Forest City to contribute RM66 bil in tax revenue

ISKANDAR PUTERI (Dec 6): Forest City, a mixed-use development on four man-made islands, is expected to contribute RM66 billion in tax revenue to the government over two decades.

Its developer Country Garden Pacificview Sdn Bhd (CGPV) also expected the project to create up to 220,000 jobs in many segments for Malaysians, Bernama reported today.

"Forest City is gaining momentum due to its local, regional and global positioning. Due to the varied industries flocking to it, the estimated gross domestic product contribution will be approximately RM1,980 billion.

"In addition, total cumulative investment of US$100 billion [RM444.07 billion] will attract returns of sufficient proportion," CGPV said in a statement issued with the signing of strategic initiatives between Forest City and 36 partners and the launch of Forest City Phoenix Hotel.

The event was officiated by Prime Minister Datuk Seri Najib Tun Razak here today, Bernama reported.

Forest City will house 700,000 people on the four artificial islands with an area four times the size of New York’s Central Park.

The mega development will have office towers, parks, hotels, shopping malls and an international school, all located within lush greenery. Construction began in February and as of last month, about 8,000 apartments have been sold.

It is the biggest of about 60 projects in the Iskandar Malaysia zone, with the potential to add more than half-a-million homes.

As for Phoenix Hotel, CGPV said it is located on island one of the Forest City project.

Accommodations start from RM539++ per room per night and facilities include a multi-purpose banquet hall that can accommodate up to 500 people, meeting rooms and a selection of dining choices.