JOHOR BARU: Local developers are likely to benefit from the enhanced value of the market contributed by Forest City, said Johor Real Estate and Housing Developers Association (Rehda) branch chairman Hoe Mee Ling.
She said Forest City, which is a multi-billion ringgit mixed development project, would be a catalyst of sorts and that China could lend its financial strength and technology to the area.
The project, which consists of four man-made islands, will feature high-rise condominium units and coastal residences under its Phase One.
On Sunday, the Federal Government announced that these man-made islands would be made duty-free and that there would also be special corporate tax breaks.
“Malaysian developers will benefit from the enhanced value brought in by Forest City. This will also encourage us to up our game for the benefit of all buyers,” Hoe said yesterday.
Country Garden Holdings chief executive officer Mo Bin said that the gazetting of Forest City as a duty-free zone would boost its position as an international destination and put Iskandar Malaysia on the world map.
Among the future facilities would be the first duty-free shopping mall which was expected to be ready by end of the year at the Fisherman’s Wharf on Island 1 of Forest City, he said.
Forest City is Country Garden’s largest real estate project outside of China.
