KUALA LUMPUR: FOREST City, which will boast a gross development value of US$100 billion (RM442 billion) when fully completed in 20 years, is ready to be marketed to more international buyers.
After securing commendable sales from Chinese buyers in the initial stage, master developer Country Garden Pacificview Sdn Bhd (CGPV) will now set up show galleries this year in the Middle East, India, Vietnam, Thailand, Japan and Taiwan, among other countries, to attract global investors to Forest City.
“We have always planned to sell beyond China and have, therefore, chosen to bring those plans forward this year,” said CGPV executive director Datuk Md Othman Yusof in an interview.
He said the company had roped in international property sales consultants such as Edmund Tie & Company, CBRE, Ray White and High Mark Real Estate Brokers to promote the project in key markets in Asia and beyond.
Forest City is also in talks with multinational companies such as retail and hospitality brands, investors and property companies to establish eight hubs in Forest City, namely education; foreign investment; e-commerce; tourism, meetings, incentives, conferences and exhibitions; entrepreneurship; financial services and as a retirement destination.
Forest City will consist of four reclaimed islands in southwest Johor, totalling 2,025ha. To date, about 162ha have been reclaimed, and CGPV has already built its sales gallery, a hotel and four blocks of apartments on the land.
“We have started selling at an average price of RM1,300 psf and around 15,000 units have been sold so far,” said Othman, who was previously with Kumpulan Prasarana Rakyat Johor.
He said the majority of the initial buyers were from China, bolstered by their confidence in Country Garden’s track record in more than 700 projects worldwide with annual sales exceeding 300 billion yuan (RM198.9 billion).
For a large development like Forest City, it is important to have strong sales numbers to kick-start the project after launch.
“Once we have that, the rest will follow. This project is not just meant for Chinese. It is for international buyers,” said Othman, adding that there were already local and buyers from other countries.
“It’s picking up. What has been happening in terms of all the ‘noises’ is turning out to be good advertising for the project.
“It’s not true that (the project) is only for Chinese buyers,” he added.
Othman said capital controls imposed by China recently had not had a major impact on the project as potential buyers of the high-end properties were mainly high net-worth individuals.
“They have businesses all over the world and they have funds outside China, so they can still buy. They don’t necessarily have to bring money from China,” he said.