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- Forest City isn’t the only area that is attracting investments. In July, The Edge Singapore reported that data centres with capacity of 1GW are being built in Johor. DC Byte reports that capacity is now at 1.5GW.
SINGAPORE (Dec 11): According to the Malaysian Investment and Development Authority (MIDA), 11 companies have expressed interested in setting up operations in Forest City's Special Financial Zone (SFZ) as of November. Of which, eight have expressed their interest to set up family offices — four of whom hail from Malaysia, while the others are from Singapore, Indonesia and Taiwan, says Lee Ting Han, Johor state EXCO member for investment, trade, consumer affairs & human resources at a media doorstop on Dec 11.
Under the newly announced SFZ, several incentives have been announced. These include a 0% corporate tax rate for family offices, a 0% to 5% corporate tax rate and a 15% flat income tax rate for knowledge workers. Lee says that as at December, the Malaysian ministry of finance is working on making the incentive packages legally binding, which is scheduled to be in place by 1Q2025.
Forest City isn’t the only area that is attracting investments. In July, The Edge Singapore reported that data centres with capacity of 1GW are being built in Johor. DC Byte reports that capacity is now at 1.5GW.
Bernama says 10 data centres had begun operations as of October this year, while seven were in the process of development in Johor. ...(click here for the full story on theedgesingapore.com).
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