$1T Earmarked for Developments on Four Malaysia Islands
- Dec 09, 2016
Kuala Lumpur, Malaysia—Forest City will collaborate with 36 partners from various industries to develop the first smart and green city on four man-made islands in Malaysia.
The total market value of the organizations, which include Fortune 500 companies Huawei, Cisco, Accenture, Midea, China Construction Steel Structure Corp., Deutsche Bank (Asia Pacific) and Bank of China (Malaysia), total approximately $1 trillion.
“The project of Forest City has become a treasure of Malaysia’s Iskandar and Johor,” Malaysian Prime Minister Najib Razak, said in a speech. “Forest City could not only enhance local industry chain value and the degree of internationalization, but also create 220,000 job opportunities.”
One of the first parts of the project—the Forest City Phoenix Hotel located on a 4.23-acre plot of land on island one—has already opened. The hotel, which promotes the development of a friendly Sino-Malaysian relationship through the power of a private enterprise, is being managed by Country Garden Hotel Group.
According to Prime Minister Razak, Forest City utilizes “production-city integration, green and wisdom” as its development outline, and the external world considers that Forest City has set up an example for future city development.
The development is also expected to contribute tax revenue to the Malaysian government in the amount of $14.2 billion over a period of 20 years as the Forest City project will create job opportunities in the range of 150,000 to 220,000 in various sectors.