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Home / News / World News / Chinese developer constructing $100 billion city beside Singapore
  • World

    Chinese developer constructing $100 billion city beside Singapore

    Shiladitya Ray
    Written by
    Shiladitya Ray
    Mail
    Last updated on Nov 22, 2016, 06:16 pm
    Chinese developer constructing $100 billion city beside Singapore
    Credits:
  • Chinese property development company Country Garden Holdings Co. is building a massive $100 billion city in the sea bordering Singapore.

    The city, called Forest City, is being built in the Iskander Malaysia special economic zone around the Malaysian city of Johor Bahru, and the size of the plot is three times the size of Singapore.

  • In this article
    What is the Iskander Malaysia zone? Details about Forest City Chinese players scaring "the hell out of everybody" Real estate prices in the Iskandar Malaysia region Country Garden's other project Effect of Chinese developers on local companies Chinese investment in the Iskander zone
  • Do you know?

    What is the Iskander Malaysia zone?

  • The Iskander special economic zone was built a decade ago by the Malaysian government, on and around the causeway which connects Singapore and Malaysia. It was modelled on the successful city of Shenzhen, Hong Kong's neighbour.

  • Forest City

    Details about Forest City

    Details about Forest City
  • Country Garden Holdings Co.'s Forest City is being built on four artificial islands.

    The area, which is around four times the area of New York's Central Park, is expected to house around 700,000 people.

    Construction of Forest City began in February 2016, and, according to the company, 8,000 homes have already been sold.

    It's one of the biggest projects in the Iskandar Malaysia zone.

  • Quote

    Chinese players scaring "the hell out of everybody"

  • "These Chinese players build by the thousands at one go, and they scare the hell out of everybody. God only knows who is going to buy all these units, and who is going to stay in them?," said Siva Shanker, the head of Axis-REIT investments.

  • Real estate

    Real estate prices in the Iskandar Malaysia region

    Real estate prices in the Iskandar Malaysia region
  • Forest City is just one of the 60 odd housing projects under development in the Iskandar Malaysia zone.

    The projects are expected to add over half a million houses to the region, and real estate prices have already dropped by a third of what it was last year.

    Prices are expected to drop further, with many developers offering discounts of 20% and above.

  • Data

    Country Garden's other project

  • In 2013, Country Garden Holdings, in partnership with the investment arm of the state of Johor in Malaysia, constructed another waterfront project near Johor Bahru called Danga Bay. Reportedly, the company constructed 9,539 apartments, all of which have been sold.

  • Local companies

    Effect of Chinese developers on local companies

    Effect of Chinese developers on local companies
  • The influx of Chinese property developers like the state-owned Greenland Group, and companies like Country Garden Holdings, Guangzhou R&F Properties, etc. has affected local companies like UEM Sunrise, Sunway, SP Setia etc.

    UEM, the largest indigenous landowner in the Johor Bahru region, reported a drop of 58% in their profits for the first half of the year.

  • Data

    Chinese investment in the Iskander zone

  • According to data from the Iskander Development Authority, China, over the years, has invested the most in the Iskander region. China invested 23.77 billion Malaysian Rinngits (RM), compared to RM19.14 by Singapore, RM7.06 by the US and RM4.26 by Japan.

  • Singapore
  • Hong Kong
  • United States of America
  • Johor Bahru
  •  
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