Strata problem brewing for Forest City
With a gross development value exceeding RM100 billion over 20 years, Forest City by Country Garden Holdings Co in Johor boasts of being the largest mixed-use green development in Southeast Asia.
With a gross development value exceeding RM100 billion over 20 years, Forest City by Country Garden Holdings Co in Johor boasts of being the largest mixed-use green development in Southeast Asia.
Property transactions are down, office occupancies are down, unsold units are up — things certainly didn’t look good in 2016, according to the Malaysian Property Market Report 2016 released by the Valuation and Property Services Department (JPPH) early this week.
PETALING JAYA (April 6): Hong Kong-listed Country Garden Holdings Co Ltd has received enquiries from 60 buyers in China who have expressed their intention to cancel their bookings for units at the Forest City development in Johor.
KUALA LUMPUR (April 5): Country Garden Holdings has announced it will refund money to mainland Chinese buyers of its mega Forest City development in Johor.
KUALA LUMPUR (April 3): Mainland Chinese purchasers of homes in Forest City, Country Garden’s megaproject in Johor, are now staring at the daunting prospect of having to pay a penalty of 30% of the purchase price for pulling out of the deal.
KUALA LUMPUR (March 31): In an effort to rely less on mainland Chinese buyers, Country Garden Holdings is planning to attract potential purchasers from Southeast Asia, South Asia and the Middle East for its mega project in Malaysia, Forest City.
KUALA LUMPUR (March 23): There seems to be still no solution in sight for Chinese clients who have put down payments for Country Garden’s Forest City development in Johor.
KUALA LUMPUR (March 21): Beijing’s capital controls have left Chinese investors of the Forest City development in Malaysia in the lurch.
PETALING JAYA (March 10): Hong Kong-listed Country Garden Holdings Co Ltd has denied that the closure of Forest City’s sales galleries in China was due to the government’s capital control policy.
KUALA LUMPUR (March 10): Hong Kong-listed Country Garden Holdings Co Ltd has closed all sales centres in China for its Forest City housing project in Johor, according to a South China Morning Post report yesterday.