Forest City to contribute RM66 billion in tax revenue


Forest City to contribute RM66 billion in tax revenue

ISKANDAR PUTER, 7 Dec: Forest City, a mixed development on four man-made islands, is expected to contribute RM66 billion in tax revenue to the government over 20 years.

Developer, Country Garden Pacificview Sdn Bhd (CGPV), also expects the project to create between 150,000 and 220,000 jobs in various sectors for Malaysians.

“Forest City is gaining momentum due to its local, regional and global positioning. Due to the varied industries flocking to it, the estimated gross domestic product contribution will be approximately RM1,980 billion.

“In addition, total cumulative investment of US$100 billion (RM444 billion) will attract returns of sufficient proportion,” the company said, in a statement, issued in conjunction with the signing of strategic initiatives between Forest City and 36 partners and, the opening of Forest City Phoenix Hotel. The event was officiated by Prime Minister Datuk Seri Najib Abdul Razak, here yesterday.

Since the launch of Forest City in March, Forest City has seen rapid development, which included the 5.8km link roads that connect the Tanjung Pelepas Port highway to the island and a commercial street that adjoins Phoenix Hotel.

On the strategic initiatives signed, CGPV said it would help Forest City become an economic hub, complementing Iskandar Malaysia, which would drive new business activities towards a sustainable township.

Furthermore, the synergetic partners are reputable organisations coming from industries such as medical and healthcare, education and training, tourism, financial services, manufacturing industry, emerging technologies, smart city and green building, said the statement.

Some of the partners, namely Huawei, Cisco, Accenture, Midea, China Construction Steel Structure Corporation, Deutsche Bank (Asia Pacific) and Bank of China Malaysia were listed as Fortune 500 companies.

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