Distressed China-based developer Country Garden a decade ago began building Forest City in the narrow strait between Malaysia and Singapore. It was meant to be an eco-friendly hub comprising four artificial islands and 700,000 residents, which would be built over a few decades and cost upwards of US$100 billion.
Forest City, Country Garden Holdings’s mega-development off Malaysia’s southern coast, will be designated a special financial zone and will be granted benefits aimed at attracting more residents, Prime Minister Anwar Ibrahim said.
The incentives will include multiple-entry visas, fast-track access for those working in Singapore and a flat income tax rate of 15% for knowledge workers, Anwar said Friday while on tour seeking feedback on his government’s 2024 budget. The incentives will come on top of Forest City’s existing tax breaks, which include duty-free liquor sales.
