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Forest City

Frodo

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I never like to peek one's ATM. We all know Fixed Deposits do not sit in ATMs.Be it Singaporean or Malaysian, those who dare to commit have my highest respect. In fact without any shame, I started my first property purchase with a borrowed RM12,000 from my inlaws back in 1984. So I also no different. At least you still got ATM balance, mine is negative balance, :smile:

I got no FD also...if have I not so chum liao...
 

Frodo

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Then how do you define a property glut?
And what is exactly is a "balance view" of a glut?
Or are you going to say something like : there is a huge glut in Bandar area but great demand in Terbrau area; there is a another major glut in Danga Bay area but no glut in Senibong?
So in the end, glut or no glut?

Just like the bull and bear in the stock market.
The bear market is when there are more selling, and worse is panic selling, hence pressuring the stock prices downwards.
Just like the recent bloodshed in the market when indexes can plunge by as much as 5% in one single day where billions just evaporated into the thin air.
Fortunately many markets disallowed short selling, otherwise it will be even worse.
But in a bear market, there are also some gems that held on well and even appreciated and there are also many people making good money in a bear market!
And buying selectively and wisely during a bear market, you may even make more money then in a bull market!
But despite this, it is still a bear market, it's the overall situation of the market sentiment.
So again, what is your point?

You already got my point, so not sure why you are still asking? My point is, even if you count all units and say glut, it does not mean buy into JB will be confirmed suicide. There are still projects that will do better than others. Simple point. :smile:
 

Frodo

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Good points raised.

No offence. But I find Frodo sometimes just argues for the sake of it, holding on strongly to mere definitions and the whole discussion becomes quite meaningless after that. I suspect Frodo used to study some Philosophy last time. :smile:

For eg, since people may think I'm biased for saying investing in Iskandar is questionable, I suggested seeking opinion from investors who are neutral. But Frodo kept insisting there is no such thing as "neutral" opinion. Either the person supports or is negative. "Neutral" to him means the person knows nothing at alll about Iskandar, like Can Iskandar be eaten? What is Iskandar?

I find such a comparison very amusing. What is there to discuss if the person you are talking to knows nothing about the subiect? In fact, I think if you ask someone who knows nothing about Iskandar, all the more he will not want to invest there about he doesn't know what it is, which makes him negative about Iskandar, which means he is not neutral at all. Hahaha... Interesting paradox huh?

A glut is simply a glut. There is definitely a housing glut in Iskandar now because developers are building a huge excess of properties there and many rushed in to buy, especially in 2013/14. Some are less of a risk than others. For eg, those who have bought the 9,000 units CG Danga Bay will face a much greater risk of failure to rent/sell next time. But a glut is a glut. You got to call a spade a spade. As long as you feel your money is put into somewhere you feel comfortable, so be it. But that does not change the definition of a market driven by glut.

I did not say to change the meaning of glut. I said need to have a balanced view which means to say that the glut will not affect all JB properties in the same way. It depends on what project you are buying. If the glut is mainly caused by mega mass condo projects, then avoiding them may be a good decision. I did not study philosophy but I do believe It is important to critically evaluate arguments to uncover fallacies in reasoning which people sometimes fail to detect, or are even unaware they are using them.
 

Investor888

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You are quite right here. I always had the habit of visiting sales office of launches even though I have no intention of buying.

And I have never stepped into R&F, Country Gardens and Greenlands projects even though I am in their VVIP list as a contractor and I get to buy without placing any 20%-30% downpayment. Still, RM 0 downpayment for 10 condos there did not appeal to me. I am more looking into 20 years long term target and these 3 are literally whack and run developers who build indiscriminately without any demand. They are here to spoil market.


I did not say to change the meaning of glut. I said need to have a balanced view which means to say that the glut will not affect all JB properties in the same way. It depends on what project you are buying. If the glut is mainly caused by mega mass condo projects, then avoiding them may be a good decision. I did not study philosophy but I do believe It is important to critically evaluate arguments to uncover fallacies in reasoning which people sometimes fail to detect, or are even unaware they are using them.
 

Investor888

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Those who bought into Forested City will Huat Huat Huat ah!

Country Garden’s big sell
By Michael Lim / The Edge Property | February 16, 2016 12:00 PM MYT
Tags: Country GardenForest CityIskandarMalaysia
The Hong Kong-listed Chinese developer undertakes the global launch of Forest City, a $150 billion urban city that is three times the size of Sentosa Island and located just across from Singapore’s shores.

At a global press conference in Singapore on Jan 22, leading Chinese developer Country Garden Holdings unveiled plans for its latest and most ambitious project yet, the RM450 billion ($150 billion) Forest City. Composed of four man-made islands occupying a total land area of 1,380ha, most of it reclaimed, Forest City is almost three times the size of Sentosa Island. It is located within a bay off the coast of southern Johor and will have a direct bridge to the Second Link to Singapore’s Tuas immigration checkpoint.

Country Garden announced that it will hold a global launch of Forest City in March. Some 700 residential units, predominantly high rise condominiums, and hotel-branded luxury apartments will be released in the first phase. The sizes of the units are said to range from 818 sq ft for a two-bedroom unit to 1,915 sq ft for a four-bedroom unit. The units are said to be priced from RM900,000, or RM1,200 psf.



The two- to four-bedroom units ranging from 818 to 1,915 sq ft will be sold at about RM1,200 psf

country garden forest city



The project was unveiled in China at end- December. “The response from the Chinese market was quite positive,” says Country Garden group president and executive director Mo Bin in an interview with The Edge Singapore. “The new concept of building and the innovative model for the future city is really attractive to Chinese homebuyers.”

Pre-sales had begun in December 2015, according to CBRE, the appointed marketing agent for Forest City in Singapore. Over 60% of the units in four apartment blocks made available for sale have already received bookings, says Leong Boon Hoe, managing director of CBRE Realty Associates. Interest came from Malaysians, overseas buyers as well as owners of units at Country Garden’s flagship project in Iskandar Malaysia, Country Garden Danga Bay. Singaporeans have also expressed interest, as they are attracted to the freehold tenure of the development, its proximity to the Tuas Second Link and the well-thoughtout development plan, he adds.

Forest City will be targeted at a global audience, adds Mo. The project will be launched in Asean countries, Hong Kong, China, the US and the Middle East. The total investment by Country Garden in Forest City is projected to be $58.3 billion.



The first phase of Forest City will also include a hotel

country garden forest city



Big and bigger
The master developer of Forest City is Country Garden Pacificview. It is a joint venture between Country Garden, which has a 60% stake, and Esplanade Danga 88, which holds the remaining 40%. The parties behind Esplanade Danga 88 are Johor’s Sultan Ibrahim Sultan Iskandar with a 64.4% stake, Johor state government investment arm Kumpulan Prasarana Rakyat Johor (20%) and member of the Johor Council Royal Court Daing A Malek Daing A Rahman (15.6%). Daing is also the executive director of Country Garden Pacificview.

A mixed-use scheme with 9,400 high-rise apartments and commercial space on a 57-acre freehold site, Country Garden Danga Bay was first launched in 2013. To date, about 7,000 units (74.5%) have been sold. The commercial shops with a mix of restaurants and retail offerings opened last year, while the owners of the residential towers are expected to receive their keys by 1H2017.

The Danga Bay development is similar to the residential and township projects that Country Garden has been developing in China over the past two decades. The company was founded in 1997 by Yang Guoqiang, a former rice farmer and part-time bricklayer turned property tycoon who started his business by buying and developing vacant lots of land in Shunde, a city near Foshan in Guangdong Province.

Country Garden was listed on the Hong Kong Stock Exchange in 2007. Just before the listing, Yang transferred 70% of his shares in the company to his daughter, Yang Huiyan, instantly propelling her into the league of the world’s richest Chinese under 40. Huiyan, vice-chairwoman of Country Garden, is still its biggest shareholder with a stake of over 50%, even after the sale of a 9.9% stake last year to Ping An Insurance Group Co, one of China’s biggest insurers.

As at end-June 2015, Country Garden had a global portfolio of 278 projects with gross floor area totalling 1.03 billion sq ft. Of that number, 274 are in China; 101 of them are in Guangdong Province. The group also owns 45 hotels with over 12,500 rooms. There are another 13 hotels under construction. To date, it has three projects in Malaysia — besides Forest City and Danga Bay, Country Garden is also the developer of Diamond City, a 415-unit landed housing development in the Semenyih/ Kajang district in Kuala Lumpur, comprising mainly terraced and linked houses. It is also involved in a villa township development in Rawang, Kuala Lumpur, in a joint venture with Malaysian developer Mayland Group. Meanwhile, in Sydney, Country Garden has Ryde Garden, an 830-unit project that is more than 90% sold. While Ryde Garden is considered its smallest project worldwide, Forest City is certainly its biggest.



Country Garden is investing $58 billion over 20 years to develop Forest City, which spans over 1,380ha on four man made islands

country garden forest city



Master-planned city
Besides residential and commercial space, the giant mixed-use scheme at Forest City will have “eight economic pillars”, including education, healthcare and tourism. The development will incorporate schools, hospitals, an exhibition centre and a special administrative region to achieve “city-industry integration”.

Mo says the developer’s intention is to create a “multilayer eco city” with pedestrian boulevards, parks and other recreational facilities as well as gated residences on the topmost level. Public transport network such as light rail transit system and electric shuttle as well as retail and F&B outlets will be on the second level. Meanwhile, roads and carpark facilities will be on the bottom-most level.

Designed as an urban city, Country Garden is also in discussions with the Malaysian government to set up dedicated entry points to Forest City via the light rail transit system linking to Singapore’s MRT network and the planned high-speed rail line as well as an extensive ferry network.

The developer engaged the Massachusetts based Sasaki Associates to conceptualise the master plan for Forest City, with McKinsey and Deloitte as consultants on strategic positioning and financial advisory respectively.

Forest City may have had a troubled start two years ago, when its reclamation works were halted for several months in 2014 after the Singapore government expressed concern over the environmental impact of the project. According to Country Garden officials, the project has since obtained “all the necessary approvals to proceed” and there have been no further objections from the Singapore government.

However, the size of Forest City has been pared down by about 30%, from 1,978ha to 1,380ha, following a detailed environmental impact assessment and hydraulic study on the area. The reduction was to ensure the seagrass is preserved, and the flora and fauna of the surrounding area are maintained. Hence, the gross development value has also been reduced from RM600 billion to RM450 billion.

The number of housing units that the developer could potentially build on the site has been affected as well. “Of course, there will be a reduction and we will adjust it,” concedes Mo. “Compliance to the local rules and regulations has always been our number one criterion. Protection of the local ecological and environmental surroundings is also something that is close to our hearts.”

Many have questioned the need to reclaim land given the ample undeveloped land within Iskandar Malaysia, which, at 2,217 sq km, is three times the size of Singapore. “For the size of the development, of course you could acquire land from the public,” says Md Othman Haji Yusof, executive director of Country Garden Pacific view. “That particular site, however, has the potential to become a unique waterfront urban city, which is something inland sites will not be able to offer.” According to him, when the parties at Esplanade Danga 88 first showed Yang the site, he immediately expressed interest in it. And a deal was struck between the parties in 2013.



Mo: We firmly believe that regardless of market conditions, there is a need for a better product for consumers, and we strive to build such a product for our homebuyers

country garden forest city



‘Truly global’
As Forest City is considered an “international zone”, foreign buyers will be exempted from purchasing properties with a minimum price of RM1 million. “We have received state waiver for that requirement, which means foreigners can buy units at lower prices in Forest City,” says Country Garden’s Mo.

He emphasises that Forest City is a long term project with a 20-year time frame and therefore, he is unfazed by oversupply concerns. “Forest City’s target market is truly global and it caters for a different market beyond Malaysia and Singapore,” he says. “We firmly believe that regardless of market conditions, there is a need for a better product for consumers, and we strive to build such a product for our homebuyers. The impact [of the oversupply] on the sales of Forest City is therefore limited.”



Residents will have access to a range of amenities, including retail and F&B outlets, hotels and recreational facilities
 

cybermad

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Loyal
I did not say to change the meaning of glut. I said need to have a balanced view which means to say that the glut will not affect all JB properties in the same way. It depends on what project you are buying. If the glut is mainly caused by mega mass condo projects, then avoiding them may be a good decision. I did not study philosophy but I do believe It is important to critically evaluate arguments to uncover fallacies in reasoning which people sometimes fail to detect, or are even unaware they are using them.

sometimes good that negative naysayers stay in their world of glut and negativities without waking up . less competition for good ppties :wink:
 

destansooming

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The showflat or rather show village is easy to locate,it's right after tuas causeway,was there on 27 Feb,lots of "mainlander".
You can see coaches unloading em,I sneak into them and when thru the briefing and presentation haha.Quite intresting to know the concept they are selling (they dont need visa to travel to Malaysia,developers are also selling the MM2H).Anyway I guess currently they are only targeting at "mainlander" dont see much local or singaporean.hehe
 

enjoylife77

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Malaysian PM Najib announces special incentives for Forest City project in Johor

ISKANDAR PUTERI (THE STAR/ASIA NEWS NETWORK) - Malaysian Prime Minister Datuk Seri Najib Razak has announced four special incentives for the multi-billion ringgit mixed development project Forest City in Johor, including making the four manmade islands duty free.

He also announced special corporate tax breaks as well as tax breaks for those involved in tourism, education and healthcare sectors.

"The companies given the tax breaks will not be imposed with restrictions on foreign ownership of their company shares," he said, hoping that all these incentives are able to help contribute RM175 billion (S$59 billion) in foreign direct investments by 2035.

He added that the project is expected to offer 220,000 job opportunities to Malaysians in the next 20 years.


ST_20151218_XFOREST_1923915.jpg

Green and sustainable: (above) Country Garden's headquarters in Shunde, Guangdong, and (left) the PYP Kindergarten of Guangdong Country Garden School in Shunde, an International Baccalaureate school the company set up in 1994.

Related Story

Country Garden's amibitious project in Iskandar

Najib made the announcement during the launch of the project, which was officially opened by Sultan of Johor Sultan Ibrahim Sultan Iskandar

The Ruler signed the plaque to launch the project, witnessed by Mr Najib and Mentri Besar Datuk Mohamed Khaled Nordin during the grand opening ceremony held at the Forest City sales gallery on Sunday (March 6).
 
Last edited:

Investor888

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Forested City is now sibei tempting. My finger is itchy again.. yummy


Malaysian PM Najib announces special incentives for Forest City project in Johor

ISKANDAR PUTERI (THE STAR/ASIA NEWS NETWORK) - Malaysian Prime Minister Datuk Seri Najib Razak has announced four special incentives for the multi-billion ringgit mixed development project Forest City in Johor, including making the four manmade islands duty free.

He also announced special corporate tax breaks as well as tax breaks for those involved in tourism, education and healthcare sectors.

"The companies given the tax breaks will not be imposed with restrictions on foreign ownership of their company shares," he said, hoping that all these incentives are able to help contribute RM175 billion (S$59 billion) in foreign direct investments by 2035.

He added that the project is expected to offer 220,000 job opportunities to Malaysians in the next 20 years.


ST_20151218_XFOREST_1923915.jpg

Green and sustainable: (above) Country Garden's headquarters in Shunde, Guangdong, and (left) the PYP Kindergarten of Guangdong Country Garden School in Shunde, an International Baccalaureate school the company set up in 1994.

Related Story

Country Garden's amibitious project in Iskandar

Najib made the announcement during the launch of the project, which was officially opened by Sultan of Johor Sultan Ibrahim Sultan Iskandar

The Ruler signed the plaque to launch the project, witnessed by Mr Najib and Mentri Besar Datuk Mohamed Khaled Nordin during the grand opening ceremony held at the Forest City sales gallery on Sunday (March 6).
 

enjoylife77

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To have a duty free zone so near to expensive Sg certainly is a big pull factor; myself included. Hopefully PM Najib plan will stay the course till Malaysia's GE2018 to have all incentives deeply embedded into the system.
 

Tekkun

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To have a duty free zone so near to expensive Sg certainly is a big pull factor; myself included. Hopefully PM Najib plan will stay the course till Malaysia's GE2018 to have all incentives deeply embedded into the system.

Dury free for the entire 4 islands. And that is a huge incentive. It means no taxes for imported cars and businesses. But it can only be for export and not for local consumption. You cannot bring any the goods into the mainland Johore, it is tax free as long as it stays inside the Forest City. But it will be very good for export business and any one who wish to set up off shore businessses. It is very good for off shore banking and financial center as well. Singapore is going to have a big competitor soon.
 

snowbird

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Dury free for the entire 4 islands. And that is a huge incentive. It means no taxes for imported cars and businesses. But it can only be for export and not for local consumption. You cannot bring any the goods into the mainland Johore, it is tax free as long as it stays inside the Forest City. But it will be very good for export business and any one who wish to set up off shore businessses. It is very good for off shore banking and financial center as well. Singapore is going to have a big competitor soon.

There is already a duty free shopping mall in JB now near the Berjaya Hotel and it is not doing roaring business.
Labuan is also duty free port but it only provide great businesses for "smart businessmen" to evade taxes and great income for some not too honest officers.
Penang used to be duty free to years ago but did nothing much to the island.

All these are just to highlight the attractiveness of the project
Ultimately, they will just build casinos there and being duty free, the international high end major brands can set up shop.
 

Tekkun

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There is already a duty free shopping mall in JB now near the Berjaya Hotel and it is not doing roaring business.
Labuan is also duty free port but it only provide great businesses for "smart businessmen" to evade taxes and great income for some not too honest officers.
Penang used to be duty free to years ago but did nothing much to the island.

All these are just to highlight the attractiveness of the project
Ultimately, they will just build casinos there and being duty free, the international high end major brands can set up shop.

Smart thinking. I suggest you take some history lessons what is called duty free zones before commenting. Also where are the existing areas of duty free places in Malaysia too. Google if you need to.
 

sgtsk

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Looks like China is turning SEA into a carribbean like region with strings of sea and beach resorts.
 
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