Company has sold 90% of its residential units as at end-2017

By FARA AISYAH / Pic By BLOOMBERG

The developer of the Forest City project in Johor is set to realise the idea of having an industry-integrated city and mixed-use development on its four man-made islands over the next two years.

Country Garden Pacificview Sdn Bhd (CGPV) said the models have been in the company’s long-term development vision for the multibillion-ringgit project, and would help boost the country’s economy.

“Our main focus for 2019 and 2020 is to set up industries and further enhance our tourism components. We will continue to launch residential units depending on the demand and supply in the property market.

“For the next two years, we will focus on building up the industry component as part of our Industry Integration Blueprint 2020,” the company told The Malaysian Reserve in an email reply.

CGPV said it is confident that the Pakatan Harapan government would continue to support businesses and investments that can contribute to the country’s economy, create job opportunities and promote technology and knowledge transfer.

“Of the 1,500 jobs created at Forest City, 80% are filled by locals with 50% of the locals hired sitting on middle-to senior-management level.”

CGPV is a joint venture between Country Garden Holdings Co Ltd, a property development company listed on the Hong Kong Stock Exchange, and local partners in Johor.

To date, CGPV has invested a total of RM11.5 billion in Malaysia, of which RM1.5 billion was dished out in the form of contracts to local suppliers and vendors, creating indirect job opportunities for more than 9,000 positions in the local property and construction industry.

The company has so far reclaimed 50% of Island One, which is utilised for retail space, the Endorra Sales Gallery, a five-star hotel and commercial units. The remaining three reclaimed islands (Islands Two, Three and Four) will be built based on the demand and supply.

On the mainland, CGPV has developed the Forest City Golf Resort and a five-star hotel.

The company said the progress of the 30 sq km mixed-use development is on track despite the project being reviewed by the government.

“It’s business as usual at Forest City. We understand that the Malaysian government continues to welcome foreign investments…We are well on track to generate economic growth and more employment and training opportunities for Malaysia’s local talent pool.

“We also continue to work closely with the Johor and federal governments to build affordable housing for Malaysians, which is part of Forest City’s long-term plan for sustainability,” the developer said.

CGPV said the company had sold 90% of its residential units as at end-2017 despite various challenges, including capital control measures by the Chinese government.

“The company has launched about 20,000 residential units for sale by the end of 2017.

“Out of these 20,000 units, 18,000 have been sold.

“We have started handing over the keys for 480 residential apartment units since Sept 1 this year,” it said.

The developer added that it has seen a significant increase in Singaporean and Malaysian buyers following its marketing efforts and the establishment of sales galleries across the two countries.

The company had been targeting buyers from other countries, namely Hong Kong, Macau, Taiwan, Indonesia, Thailand, Laos, Myanmar, the Philippines, Dubai and Japan.