Country Garden, KPRJ plan massive reclamation development for luxury homes



PETALING JAYA: China’s Country Garden Holdings Co Ltd and Kumpulan Prasarana Rakyat Johor (KPRJ) have drawn out plans for a massive reclamation project to build luxury homes near Pendas in southern Johor near Singapore, according to sources.

Sources said that the project could entail a land area of “a few thousand acres,” which would make it one of Iskandar Malaysia’s single largest projects.

It isn’t clear how much Country Garden is pumping into the project, but going by its size, it would dwarf the Hong Kong-listed firm’s first project in Danga Bay, which only covered an area of 50 acres or 20ha, for which it had paid RM900mil.


The new project is being dubbed Forest City.



Industry sources said that such a reclamation project would probably be the largest reclamation project in the country, and that the parties embarking on it would have to have deep pockets.

Country Garden had cash and bank deposits amounting to 21.51 billion yuan (RM11.37bil) as at June 30, 2013.


KPRJ, on the other hand, is the state government’s investment arm. It owns 30% inIskandar Waterfront Holdings Sdn Bhd (IWH), which, in turn, has 1,619ha of land inIskandar Malaysia.


Country Garden is already well-known in the Iskandar region for its maiden project in Malaysia, Country Garden@Danga Bay, which surprised the Malaysian property market when it launched 9,000 condominium units at one go last year.


The RM10bil project is built on the land in Danga Bay it had acquired for RM900mil in December 2012.


It is understood that the new project by the Country Garden-KPRJ joint venture, which is situated near the second link crossing to Singapore, will also become a new tourism hub.


Previous reports have indicated that the Johor government might also consider creating Malaysia’s biggest duty-free zone in this reclaimed land area, leveraging on its proximity to Singapore.

The location of the new Country Garden-KPRJ development is also close to Singapore tycoon Peter Lim’s multi-billion-ringgit Motorsports City project, which will include a Formula One-compliant racing test track as well as showrooms, garages and entertainment outlets spread over 109ha.

The new Country Garden-KPRJ project illustrates the growing interest among mainland China developers in Iskandar. The Chinese already have a strong presence in the southern region.


Besides Country Garden, another developer, Guangzhou R&F Properties Co Ltd, made a record-breaking deal when it paid RM4.5bil or RM891 per sq ft to the Sultan of Johor for 47ha of land in the vicinity of the old Customs, Immigration and Quarantine Complex.


Sources said there were at least another three China developers in talks to acquire land in Iskandar.


Meanwhile, the sale of reclaimed land seems to be also becoming a trend in Johor. Prior to this, IWH had sold a 28.33ha man-made island at Danga Bay to Temasek Holdings Pte Ltd and CapitaLand Ltd for RM800mil, while the land Guangzhou R&F bought is partially reclaimed land.




Source:http://www.thestar.com.my/Business/B...-luxury-homes/

This post has been edited by iskandarempire: May 12 2014, 01:37 AM

My guess is they will declare Forest City as a international zone with special privilege including setting up a casino. The high speed train will probably pass thru here with a common CIQ and continue to S'pore.

Whatever special zone they can make, the market will never be able to absorb all the units by R&F and CG. These 2 projects with ultra high density will cause other condo's prices to drop as well

That PERSON is the reason of downfall for Johor property market. Johorean should boycott such project ...

CG 9000 unit.......... R&F 3000 unit.........Iskandar Zone A is crazy......

Peri Junior, R&F is more like 20-30k units. 3.5k units in Phase 1 itself and the launch has been pushed back pending approval for sale (just received their email)

BTW, Princess Cove phase 1 is on existing land (not reclaimed) and is very near to JB CIQ. While the location of Princess Cove is extremely convenient for people working in SG, they shouldn't have bought such a huge plot of land with a high plot ratio. If u guys are looking for a unit, try to get one facing the iconic hotel/office tower.

Princess Cove is the best ever investment that any Johorean should take up. It is illogical that we don't buy Princess Cove. Staying in Princess Cove is like staying in Singapore. LRT to Singapore is just next to the guard house of Princess Cove. Come out straight take LRT to Singapore.

Maybe there's a special access to LRT for Princess Cove resident.

haha are u an agent or r u dreaming? BTW, the whole phase 1 will be atop retail/commercial units. Maybe can open business there if can't afford the apartment there

I perfer more on D'Pristine in Medini, is much more better than Zone A......


Zone B got Legoland, medic, edu....many demand....

Demand is strongest in Puteri Harbour area followed by Medini then Danga bay demand not so great d cos supply so strong.. Jade palace launching soon. Weakest area is JB town cos the whole town is not wel planned

To me jb is the safest bet cause is already a mature town. We dont need to reinvent the wheel.

Iskandar area is too big. Some will succeed some will fail. Is hard to predict simply bcause there r too many projects.

medini is good for foreigner cause the rm500k limit still valid. The rest u need enormous bz activities + new incoming population to fill it up.

i think Medini is the best of the whole Iskandar??

Inside got legoland, medical centre, education, many more....near by Eco Botanic, Horizon Hill, East Ledang, all high end Residensi. Below we got Sunway Iskandar....

Puteri Habour is 2nd best in iskandar project, Zone A too many condo supply.....

The most i like Medini is demand of this city. Some more, one of the LRT station Sg-KL will fall into Medini, just infornt of Legoland

the sales chart and singaporean blogs think otherwise... nevertheless, JB town got a few new malls coming up so maybe things there will be better.. for now, setia sky is asking sky high prices and the Astaka is a way better bet

To me the key thing is not abt sales chart. Is about human traffic where ppl actually move in for staying n conduct bz activities once the project is completed. Even medini u need 200% of effort to pull ppl in.

Jb town may be unplanned or old. But it is a natural progression for jb town, when more high profile projects will elevate it to another level

alright, so did u buy there?

none in Johor

smart investor.

Very smart indeed. Whole country terrace house rise but Johor Bahru drop price. kekekekeke PeriPeri2014



This post has been edited by gogo2: Jul 17 2014, 01:56 PM

Those early batch make $$.. but dont know subsale how
price shoot up to fast. 1 or 2 years new launches hit 1200psf n incoming supplyis enormous. We dont have china size population. Thats the problem. Also sg n my r 2 seperate country. Not like hk n china.

Thats y safer bet is jb. Die die also got ppl.rnf is interesting so near to sg....

rnf is a must buy.

taiko u got jalan?

I at Penang. Susah mau turun KL deal with rnf people. I heard they coming to Penang soon.

They said this saturday launching? Ohh u penang lite... so u whacking? Hihi

Hi all, I am here coz i am curious about the Forrest City project since it came up in the news being one of the largest project in Iskandar. However nothing much has been discussed on Forrest city itself here, is it lack of info or interest? Rather there is a debate on which Zone of Iskandar will do better.

I am cool with that, so let me also put my opinion as well.

Yep, Iskandar is damn huge! Malaysia has not done any project like this scale before. This is like building another KL in JB, another capital of Malaysia, but filled with lots of Singaporeans and other nationals, that's the plan. This plan would work provided that Malaysia has fantastic country branding. However, with the current MH370 and MH17 incidents, this plan would be prolonged at least for another 5-10 years.

It is sad, but well... life goes on.

Assuming that everything goes according to plan and if I were to pick one area to invest in, I would definitely go with Medini! The reason is simple, it has multiple unfair advantages over the its competitors:
- NO RPGT (Real Property Gains Tax)
- NO Minimum Requirement for Foreign Purchase
- NO Corporate Tax for 10 years

http://www.sunwayiskandar.com/medini.html

http://www.iskandarinvestment.com/investme...s/incentives-2/

So with these fabulous incentives and protection given to this area, it is unlikely that this area would perform poorer than others. If it does fail at the end, then you got to blame it on bad feng shui or terrible bad luck!

This post has been edited by neonikson1: Jul 23 2014, 01:08 AM

Gogo boss, are you recommending to buy the shares of R&F or invest in their project?

If i follow the news correctly I think they haven't launched any project yet, just bought the huge parcel of land. How is it a must buy?

another zone i like zone D. the Tebrau and Johor Jaya area. It is less risky to invest there because it is mostly occupied by the locals. Not only that, this area is consider newly developed therefore it is quite organize compare to downtown JB area.

It gives me the feeling of the 5-7 years ago Kota Damansara. Today KD's subsales is transacting around RM800psf but Tebrau area is still transacting around RM400psf. The upside is encouraging.

Hmmm... what bout landed launches in Nusajaya? It seems that there's alot of high rise already with RF , CG all.

If there is a choice I would go for landed.

Of course with everything I said, the key to succeed in property investment is holding power. Your investment will surely be profitable, but we don't know when. 2 yrs, 5 yrs, 10 yrs?

We need to ask ourselves this question before we invest, in worst case scenario, can I pay the loan on time for 3-5 years without rental income?

Tebrau / Johor Jaya? Too far from CIQ. Maybe still ok for Tebrau albeit the constant jam, but Johor Jaya is an old taman.
And locals won't pay 2.5k for rental.

http://www.themalaysianinsider.com/malaysi...ars-says-report

The documents sighted by The Edge revealed the following key details:

1) The gross floor area (GFA) will be around 1.0 billion square feet. (This makes the project almost 80 times the size of the sprawling Mid-Valley development by IGB Corp in Kuala Lumpur or 40 times the combined sized of Mid-Valley and the KL Sentral development.)

2) Total land area is 1,978ha or 213 million square feet. (As the GFA is 1.0 billion square feet, this means the project will have an average plot ratio of 4.7. The high density development area of Mont Kiara in Kuala Lumpur has a plot ratio of 4.0, so Forest City will be similar to Mont Kiara.)

3) The total GDV is RM600 billion. (Assuming the project has an 80 % efficiency utilisation, this means the available net selling area is 800 million square feet and since it expects a GDV RM600 billion, the projected average net selling price will be RM750psf.)

4) The reclamation cost will come up to RM19 billion or RM100 per square feet and on completion around 300,000 people will be living and working there.

- See more at: http://www.themalaysianinsider.com/malaysi...h.i0jEMGzm.dpuf

http://www.themalaysianinsider.com/malaysi...h.VEjU5J0c.dpuf

This post has been edited by iskandarempire: Feb 25 2015, 09:50 PM

Forest city July 2015.

I heard the project size have been reduced

Country Garden unveils RM175b 'Forest City' project

http://www.thestar.com.my/business/busines...t-city-project/

http://www.theedgeproperty.com.my/content/...st-city-project

I came across the news in the edge property on this project also

Still too early to tell on whether this mega project will be a success. The biggest issue is still - Safety.

is the biggest issue not OVERSUPPLY n lack of ppl who wana stay in iskandar??

Country gardens JB phase 3 still belows 50%

While we(the local) see this as property crash, property bubble, property glut etc
The chinese view this as opportunity of a lifetime especially those who miss the Shenzen boom..

The chinese influx is coming..

Videos

https://www.youtube.com/watch?v=8A5zFurDpm4

https://www.youtube.com/watch?v=R7Z1E4GnZzI

https://www.youtube.com/watch?v=EKvhPpEuoCo

china 2nd home programme here

yes. at 1400psf -1800psf . average local cant afford this.
phase 1 already sold out.
they are opening phase 2 for sale soon.
In the future, if they can the approval from Singapore government for ferry service to this place from singapore and build ferry CIQ terminal here...sure will become boomtown. Directly facing open sea...and less travelling time.


Construction of the site is going on super fast.

https://youtu.be/pZOGc9G6iVU

Need more Info

what the project status now?

didn't hear any news

Under construction can see from 2nd link, more than 80% sold

The mainland chinese are exporting their prop bubble and their ghost cities here. Run to the hills!

Have any pictures to share?

Any news? So quiet here?

Harbor Commercial Street @Forest City is OPEN!


This post has been edited by Randy2552: Oct 22 2016, 07:26 PM


Attached thumbnail(s)

How is the response? Packed? Good price?

Okay arr..alot ppl go for there..if u hv go to jb u oso cn come to visit..

$100 Billion Chinese-Made City Near Singapore 'Scares the Hell Out of Everybody'

http://www.bloomberg.com/news/features/201...ut-of-everybody

The construction of this place is going on very fast.

https://youtu.be/FfeSRr572lY

Kalo tarak pulau, kita bina satu pulau!

Sap sap sui for those developers /people from China mainland la

They come here by whole plane load.

https://youtu.be/dsIiHQes0yw


This post has been edited by willyboy88: Nov 22 2016, 10:31 AM

Upon completion this will be renamed: ghost city, johor bahru

Because no people & a lot of empty units

china invasion it has happened to singapore and it will happen to us as well. You see how many chinaman in singapore now, even the hawkers stalls are manned by them. You dont see this 5-6 years back.

Forrest gump used to b my favorite movie in 1994
M keen to watch how Forect city progress in 2020

haha...
We lure the mainland chinese to invest their cash here first...
maybe after a few years , Johor can introduce the 'Empty House tax' introduced in Vancouver recently
http://fortune.com/2016/11/21/vancouver-va...ty-tax-rentals/

It could be a win win for Johor.
hahaha..

This post has been edited by willyboy88: Nov 22 2016, 11:25 AM

Good idea
More income for johor...
More development for the people

The scale of the projects is dizzying. Country Garden’s Forest City, on four artificial islands, will house 700,000 people on an area four times the size of New York’s Central Park. It will have office towers, parks, hotels, shopping malls and an international school, all draped with greenery. Construction began in February and about 8,000 apartments have been sold, the company said.

It’s the biggest of about 60 projects in the Iskandar Malaysia zone around Johor Bahru, known as JB, that could add more than half-a-million homes. The influx has contributed to a drop of almost one-third in the value of residential sales in the state last year, with some developers offering discounts of 20 percent or more. Average resale prices per square foot for high-rise flats in JB fell 10 percent last year, according to property consultant CH Williams Talhar & Wong.

http://www.bloomberg.com/news/features/201...ut-of-everybody

Already got hotel in trial operations? Address is island one

Chinese-made US$100 bil city near Singapore 'scares everybody'
http://www.theedgemarkets.com/my/article/c...cares-everybody

What a nice move to curb short term speculator. If that happen in Malaysia policy, investors will be very busy finding tenants desperately.

the condo blocks are so close to each other...reminds me of SG and HK. don't even look posh. for >RM1k psf, i'd rather plonk my money on a KLCC property

[QUOTE]
So beautiful!

looking nice

hahah was thinking the same thing..
would rather buy at KLCC

This post has been edited by nexona88: Nov 22 2016, 05:34 PM

what's the current state of this project? Sales already jam like 6pm in KL?

landscape like that maintenance fee how much wor

You are RIGHT.
Invest in capital city will not goes wrong.
KLCC / KL City psf price is still way below Singapore, Bangkok, Manila, Jakarta or even Ho Chi Minh.

With rm recent depreciation, it is probably the cheapest and also means those invested earlier lost in forex.

This post has been edited by icemanfx: Nov 22 2016, 06:52 PM

to all those screaming near sinkapore la this n that, iskandar has been here for 10 yrs, what progress have they made to connect sg n jb/iskandar? any rail lines btw the 2? multiple extra lanes to go sg/make the trip shorter? new bridge?

My good friend bought a condo in bukit indah n used to travel everyday to SG, said it became very bad n he totally cnt tahan d. govt has done NOTHING to improve the connectivity if thts the target.

to anyone investing in iskandar especially foreigners, u will LOSE BIG TIME!

Done d ma via hsr, going to sign agmt early Dec ma, but need to wait another 10 years la !

some really cannot tahan traveling daily. the situation become very bad..
now they stay in SG.. some of those flats

Not we


Its chinese luring the chinese....

The project is funded by chinese.

Kiasuland really scare of this project will take off...

It will impact on their own islands demand...

Somehow this foreat city managed to get freehold status on reclaimed land...unheard of...

Kiasu land ppl can buy mah.

I think gov controlled already....if u buy overseas properties u muat give up hdb.

This thread has been quiet .... BOOM!!!



Chinese developer Country Garden Holdings has closed all sales centres in mainland China for its flagship Malaysian housing project amid Beijing’s intensified crackdown on capital flight.
On Thursday, the South China Morning Post visited the project’s biggest Shanghai showroom on Tianshan Road, which only opened in October 2016. The gate was locked and the showroom empty.
A notice on the glass door said the showroom was “under renovation” but no renovation activities could be seen inside.
The Forest City project, covering 14 square kilometres of land on four artificial islands in Johor, Malaysia, was one of the best-known overseas properties among mainland Chinese residents due to Country Garden’s widespread promotion, including heavy advertising on state-owned television.


The development had been successful in attracting Chinese buyers by offering affordable prices and access to Malaysia’s visa programme for long-term stays.
A Country Garden spokesman confirmed with the Post that it had shut all the sales centres in mainland China for renovation, but said the move had nothing to do with China’s capital controls.
The spokesman estimated there were dozens of Country Garden sales centres in China, without giving the exact number.
A notice on the door of Country Garden’s Forest City showroom in Shanghai said ‘under renovation’. Photo: Daniel Ren
To further curb capital outflows, the Chinese government in January banned its citizens from converting yuan into other currencies for overseas property purchases.
In the same month, Wu Bijun, general manager of Country Garden’s finance centre, who will become the company’s chief financial officer in April, told the Post that its projects in Malaysia had been affected by the government’s crackdown on capital outflows.
Alan Ho, a former sales agent at Country Garden’s Malaysia company, said about 90 per cent of Forest City buyers were from China.
Guangdong-based Country Garden, China’s second-largest developer, has four residential projects in Malaysia.
Initiated in 2013, the Forest City project faced many challenges at the beginning. The proposed massive reclamation at the junction of Singapore and Malaysia raised concerns on both sides about its environmental impact, and work was suspended in 2014.
China developer Country Garden expects 20 billion yuan in sales from Malaysia project this year

Construction restarted in 2015 with an expected investment of 250 billion yuan (US$36.2 billion) over 20 years and pre-sales were launched in 2016.
“We will develop apartments, villas as well as schools, hospitals, an exhibition centre and a financial special administrative region to achieve city-industry integration,” Country Garden president Mo Bin said at the time.
However, the Forest City project is losing its shine, according to Raymond Cheng, Hong Kong-based property analyst at CIMB Securities.
“The project doesn’t have much appeal to Malaysians while China’s crackdown on capital outflows will certainly slow its sales in China,” he said, adding that there probably would not be enough demand from Chinese buyers to keep sales going anyway.
Forest City has to date recorded contracted sales of about 20 billion yuan.
Shares in Country Garden slipped 3.4 per cent to HK$6.16 on Thursday.

This post has been edited by neonikson1: Mar 10 2017, 03:23 PM


Attached thumbnail(s)

FOREST CITY Project

90% china buyer for this free duty island!

Most of d china buyers should b buying for investment come a few times a yr to stay so most of d times d units will b empty?

China control cash flow out
Developer sales office temporary closed
Tun M continue attack this project

Been there to the showroom. You will not believe that within a very short period of time, they manage to fill up the sea, build the infrastructure and the nice showrooms

The only buyer target are Chinese from China and Singapore, wonder how many locals have their hands in this project. Buses ferrying mainland Chinese keep going to the showrooms everyday. A long shot.

Its shown on SG tv about this big hu haaa. Now many of the Chinese buyers is requesting the 30% deposit back which was declined by the Developer

They thnk its like buying vege in d market meh can simply ask for refund! D capital control got nothing to do wth d developer n its nt their fault

gg.com?

bye country garden.
bye bye GDP growth in Malaysia from China

Gdp growth from china nt only from china residents but also china govt. Investment from china govt nt affected i thnk?

gg already? Lol iskandar.

Deep trouble. Let's see how the developers negotiate with their govt. but chances are slim because Chinese government doesn't negotiate

Given that most of the buyer are from China and they are on the verge of retreating, any promotion or strategy that can spur local to buy this project?

Ekcuali, this concept dem good...

Will 30% penalty clause implement to non china Chinese ?