ISKANDAR PUTERI: Developer Country Garden Group's second phase of the Forest City project is geared towards exploring additional investment opportunities, said its vice-president Syarul Izam Sarifudin.
Country Garden has five projects in Malaysia, namely Country Garden Danga Bay, Forest City, and Central Park in Johor, as well as Lake City@KL North and Diamond City in Kuala Lumpur.
With Prime Minister Datuk Seri Anwar Ibrahim's strategic move to establish a special financial zone within Forest City, the developer believes it will bolster investments, spur economic growth, and enhance economic activities within Johor.
Syarul Izam said the announcement reflects the government's unwavering confidence in the Forest City project, while the SFZ will ensure incentives from Iskandar Malaysia are extended to Forest City.
"The income tax flat rate of 15 per cent for skilled workers and multiple-entry visas will undoubtedly fuel the development of sectors such as healthcare, education, and tourism," he said.
Country Garden boasts substantial net assets and ample land reserves.
Syarul Izam said the group will benefit from relevant policies and ensures it diligently coordinate resources from various stakeholders, in order to ensure project deliveries and operations run smoothly.
With SFZ incentives, Country Garden will further enhance their sales receivables and accumulated assets while bolstering internal management to optimise operational efficiency, he said.
He added that the group is considering various debt management strategies to proactively address periodic liquidity pressures, to its long-term development.
Syarul Izam said with the gradual recovery of the global and Malaysian post-pandemic economic landscape and the steady growth of the China-Malaysia relationship, Country Garden Group remains confident in its commitment to explore and expand within the Malaysian market.
"On behalf of Country Garden Group, I extend our heartfelt appreciation to the prime minister and the federal and state governments support to stimulate investments and economic progress in Johor," he said.