KUALA LUMPUR: The freehold status Forest City properties is a normal practice and necessary to draw international buyers and investors, said Country Garden Pacificview Sdn Bhd executive director Datuk Md Othman Yusof.
“If you go to Medini, Danga Bay and other areas in our country, freehold is very common. The reclamation in Penang now is freehold. To attract investors to come in is not an easy task.
“If we wait to build it ourselves, yes we can, but it would take a long time. The gross development value for the entire project is US$100 billion (RM442 billion),” he said in an interview.
Several parties have been harping on the freehold status of reclaimed land for the project, claiming that foreign ownership of land would threaten Malaysia’s sovereignty.
“What these people say is so unfair. Why do they focus on freehold just for Forest City as if it is bad for giving freehold. Why focus on us? Why not mention Penang? Selangor? I cannot answer on their behalf,” said Othman .
He said under the law, the government still had the right to take any land it deemed necessary, whether it was leasehold or freehold.
On claims that Chinese buyers of the Forest City property would gain citizenship, Othman said such accusations had no basis at all.
“Even if we go overseas and become residents, we can qualify to ask for citizenship but the government will finally decide. But it’s not true that if you buy property in Forest City you get citizenship. It’s not like a golf club membership,” he said.