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The construction and trading group said the contract was awarded by the project developer, Sime Darby Property (Golfhome) Sdn Bhd.

With the launch of the NSRF, Malaysia joins more than 20 jurisdictions around the world, representing a collective global gross domestic product (GDP) of 55%, which have adopted or are moving towards implementing IFRS S1 and S2 standards, pertaining to sustainability and climate-related financial disclosures.

​​ "They can also be an innovation hub to attract researchers and entrepreneurs, leading to the development of new technologies, products and services, thus driving economic growth,” said Ng.

“The framework provides transparency and disclosures in terms of the relevant governing and decision-making processes employed by TNB in undertaking SFTs taking into consideration relevant environmental and social risk management in accordance with available best market practices in support of TNB’s overall sustainability strategy and Energy Transition Plan, thereby promoting overall credibility of such transactions undertaken.

SC said that it is currently working with the relevant stakeholders to operationalise the scheme by the first quarter of 2025.

It said these incentives, which aim to establish Forest City as a hub for family offices, are projected to attract local and international investments, fuelling demand for property and creating job opportunities over the long term.

To attract international capital to Forest City, the government is offering a concessionary corporate tax rate of between 0% and 5%, and a personal income tax rate of 15% for knowledge workers and Malaysians who choose to work there, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

MRMA chair and Axis REIT Managers Bhd chief executive officer Leong Kit May said that M-REIT commercial sub-sectors were bolstered by proactive government policies such as the 30-day visa exemption for China and India visitors.

Shares of WCT have more than doubled so far this year, tracking strong gains in the construction sector, and partly boosted by news of the planned REIT listing in recent months.

The construction firm said its wholly-owned TSR Bina Sdn Bhd had accepted the contract from Sime Darby Property Bhd.