Sunday, November 27
GE15

Forest City to contribute rm66 billion in tax revenue

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ISKANDAR PUTERI: 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 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 Tun Razak here yesterday.

Since the launch of Forest City in March, Forest City has seen rapid development which included the 5.8 km link roads that connected the Tanjung Pelepas Port (PTP) highway to the island and a commercial street, which adjoined 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 toward a sustainable township.

Besides, the synergetic partners are reputable organisations coming from industries such as medical and healthcare, education and training, tourism, financial service, 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.

“The total market value of these organisations sum up to US$1 trillion,” said the company.

On Phoenix Hotel, CGPV said it was located on 1.71 hectares of land on island one of the Forest City project.

The hotel was developed by CGPV and managed by Country Garden Hotel Group.

It offers various facilities including accommodations starting from RM539++ per room per night, a multi-purpose banquet hall that can accommodate up to 500 people per occasion, elegant meeting rooms and a selection of dining options.

“With more than 50 hotels chains in China, the conglomerate is working continuously to expand its expertise by working closely with the world’s leading hotel chains such as Hilton, and intends to bring its vast experience in the hospitality industry to the Iskandar region,” the company added. — Bernama