan market, with the largest number of banks underwriting it in 1H 2015.
In future, it is expected that the finance costs of the Group will be continually lowered, which is conducive to the Group’s sound financial position. This also demonstrates strong market confidence in the group, as we believe that Country Garden will continie to be well accepted by investors and financial markets moving forward.
45. How does the ringgit depreciation effect Country Garden and its projects?
Apart from the shareholder’s injection which are in foreign currencies, the operational currency of Country Garden in Malaysia are Ringgit in majority. In fact, the ringgit depreciation has caused more foreign buyers to be interested in our product offerings in Malaysia, namely Country Garden Danga Bay project, which are priced in Ringgit.
Nevertheless, we will continue to monitor the situation and ensure that we are prudent and cautious in managing Forex risk.
46. Previously, Country Garden highlighted that it is still in discussion with banks to raise money to fund Forest City project? How is the progress?
Yes, there are a few ongoing discussions with various financial institutions on funding for Forest City project, which has attracted many positive interest in the market.
47. What has Forest City been doing to ensure least impact to the environment?
The DEIA approved is with zero trans boundary impact. Continuous collaboration with DOE is conducted regularly whereby changes in method statements are reported with additional studies and reports submitted for the necessary approvals. DOE was provided with a site office on site, where their officers are stationed, to audit our monitoring. All approved mitigation measures are in place and daily water quality monitoring was and is being conducted by way manual monitoring but also online monitoring where it can be accessed almost at real time. Besides, CGPV values quality for the environment and commits to preserve the sea grass by working with various agencies. Universiti Putra Malaysia (UPM) has been appointed for monitoring and rehabilitation of the sea grass. CGPV is putting effort to ensure minimum environmental impact and make sure the development is in line with requirements of DOE.
48. How would Forest City achieve economic sustainable status?
Considering the magnitude of the proposed Forest City project, we aim to put Forest City, Iskandar Malaysia and Johor into the world map. CGPV’s implementation spans over 20 years from 2015 up to 2035, based on the following guiding principles:
- Industry being the fundamental driving force – oversupply of residential market in Iskandar Malaysia is a government concern. Thus, Forest City’s selling point is to focus industries to stimulate demand, which is critical in the short-term
- Industry and city integration – industry drives residential demand, while residence in turn supports industrial development – hence, a healthy market will be nurtured
- Long-term ramp up of flexibility – to reassess market situation and government reactions as project evolves to explore the potential of developing high density properties to maximize the value of the project
49. What are the promoted industries in Forest City?
There are eight promoted economic pillars that are being identified to support the long-term development of Forest City, namely tourism, MICE, near-shore banking, education and vocational training, regional base, emerging technology application and service center, service base for e-commerce in Southeast Asia and green smart city technologies.
50. What are the key positioning of Forest City?
- Local Positioning : Forest City development positions itself as the hub for economic integration between Iskandar Malaysia and Singapore
- Regional Positioning : A base in Southeast Asia for Asia Pacific’s economic and trade cooperation
- Global Positioning : A model of harmonious co-existence of man and nature, green and smart city
51. What competitive advantages does Forest City possess?
With the strong and concrete foundation of its mother companies CG and EDSB, Forest City leverages on CG’s reputation and capacity, acting as a booster dose to gain international investors’ trust. EDSB as Johor’s economic development arm helps to ensure the development blends in well with local requirements. In other words, Forest City will be a wholesome development which fulfills various expectations.Comprehensive strategic positioning has been done by McKinsey after thorough case studies.
Forest City extracts the elements from successful developments such as Qatar Pearl Island, Dubai and Santana Row, re-evaluated all success elements and planned according to Iskandar Malaysia’s CDP and the vision of creating a sustainable smart and green city. The strategic location puts Forest City at the frontier of Malaysia,which will utilize the bridging effect, accelerate and facilitate all trading and businesses. Nevertheless, Forest City as a greenfield development encourages the creation of an investor-friendly environment which stimulates innovations.
52. Who are behind the master planning of the world class Forest City?
Forest City is an international project that aims to attract people from around the globe to invest, work, play and live. Therefore CGPV engaged world’s top firms including McKinsey, Sasaki and Deloitte to complete a comprehensive planning with different perspectives, covering strategic positioning, conceptual master planning and financial. All these efforts are geared to ensure that Forest City’s development is consistent with Iskandar’s Comprehensive Development Plan (iCDP).
53. What are the benefits can be expected from Forest City project?
Potential benefits from the economic perspective:
- Additional contribution of RM198.4 billion in national Gross Domestic Product throughout the development phase of Forest City from now till 2035
- A sizable investment commitment of RM170 billion from now until 2035. The gradual realization of this investment commitment, will further allow Iskandar Malaysia to also achieve or event exceed its targeted investment of RM383 billion on 2025
- Development of Forest City will involve upgrading the infrastructure in Tanjung Kupang, including the building of a new access highway, construction of power stations and new water reticulation systems. These upgrades will benefit the local communities and at the same time, help promote development in the region. Such development will increase human traffic to and fro in these areas which in turn will result in business and social exposure and opportunities. To date CGPV has spent RM300 million for a 5km highway and other infrastructure construction
- Up to 15,000 jobs will be created by 2035 as the development of Forest City proceeds with businesses successfully attracted