Forest City Island 1 is now a duty-free island.
ISKANDAR PUTERI: Forest City Island 1 is recently recognised as a tax-free island to increase the development of economic activities in the area.
Driven by many favourable factors, Forest City is now in a new phase of development
where the developer is opening its doors to more investment opportunities, attracting investors, especially in the trade, finance and high-tech industry hub.
Thus, the improvement of supporting facilities is crucial to ensure that Forest City continues to attract and accommodate future investors, which marks the imminent implementation of SFZ, that is a groundbreaking plan in Malaysia.
Upgrading of facilities
Considering the connectivity and mobility factors, the project developer has completed the improvement works on its main road connecting the island and reopened it to traffic on July 1.
“During the closure period, there were two construction projects carried out simultaneously. In addition to the reconstruction of Forest City’s main road, the construction of the Royal Malaysian Customs Department (JKDM) checkpoint post was also executed, relocating it to a new site,” said Forest City deputy president Syarul Izam.
The construction of the new checkpoint post is to ensure smoothness that would
certainly enhance enforcement in the area concerned.
To attract hi-tech sector investors, Forest City has applied for Malaysia Digital status
recognised by the Malaysian Digital Economy Corporation (MDEC).
Enterprises related to digital centres, smart technology and green intelligence fields such as big data analysis, artificial intelligence and financial technology will enjoy income tax exemptions for up to 10 years.
Forest City is also upgrading its internet network services and implementing various new technologies to ensure it becomes one of the best financial zones in the region.
In addition to the development of Forest City, public transport services (buses) have been established as an alternative transportation mode. This service was created to cater to the increasing number of residents in Forest City, which now exceeds 10,000 people.
The buses commute from Forest City to designated destinations such as the Sultan
Abu Bakar Customs, Immigration and Quarantine (CIQ) Complex, Legoland, Medini
and Bukit Indah Commercial facilities. The bus operates according to a fixed
schedule that has been set.
Forest City will launch its commercial unit sale this August, says Fang Fang.
Economic activities
Country Garden Malaysia-Singapore region brand, sales and marketing general manager Fang Fang said Forest City will launch its commercial unit sale this August.
This sale aligns with the increase in population and the recently obtained duty-free island status.
“There are over 40 ready units of shop lots currently for sale, all located on Island 1. Both Malaysian citizens and non-citizens are eligible (to purchase these shop lots). The commercial units will be sold with a lease starting at RM600,000,” added Fang Fang.
It is even more exciting when some foreign investors started showing interest since
Forest City was announced as a special financial zone.
With its existing infrastructure and strategic geographical proximity to Singapore,
Forest City possesses unique advantages.
Forest City can play a crucial role in pioneering these new measures, exerting a
substantial impact on economic activities and travel facilities in the region.