Thursday, January 04, 2018

My views about Forest City

An online news website, Free Malaysia Today, invited me to give my views about Forest City.

I sent the following answers to their questions:

1. Forest City has been successful so far. I am impressed with the fast pace of its development. You can see many apartment blocks being constructed. Most of the units have been sold. I have bought an apartment unit and get to learn how the developer carried out its marketing. I wanted to buy a unit in a block that has started construction but was told that all the units were fully sold. I have to book a unit in a new block that has not started. The developer would start the construction only after most or all the units were sold.

2. I invited an Indonesian family to stay in Forest City for the Christmas holiday. They booked a unit as they wanted to send their son to attend the international school. They also liked the Malaysia My Second Home program and wanted to enjoy permanent residency under this program. I believe that there would be many families in a similar situation.

3. I have no comment on how the massive development would help Johor in the long run. I believe that the Johor government must have felt that this project would be beneficial to the state before they approved its development. I also understand that the state government and the sultan's family had a stake in Forest City.

4. There is the risk that the many development projects in Iskandar will contribute to an over-supply of property. In my case, I am looking at my purchase as a long term investment. I do not intend to rent it out or to sell it over the short term. The property is freehold, so I would be able to keep it for many years, and pass it to my children and grand children. I like the concept of Forest City, which is being developed as a future city with a separation of people from vehicles and is ecologically friendly. I hope that Forest City will become successful and that many people will choose to live there, so that it does not become a white elephant.


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