The developer has invested close to RM20b in the country, with more than 1,500 jobs opportunity
by FARA AISYAH/ pic credit: www.forestcitycountrygarden.com.my
COUNTRY Garden Malaysia — the subsidiary of Hong Kong-listed Country Garden Holdings Co Ltd — said the group’s sales are doing well despite the sluggish property market.
“Our project sales in Malaysia have reached more than 80%. The projects are currently moving forward to the next phases as planned, including handover process, maintenance and operations.
“At Forest City, more than 9,000 units were handed over to owners back in 2019, while the rest will be executed in 2020,” the developer told The Malaysian Reserve in an email reply.
It said there are 20,000 residential units developed in Forest City and is currently in a handover process.
It added that the Lake [email protected] North development is also showing good progress and recognised by the local market, with good sales.
Country Garden projects in Malaysia include Country Garden Diamond City in Semenyih, Selangor; Country Garden Central Park in Tampoi and Country Garden Danga Bay, both in Johor Baru.
Country Garden said it has invested close to RM20 billion in Malaysia, with more than 1,500 jobs.
The developer is also working with more than 100 local partners, contractors and suppliers, including Land & General Bhd, Kumpulan Prasarana Rakyat Johor Sdn Bhd, Damansara Realty Bhd and Perdana Parkcity Group.
In addition, Country Garden has also invested more than RM1 billion and constructed Asia’s largest fully automated Integrated Building Systems plant in Gelang Patah, Johor, which incorporates the latest technology and modern machinery from Germany, Italy, Singapore and China.
On Forest City, the group said, its main focus for 2020 is to build up the industry component by attracting industries to set up in its industrial hub as part of Forest City’s Industry Integration Blueprint 2020 and further enhancing the tourism component of the development.
“With the direction shift from residential to industrial, the effort is to focus on the development of our golf courses.
“Since we have launched two golf courses, the third will follow suit in the future,” the group noted.
Forest City has completed the early phases of its residential and commercial units to date.
The first 45-storey integrated landmark building, Carnelian Tower — which comprises residential units, offices and retail shops — is scheduled to be open in 2020.
Currently, the commercial area in Forest City houses 90 tenants with various business lines including food and beverage, cosmetics, accessories and luxury goods among others.
Commenting on the lower threshold price of RM600,000 for foreigners by the federal government, Country Garden said the impact on property overhang will not be very significant.
“It could potentially benefit the mass market developers focusing on the affordable product range but for us, target segmentation is key to ensuring the development of marketable goods and products in the market to reduce risks and remain competitive.
“At Country Garden, target segmentation is key to ensuring the development of marketable goods and products in the market to reduce risks and remain competitive,” it said.
Forest City property owners come from over 35 countries including China, Singapore, Vietnam, Indonesia, Macau, Taiwan, Hong Kong, South Korea, Japan, Canada, the US, Venezuela, the UK, Russia and Australia among others.
Besides the more popular Forest City project in Malaysia which appeals to global sales and industrial markets, Country Garden’s Diamond City and Central Park were meant to cater specifically to the local market.