- Jade Palace Danga Bay, is situated on 13.6 acres of freehold land. When completed, it will contain 2,000 housing units.
- Greenland Tebrau is situated on 128 acres and will have office towers, apartments, hotels, an arts and cultural centre, schools, a children’s theme park and an ice-skating rink. and will be “the ultimate standard of coastal living”, as well as “an excellent investment opportunity”.
Long story short : Construction is now outpacing demand.
Who will buy these thousands of houses, condos and apartments when they are completed.
Short answer…the Chinese from China.
Forest City when completed!
In America, Canada and Australia, Chinese property investors are scrambling to save their investment as the Chnese Banks cracked down on money heading abroad and local banks in the respective countries cut off lending to offshore investors.
And what happens in America, Canada and Australia does not stay in America, Canada and Australia! It might take some time before realities bite into the developers of Forest City, the Greenland group and R & F properties. …..but bite they will.
As it is, local developers UEM, Sunrise Bhd, Sunway Bhd and SP Setaia Bhd who have building projects in Johor, have already been adversely affected by the influx of Chinese competition.
If the upcoming supply of homes built by these Chinese Developers cannot be sold because the Chinese government are clamping down on their citizens illegally taking money out of China to invest in Malaysia…..what happens to these mega projects?
Malaysians can’t afford to buy these homes. Too expensive. Are Singaporeans going to invest in these projects….ask yourself this…if you are a Singaporean will you put money in a project like that in Malaysia? Where the likelihood of failure if high? Bloody unlikely!
As for “other” investors….who? Siapa nak invest kat Malaysia with a government as corrupt as BN and an equally corrupt prime minister at its helm!
And more important to the Sultan of Johor, what happens to the 36% equity he holds in Forest City if the project fails?
Little wonder the Sultan gets jumpy when Mahathir takes an “interest” in what the Tuanku is doing with the Chinese in Danga Bay !
Now on to another issue.
In China the bulk of money earned by its citizens is illegal, unaccounted for and untaxed – kept, like in India, in cash and hidden away from prying eyes under the bed, in storerooms or even pillows and mattresses.
Is the Umno led BN government, together with the Sultan of Johor and his Chinese partner, providing an avenue for these illegal, unaccounted and untaxed money from China to be laundered in Malaysia through these mega projects in Johor?
And once laundered in Johor through these mega projects, these illegal funds from devious sources becomes cleans and can then be channelled to international investments through “helpful” Malaysian financial institutionns!
Funds from 1MDB found their way to America…and then to Hollywood….to properties in New York…to art masterpieces…mega yachts…private jets…and would have become “respectable” money if not for the efforts of the American Department of Justice!
Can you see the Attorney General of Malaysia, Bank Negara and other relevant authorities monitoring the vast sums of money coming into Johor from China to make sure that there are all legal money? Will the prime minister close one eye and shut the other to these abuses?
Are some of these illegal money already in Johor finding their way to Australia…maybe even to Perth where his Royal Highness the Sultan of Johor is building his Istana?
These are questions that need to be asked….if not by our elected representatives in Parliament …then by little old me.
This Johor Sultan has time and time again stated that the people of Johor is his primary concern. Well Tuanku, can you answer these questions without fear or favour because all you have done in Johor, including your involvement in the Forest City project, is for the good of the people of Johor….and not to line up your already bulging pockets?
So how Tuanku ….can answer?