China-based developer launches $40bn cross-border project it claims is a ‘model’ of future housing

Aidan DevineNews Corp Australia Network Daily Telegraph 26 Jan 16;

Forest City is a $40bn Chinese development project underway to create a “futuristic” city for 500,000 people.

‘IF YOU build it they will come.’

This is the thinking guiding one of China’s most ambitious projects yet — a plan to build a “smart” city for 500,000 people, from scratch, on four man-made islands in South-East Asia.

Forest City will consist of four man-made islands in the strait separating Singapore and Malaysia.

The $40 billion project is the vision of Yeung Kwok Keung, chairman of private Chinese development company Country Garden, who wanted to build a city of skyscrapers atop three subterranean levels of roads and parking.

“The public would not see any vehicles on the road as [the] city would be filled with greenery on the top layer while underneath is for roads and parking,” Mr Yeung said.

But the project, dubbed “Forest City”, is not short of controversy. It is being built in the Strait of Johor, between Singapore and Malaysia — a region where vast amounts of housing are rapidly hitting the local market — and critics say there is no demand for a project of this scale.

Country Garden have countered these claims by pointing out that their aim is to attract buyers from all around the world, who will be drawn to the opportunity to live in a futuristic city of 300,000 homes, the likes of which has never been seen before.

Forest City will include sky gardens, its own duty free zone, man-made lakes and beaches, commercial buildings, schools, medical facilities and even its own water supply.

“Our philosophy is that we will create the market and the customers will arrive,” Mr Yeung said.

At the development’s Singapore launch, Country Garden CEO Mo Bin added that the company sees Forest City as a model for cities of the future — one they hope to spread around the world.

The city will have no cars on ground level.

Apartment buildings will be covered in vertical greenery.

He said Country Garden’s successes in China have given it a considerable pool of capital to use as a platform for entering housing markets around the world — including Australia, where the company is already active.

Forest City will be completed in 2035.


Multi-billion ringgit project on man-made islands
ZAZALI MUSA The Star 27 Jan 16;

GELANG PATAH: Thousands of prospective home buyers from Malaysia, China, Singapore and Hong Kong thronged the Forest City sales gallery here to have a look at the multi-billion ringgit mixed development project.

According to the company spokesperson, the sales gallery was for exclusive previews and bookings in preparations for the official launch of the project in the first-quarter of 2016.

The project is a joint-venture between Hong Kong-listed property developer Country Garden Holdings Co Ltd and Johor’s Esplanade Danga 88 Sdn Bhd.

The lush urban gateway is located on four man-made islands in Iskandar Malaysia, and the project spans over 1,386.05ha with an estimated investment of RM175.8bil over the next 20 years.

“Forest City is South-East Asia’s first and largest mixed-use green development in terms of the number of units to be built with a vertical greenery and smart city design theme,’’ said the spokesperson during a media tour recently.

He said the project is positioned close to the economic centres of South-East Asia and envisaged to become a global hub that would attract innovation and talents.

The project is expected to fuel the economy within Iskandar Malaysia and neighbouring Singapore.

Phase one of the project comprising high-rise condominium units and costal residences would be released for global sales in due course in Malaysia, China and Singapore.

The two to four-bedroom condominiums and high-rise coastal residences with a build-up area of between 818 sq ft and 1,915 sq ft are situated within leafy foliage corridors and car-free avenues in a gated and guarded precinct.

The entire development revolves around a multi-layered three dimensional city planning, with lush vertical greenery covered with dense foliage, multiple forms of public transportation and sustainable and renewable energy infrastructure.

Other facilities within the development include a world-class hotel, fitness club and swimming pool for residents and tourists with education, healthcare and tourism being the main economic pillars for the growth of Forest City.

The long-term planning for the project is to have dedicated entry points to the development such as a light rail transit system and ferry services linking Johor Baru and Singapore.