Malaysia - Johor, Iskandar, Forest City etc

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Mon Aug 27, 2018 3:39 pm

Malaysia bars foreigners from residential project in Johor

Malaysia will not allow foreigners to buy residential units in the $100bn Forest City project in its southern state of Johor bordering Singapore, Prime Minister Mahathir Mohamad said on Monday.

The project has faced uncertainty since Mahathir's coalition scored a shock victory at a May general election, as developer Country Garden Holdings Co looks to revive faltering demand for a city planned to be home to 700,000 people.

"One thing is certain, that city that is going to be built cannot be sold to foreigners," Mahathir told a news conference in Kuala Lumpur, the capital.

"We are not going to give visas for people to come and live here," he added. "Our objection is because it was built for foreigners, not built for Malaysians. Most Malaysians are unable to buy those flats."

A Country Garden official said the company did not have any immediate response to Mahathir's comments.

Opposition to the project helped drive Mahathir's election campaign, during which he called it, and other Chinese-backed projects, evidence of his predecessor selling Malaysia to China.

Malaysians living in Johor complained of large numbers of Chinese people snapping up properties in Forest City, besides concerns of environmental damage, a glut in the property market, and the impact of land reclamation on fisheries.

Country Garden has developed just a fraction of the planned reclamation of 20 sq km, where Chinese nationals accounted for about 70% of apartment buyers last year.

Source: Gulf Times

https://www.gulf-times.com/story/604030 ... l-project-
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Wed Aug 29, 2018 11:10 am

Batam resort draws Singapore buyers

As CEO and executive director of property and hospitality group KOP Ltd, Leny Suparman has overseen the development of two luxury residential projects in Singapore: the Ritz Carlton Residences and Reignwood Hamilton Scotts. “We felt that the next step was to go into hospitality,” she tells EdgeProp Singapore.

Suparman and executive chairman of KOP, Ong Chih Ching, eventually decided on Batam, a location often overlooked for an exclusive resort. They were drawn to the undulating terrain of a 12ha site, where villas could be built on the slopes.

Today, Montigo Resorts Nongsa boasts a selection of 146 one- to five- bedroom units for sale or short-term stay, each with a dipping pool and expansive view of the South China Sea. On a clear day, visitors will be able to see Marina Bay Sands on the horizon.

Given the demand for the resort’s smaller studio units from corporate customers and honeymooners, KOP decided to increase the number of these units.

This month, the company launched 35 ready-built, one-bedroom villas for sale at prices starting from $388,000. Another estimated 30 units out of a total of 85 are slated for completion this year, with the remainder to be built in 2019.

All units in the resort are sold on an 80-year lease.

Those who buy a villa unit at Montigo Resorts will be given 60 days’ complimentary stay at the property. Of the 60 days, they can stay at Montigo Resorts Seminyak, in Bali, for 15 days.

The unit will be rented out to short-term tourists by the management for the unused days; in return, owners are guaranteed an 8% annual return for two years and a year’s waiver of management fees.

Source: Edge Property

https://www.edgeprop.sg/property-news/b ... b-91832885
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Sun Nov 21, 2021 8:27 am

TMJ refutes claim that Forest City project is a failure

Tunku Ismail said the project had contributed RM630 million in income to the State government in the form of, among others, tax and dividends, besides having created 1,200 employment opportunities for the locals and awarded contracts worth RM1.4 billion to 150 local construction companies.

Recently, a video of over 16-minute duration went viral on social media claiming that Forest City was among five mega projects that were unprofitable and the most useless in the world.


Source: Bernama

https://www.theedgemarkets.com/article/ ... ct-failure
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Mon Mar 14, 2022 12:40 pm

China-backed Malaysia megacity project struggles to gain momentum

by P PREM KUMAR and KENJI KAWASE

Country Garden's $100bn offshore development still slowed by pandemic headwinds

The project is expected to be fully developed by 2035.

Two-thirds of the project is owned by its master developer Guangdong-based property company Country Garden Holdings, while the rest is held by a local firm controlled by Sultan Ibrahim Ismail, the ruler of Johor.

Forest City totals 1,740 hectares -- about three times the size of Singapore's Sentosa resort island.

Eight phases. Only the first island of four, has been developed so far.

Handed over keys to more than 20,000 residential units -- far below the planned 700,000 residents expected to be living there upon completion of the fourth island in 2035.




Source: Nikkei Asia

https://asia.nikkei.com/Business/Market ... n-momentum
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Tue May 17, 2022 7:33 am

The ghost town of Forest City

Originally envisioned as an innovative smart city constructed on four artificial islands in Johor, the project appears to be inching along with only a fraction of the occupants initially targeted.

by Ahmad Sadiq Mohamad Sani

Source: Malaysia Now

https://www.malaysianow.com/multimedia/ ... rest-city/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Sat Jun 04, 2022 8:38 pm

by behappyalways:-

I spent 3 nights at a luxury golf resort in a $100 billion Malaysian ghost town. I can see why it's popular with golfers – but I still wouldn't go back.

by Marielle Descalsota

Source: Insider

https://www.insider.com/forest-city-mal ... iew-2022-5
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Sat Aug 13, 2022 3:57 pm

Malaysia’s China-linked multibillion-dollar ghost town project stalled by Covid and capital curbs

by Timothy Lam

Forest City, a US$100-billion property development by a China-linked company in southern Malaysia, was built to house up to 700,000 people once completed in 2035.

But the huge residential and commercial project resembles a ghost town today, with an estimated 2,000 residents living on the site.

The clampdown on capital outflows from China and the Covid-19 pandemic have limited the number of potential buyers.

Source: SCMP

https://www.scmp.com/video/asia/3188725 ... -covid-and
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby behappyalways » Sat Aug 13, 2022 6:33 pm

Malaysia’s China-linked multibillion-dollar ghost town project stalled by Covid and capital curbs
https://m.youtube.com/watch?v=U1TYn0Y1v3g
血要热 头脑要冷 骨头要硬
behappyalways
Millionaire Boss
 
Posts: 39914
Joined: Wed Oct 15, 2008 4:43 pm

Re: Malaysia - Johor, Iskandar, Forest City etc

Postby winston » Sun Aug 21, 2022 9:44 pm

Huge China-built residential project in Malaysia is quite like ‘ghost town’

Eight years after the construction began, an estimate of only 2,000 people have settled here. Most of them are the developer’s employees, international school students and family members.

Country Garden claimed that the slow sales of the project is normal because the development progress would be completed in 20 years.


Source: The BL

https://thebl.com/china/huge-china-buil ... -town.html
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to ASIA, OCEANIA & AFRICA: Data, News & Commentaries

Who is online

Users browsing this forum: No registered users and 16 guests

cron