Moves to revive Johor’s Forest City hold promise but success hinges on SEZ and robust ecosystem
The real test for the project lies beyond tax incentives – it must attract top talent and build essential infrastructure to secure significant investment and become a competitive financial hub
Add BT as a preferred source
[KUALA LUMPUR] The centerpiece of Malaysia’s recently-unveiled new initiative to revive the struggling Forest City project in its southern state of Johor is a zero tax rate for family offices, set to take effect in the first quarter of 2025.
Observers believe this measure will make Forest City an attractive destination for managing family wealth, particularly as the number of family offices in Asia grows with rising affluence across the region.
Announced by Malaysian Finance Minister II Amir Hamzah Azizan on Friday (Sep 20), the initiative is part of a broader effort to reposition Forest City – a multi-billion dollar mixed-use project – as a special financial zone (SFZ). The goal is to transform the project from its current state into a financial powerhouse by offering a slew of incentives targeting high-net-worth individuals and institutional investors.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
