ISKANDAR PUTERI: Johoreans will benefit from a South Korean company's investment of US$1 billion to develop Malaysia's first Korean culture town in Forest City.
Last week, GG56 Korea Ltd and Forest City developer Country Garden Pacificview Sdn Bhd signed a memorandum of agreement on the collaboration.
The project will involve the development of Korean content production studios, an international cultural district and a premium residential area in the China-backed mega development area.
Country Garden Pacificview executive director Datuk Md Othman Yusof said the project would benefit Johoreans substantially.
"The investment planned by our Korean counterpart encompasses many industries, including film, music, arts, food, technology, retail and beauty."
He said this would foster economic growth, which would have a domino effect on Malaysian businesses.
"It will create opportunities for locals to collaborate and benefit from knowledge transfers.
"The project is likely to generate new business ventures and employment opportunities, uplifting local wages and enhancing the overall quality of life in Johor," he told the News Straits Times today.
He said the collaboration is expected to bring technology, intellectual properties and managerial expertise to Johor.
"As Forest City evolves with the K-culture attractions, it is poised to draw an influx of visitors, establishing it as a major destination and boosting Johor's tourism industry."
Othman said as the partnership progresses, the collaboration will transform Forest City into a more vibrant and globally recognised urban development.
Asked when the development would start, he said the project could commence soon if its progress aligns with expectations.
He said Forest City was not a mediocre development of residential units, but a visionary urban project that integrates residential, commercial and industrial spaces with cutting-edge technology and infrastructure.
The collaboration reflects Forest City's masterplan vision to be a forward-thinking urban hub that embodies the concept of living, working and leisure within a single, integrated environment.
"South Korea's expertise in integrating culture and technology is expected to introduce a dynamic mix of new industries into Forest City," Othman said.
The mix will diversify Forest City's offerings and reinforce its appeal as a global destination for both business and leisure, he said.
"GG56 Korea Ltd's involvement signals a vote of confidence in the development's growth potential."