ISKANDAR PUTERI: Prominent South Korean investment company, GG56 Korea Limited, has pledged US$1 billion (RM4.37 billion) to develop several major projects in Forest City, including Malaysia's first Korean culture (K-Culture) town.
Country Garden Pacificview Sdn Bhd (CGPV) and GG56 Korea Limited signed a Memorandum of Agreement (MoA) today to formalise the collaboration, which focuses on building key projects in Forest City.
Among the new projects within Malaysia's China-backed mega development will be Korean-content production studios, an international cultural district, and a premium residential area, all expected to enhance Forest City's global appeal as a cultural and innovation hub.
CGPV executive director Datuk Md Othman Yusof said the MoA was more than a formal agreement; it also reflected their shared vision for Forest City.
"We are thrilled to collaborate with GG56 Korea Limited to bring these transformative projects to life. Together, we will build a city that stands as a testament to innovation, culture, and sustainable development," he told the New Straits Times.
Meanwhile, GG56 Korea Limited chief executive officer Kim Young Kun said Forest City presented unique opportunities that strategically fulfilled their need to create extraordinary Korean-cultured developments.
"Through our partnership with CGPV, we aim to contribute to the city's growth and establish it as a leading global destination," he added.
The MoA was signed by CGPV's executive directors Md Othman and Teo Chee Yow, while GG56 Korea Limited was represented by Kim and CMK Consortium chairman Chung Dong Wan.
Md Othman said the partnership marked a key milestone in Forest City's development, strengthening its reputation as a global centre for culture, innovation, and sustainable growth.
He added that with Forest City designated as a special financial zone, it has attracted significant interest from international investors, further boosting its prospects.