AFP, Johor Bahru :
A planned multi-billion-dollar new city near Singapore is attracting interest from investors with promises of luxury living but there are questions over its future owing to China’s economic woes and warnings of environmental catastrophe.
Forest City, a $42 billion futuristic “eco-city” of high-rises and waterfront villas, will sit on four man-made islands on the Malaysian side of the Johor Strait just an hour from Singapore. Offering 700,000 residential units as well as shopping malls, international schools, hotels, convention venues and medical facilities on 3,425 acres (1,370 hectares), the city will even have its own immigration centre.
The venture is being developed by Hong Kong-listed real estate giant Country Garden and a firm partly owned by Johor’s powerful Sultan Ibrahim Iskandar with an eye on cashed-up Chinese buyers.
“It is by far one of the most enthusiastic private land reclamation projects I have heard of around the Southeast Asia region,” said Chua Yang Liang, head of research for Southeast Asia at property services and investment group Jones Lang Lasalle.
A planned multi-billion-dollar new city near Singapore is attracting interest from investors with promises of luxury living but there are questions over its future owing to China’s economic woes and warnings of environmental catastrophe.
Forest City, a $42 billion futuristic “eco-city” of high-rises and waterfront villas, will sit on four man-made islands on the Malaysian side of the Johor Strait just an hour from Singapore. Offering 700,000 residential units as well as shopping malls, international schools, hotels, convention venues and medical facilities on 3,425 acres (1,370 hectares), the city will even have its own immigration centre.
The venture is being developed by Hong Kong-listed real estate giant Country Garden and a firm partly owned by Johor’s powerful Sultan Ibrahim Iskandar with an eye on cashed-up Chinese buyers.
“It is by far one of the most enthusiastic private land reclamation projects I have heard of around the Southeast Asia region,” said Chua Yang Liang, head of research for Southeast Asia at property services and investment group Jones Lang Lasalle.
