MALAYSIA: Forest City, recently recognised as a tax-free island to boost economic development in the area, is set to launch a commercial sale this August. The sale will feature 40 ready shop lots on Island 1, with leases starting at RM600,000 (about S$178,963).Â
According to The Star, Forest City is now in a new development phase. Developers have opened Forest City to investors, especially in trade, finance, and high-tech sectors.
As part of this growth, upgrades to infrastructure and facilities are underway to support future investments.
One of the key improvements is the completion of the main road linking Forest City to the mainland, which reopened to traffic on July 1.
This project included reconstructing the main road and constructing a new checkpoint post for the Royal Malaysian Customs Department (JKDM).
Syarul Izam, deputy president of Forest City, said:Â “During the closure period, there were two construction projects carried out simultaneously.
In addition to the reconstruction of Forest City’s main road, the construction of the Royal Malaysian Customs Department (JKDM) checkpoint post was also executed, relocating it to a new site“
To draw investors from the hi-tech sector, Forest City applied for Malaysia Digital status, recognised by the Malaysian Digital Economy Corporation (MDEC).
This status will provide tax exemptions for up to 10 years for businesses involved in digital centres, smart technology, and green intelligence fields, including big data analysis, artificial intelligence, and financial technology.
Forest City is also upgrading its internet network and adopting new technologies to become a top financial zone in the region. With the local population now exceeding 10,000 residents, public transport services have also been introduced.
The new bus service connects Forest City to key locations such as the Sultan Abu Bakar Customs, Immigration and Quarantine (CIQ) Complex, Legoland, Medini, and Bukit Indah Commercial facilities, operating on a fixed schedule.
Fang Fang, sales and marketing general manager for Country Garden Malaysia-Singapore, said that Forest City will begin selling commercial units this August. This sale aligns with the growing population and the recent duty-free island status.
“There are over 40 ready units of shop lots currently for sale, all located on Island 1. Both Malaysian citizens and non-citizens are eligible (to purchase these shop lots). The commercial units will be sold with a lease starting at RM600,000.“
Recently, Forest City was announced as a special financial zone, drawing interest from foreign investors. /TISG