Malaysia’s Forest City to hand over more than 20,000 residential units this year as it unveils new golf course
- To date, investments into Forest City, a project comprising four man-made islands total more than 17 billion ringgit (US$4 billion)
Located within the Iskandar Malaysia special economic zone (SEC) in southern Johor, Forest City comprises four man-made islands spanning 30 square kilometres. This year, more than 20,000 residential units are expected to be handed over to owners on top of the more than 4,000 that already have been.
The first phase of 482 units at Cerulean Bay in Forest City was handed over in September last year. Prices range from 13,000 to 18,000 ringgit per square metre, which translates to US$399 to US$552 per square foot, according to the developer, Country Garden Pacificview (CGPV).
CGPV is a 60:40 joint venture between Country Garden and Esplanade 88 Danga Bay (EDSB), an associate company of Kumpulan Prasarana Rakyat Johor (KPRJ).
To date, investments into Forest City total more than 17 billion ringgit. The first island (Island 1) is 50 per cent 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.