Forest City project unlikely to be derailed, say experts

Forest City - a mixed-use development with homes, offices and shops on four artificial islands in Johor - is set to be built over 30 years. About 20,000 units were launched for sale by the end of last year, of which about 18,000 were sold.
Forest City - a mixed-use development with homes, offices and shops on four artificial islands in Johor - is set to be built over 30 years. About 20,000 units were launched for sale by the end of last year, of which about 18,000 were sold.ST PHOTO: JOYCE FANG

Many Chinese owners have holding power to ride out the uncertainty; also land matters under Johor's jurisdiction

The overall development of Country Garden's Forest City may slow slightly after Malaysia's decision to examine foreign ownership in the largest residential project in Iskandar, but it will not be derailed as the developer and buyers have not broken any laws, consultants say.

At least three China-backed investment projects have ended up in limbo since Prime Minister Mahathir Mohamad's return to power in May. He shocked many when he reportedly said on Aug 27 that foreigners would not be allowed to buy property at Forest City or be granted visas to live there.

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A version of this article appeared in the print edition of The Straits Times on September 03, 2018, with the headline 'Forest City project unlikely to be derailed, say experts'. Print Edition | Subscribe