Unlocking Growth Potential: Forest City's Journey as a Special Financial Zone

Forest City is currently positioned to have a significant transformation that will spur the region's growth. The recent announcement by Prime Minister Anwar Ibrahim to designate this venture as a special financial zone (SFZ) has received a welcoming boost to the area and garnered widespread attention to its potential values.

 

Key elements:

• A flat income tax rate of 15% for skilled foreign workers, compared to the usual 30%.
• Multiple entry visas to facilitate easier cross-border movement.
• Fast-track entry for those based in Singapore.
• Incentives aimed at attracting companies experiencing high operating costs in Singapore.

These measures essentially make Forest City an attractive destination for both businesses and skilled workers, thereby stimulating investment, growth, and economic activities in the region.

 

The Positive Overflow to the Region: A New Dawn for Johor Bahru

The Special Financial Zone designation is more than just a lifeline for Forest City; it's a catalyst for regional growth after all these years of stagnation. The zone is expected to attract a diverse range of industries, from buzzing fintech to green technology-focused industry. The ripple effect could extend to neighboring areas in Iskandar Malaysia, transforming the region into a bustling economic hub.

 

Synergizing with the RTS Link: A Double Boost for the Region

 

The RTS Link, a planned railway link (read more) between Johor Bahru and Singapore, complements the SFZ's objectives perfectly. The link will facilitate easier cross-border movement, making Forest City an even more attractive destination for Singapore-based companies and workers.

This dual infrastructure development—Forest City's SFZ and the RTS Link—could be a game-changer for Johor Bahru, enhancing its appeal as both a business and residential destination.

 

The Future is Bright for Forest City and Iskandar Malaysia

 

The SFZ designation for Forest City is a welcoming pivotal development that promises to bring prosperity not just to the project but to the broader Iskandar Malaysia region. Coupled with the RTS Link, the area is poised to become the nexus of economic activity in the coming years amidst the cross-border cooperation between Malaysia and Singapore.

 

 

References

1. NST Malaysia - 29/08/2023 - https://www.nst.com.my/property/2023/08/948532/worst-may-be-over-forest-city-thanks-special-zone-status?utm_source=facebook&utm_medium=comments&fbclid=IwAR1w23uFs8kyMnnEVSba7ZhW2IfyAN3YecTMwS4PoWKIcG3Uq2uQac63PwU_aem_AbXYL3AbC1XNa1ZzT0vOnXlO91jnQo7udAuuuTWPdNIqV3tHsTF28cB6rU25VpPye70&mibextid=Zxz2cZ