Forest City to hand over more than 20,000 residential units this year, unveils new golf course

Located within the Iskandar special economic zone, Forest City comprises four man-made islands spanning 30 sq km (Credit: Country Garden Pacificview)
SINGAPORE (EDGEPROP) - Located within the Iskandar Malaysia special economic zone (SEC) in southern Johor, Forest City comprises four man-made islands spanning 30 sq km. This year, more than 20,000 residential units are expected to be handed over to owners. More than 4,000 residential units have already been transferred to owners since March.
The first phase of 482 units at Cerulean Bay in Forest City were handed over to owners in September last year. Prices range from RM13,000 psm to RM18,000 psm, or the equivalent of $399 psf to $552 psf, for most of the residential units, according to its developer Country Garden Pacificview (CGPV).
Since end-March this year, more than 4,000 residential units have been transferred to owners (Credit: Country Garden Pacificview)
CGPV is a 60:40 joint venture between Country Garden and Esplanade 88 Danga Bay Sdn Bhd (EDSB), an associate company of Kumpulan Prasarana Rakyat Johor (KPRJ).

Investors take ‘wait-and-see’ approach

To date, investments into Forest City total more than RM17 billion. The first island (Island 1) is 50% reclaimed and comprises a fully occupied retail complex, the five-star Phoenix International Marina Hotel, commercial units, a sales gallery, and Shattuck-St Mary’s Forest City International School.
The remaining three islands (Islands 2-4) will be built based on “property demand and supply”, according to CGPV.
The five-star Phoenix International Marina Hotel is part of the first island of Forest City (Credit: Country Garden Pacificview)
In August last year, Malaysian Prime Minister Mahathir Mohamad announced that while foreigners can purchase residential units at Forest City, they will not be granted visas to live there. Following that, a statement from Malaysia’s Prime Minister’s Office said that property purchases by foreign nationals must abide by the country’s rules and regulations...