THE Forest City project in Johor should be revived in line with the federal government’s continued efforts to attract foreign investors, said Asean Chamber of Commerce presiden Moehamad Izat Emir.
He said the move would be in accordance with Prime Minister Dr Mahathir Mohamad’s aspiration to increase foreign investments to strengthen the economy.
“The government needs to restructure the restrictions imposed on foreign buyers so that it can be controlled,” Izat said in a statement today.
He added that the move would attract potential buyers who would subsequently contribute to efforts to revive the economy in the southern region, as well as to strengthen investor confidence, especially in investors from China.
On August 27 last year, Dr Mahathir announced that Malaysia would not allow foreigners to buy residential units in the RM410 billion Forest City project in Johor.
The status of the project came into question following the surprise victory of Pakatan Harapan led by Dr Mahathir in the general election in May last year.
The ban was issued while the project developer, Country Garden Holdings Co was in the midst of planning to reinvigorate the project following a decrease in sales.
The futuristic luxury project, built on four man-made islands with 1,400ha of land, can house a population of up to 700,000.