image source: forestcitycgpv.com
Country Garden has announced its achievement of sales of over 80%, despite the challenging market conditions. The Hong Kong-listed developer is moving their projects according to schedule in Malaysia, including the key handover of their completed developments, operations and maintenance.
According to the developer, over 9,000 units were at Forest City were handed over to their respective buyers in 2019, and the rest will be handed over in 2020. Forest City carries over 20,000 units of housing. The developer also reported smooth progress of their Lake City@KL North development with good sales.
Country Garden has invested over RM20 billion in Malaysia, their projects inclusive of Country Garden Danga Bay, Country Garden Diamond City, and Country Garden Central Park. Over 1 billion of their investment in the country went to Asia’s biggest fully automated Integrated Building Systems plant in Gelang Patah, Johor.
The developer works with over a hundred local partners in the course of the developments, including Perdana Parkcity Group, Land & General Bhd, Kumpulan Prasarana Rakyat Johor Sdn Bhd and Damansara Realty Bhd.
The Group’s focus in 2020 will be on the industrial component of Forest City, with the aim of drawing in the industrial sector which will, in turn, enhance the development’s tourism sector.
According to a statement from the Group, “With the direction shift from residential to industrial, the effort is to focus on the development of our golf courses. Since we have launched two golf courses, the third will follow suit in the future.”
The first phases of Forest City’s residential and commercial components have been completed, and the focus in 2020 will be on the completion of Carnelian Tower. Carnelian Tower will be a tower of 45 storeys, featuring an integrated development of residential, retail, and office components.
The commercial component of Forest City comprises of 90 tenants that offer a wide range of choice retail shopping options, including F&B outlets, and luxury goods and cosmetics.
Meanwhile, the Group does not expect the lowered threshold for foreign property buyers to have an impact on the property overhang issue in Malaysia. As quoted by the Group, “It could potentially benefit the mass market developers focusing on the affordable product range but for us, target segmentation is key to ensuring the development of marketable goods and products in the market to reduce risks and remain competitive.”
(16 March 2020)
