-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Forest City
- Thread starter snowbird
- Start date
“通路”一直被认为是通往富庶与繁荣的“重要路径”，森林城市自建的跨海高速路桥仅需5分钟车程接驳PTP（丹戎帕拉帕斯港）高速路，快捷到达新马第二大桥、直连新加坡，25日已全线通车。至此，实现新加坡与森林城市的无缝对接。
http://mp.weixin.qq.com/s/AvBRdVYSNVg1233zcyArow
http://mp.weixin.qq.com/s/AvBRdVYSNVg1233zcyArow
All these positive marketing news are not able to salvage the current problem Forest City is facing.
From day one, this project was developed with mostly Chinese buyers in mind.
The biggest problem Forest City facing now is the capital control imposed by China on her citizens investing outside China!
The Mainland buyers may have the money but they cannot remit out to make payment.
A very recent report on Malaymail Online:
US$100b Chinese city in the sea is hit by capital controls
http://www.themalaymailonline.com/m...ese-cty-in-the-sea-is-hit-by-capital-controls
Developers’ sales offices in China that once brought in buyers by the hundreds are now pushing developments in Chinese cities.
Subsidised junkets that flew in prospective buyers to development sites in the southern Malaysian state of Johor have dwindled.
And some buyers who paid deposits for yet-to-be-built homes are considering cancelling their purchases.
Country Garden said earlier it had stopped marketing Forest City in its sales galleries in China and ceased organising tours to its Johor projects for would-be buyers.
Its agents in China are pushing domestic projects in the country’s tropical southern resort of Sanya and the seaside city of Beihai.
Construction at Greenland’s Jade Palace development was suspended in November while the company considered revising the project density to build more, but smaller apartments.
Also to note, according to developer, they said :
The firm is now changing tack and planning to sell land and develop more commercial ventures.
There will be a shift from retail to wholesale. This includes establishing joint ventures with other companies, attracting investors and sales of land.
If the shift of plan is not successful, will it result in 4 ghost island?
Well, you see, the Chinese developers did not come to Malaysia to perform public service but to make lots of money here, the more the merrier!
And their target customers are actually the Mainlanders and all marketing efforts were concentrated in China with a dozen sales offices and showrooms all over the country.
But the recently tightening of capital control in China changes all this.
The developer knows that they will not be getting anymore Mainlander buyers like before the capital control and has to start marketing FC in other countries.
The developer also knows that it is impossible to sell as many units to the regional countries as they did in the initial phases.
And worse, how many buyers are quitting, are unable to proceed with payment, etc. due to the capital control is still not known yet.
That's why they are changing tack now, they have to.
Suddenly there's the announcement of building a very large multi billion prefab plant here and who knows what's the next surprise.
4 ghost islands no la, maybe one ghost island plus 3 empty deserted islands.
Clearly investing in mega projects like Country Garden Danga Bay, Forest City, Princess Cove and Greenland Jade Palace comes with mega risk. Not easy to flip JB properties if that's the original intent. May take decades before all the land are being developed and a longer time for all units to be sold.
After all the media-blitz a few years ago, I think we can judge how well received is Princess Cove, both apartment and retail mall, when it VP at year end.
If the mainland Chinese are unable to remit funds for their purchase in Forest City due to capital control, why are they switching focus to Thailand properties? Remittance to Thailand no restriction?
Priced out from home market, Chinese swoop in to buy Thai real estate[BANGKOK]
Mainland Chinese are snapping up more properties in Thailand for both personal and investment purposes, after being priced out of the market in big cities at home, developers in the Southeast Asian country said on Wednesday.
With its beaches, varied street food and ancient temples, Thailand has become a holiday favourite with Chinese visitors, who are expected to account for close to a third of an estimated record 35 million tourists this year.
Thai property developer Sansiri Pcl, which is opening three new offices in China this year to join its Beijing branch, said sales to Chinese buyers had risen steadily over the past three years.
"In 2014, they comprised about 15 per cent of our foreign buyers. Last year, almost 30 per cent. This year they might actually be up to, or surpass, Hong Kong, which has been our lead market for years," Cobby Leathers, Head of International Business at Sansiri, told Reuters.
The CEO of Raimon Land Pcl, Adrian Lee, said three to five years ago Chinese buyers accounted for 20-30 per cent of the company's foreign buyers. Now they make up around 60 per cent.
SEE ALSO: China pollution regulators slam Minmetals units for rule violations
Thailand ranked sixth for the number of Chinese real estate buying enquiries made in 2016, but moved up to No 3 in the first half of 2017, said Sue Jong, chief of operations for Juwai.com, a major Chinese international property portal.
"We are also seeing a formerly under represented buyer appearing in larger numbers. This is the upper middle-class Chinese buyer who can't afford property in more expensive countries," said Ms Jong.
Two-thirds of Chinese buyers are looking at property that costs $250,000 or less, Jong added.
Shu Feifei, 33, a native of Chegdu in China's southwestern Sichuan province, said she had bought two properties in Bangkok in the past two years and that she rents them out through the short-term rental website Airbnb.
"Investing there was a better option than investing in China," Shu told Reuters.
"In Thailand, it's good for foreigners to buy smaller properties, it's easier to rent out too if they want to rent," Ms Shu said, adding she had received many enquiries through social media from Chinese investors interested in doing the same.
China home prices have seen significant growth since the start of last year, with gains spilling over to smaller cities in recent months as authorities placed restrictions to keep prices in check in major cities.
Bangkok and seaside favourites Phuket and Pattaya are top destinations for Chinese buyers, according to Chinese real estate portal Juwai.com.
The surge in Chinese buyers has continued despite a recovery in the yuan in 2017 after falling to a near 8-year low against the US dollar in late 2016.
REUTERS Wednesday, August 2, 2017 - 16:43
Last edited:
http://www.freemalaysiatoday.com/category/nation/2017/07/08/johor-should-stop-new-housing-projects-for-now-says-expert/
Alan Ho, a former sales agent at Forest City developer Country Garden’s Malaysian operations, reportedly said then that about :*:90%:*: of Forest City buyers were from China.
There are lots of good projects in JB. Avoid this one.
If it succeed 20-30 years later, then I may sell my condo in JBCC and buy in Forest City.
Or maybe I am already dead when Forest City succeed.
Last edited:
$100 Billion Forest City Looks Beyond Spooked Chinese Buyers
Country Garden Holdings Co. said it’s looking to attract customers from countries such as Thailand and Vietnam as some Chinese buyers hit by capital controls have pulled back from the $100 billion Forest City project in southern Malaysia.
China’s escalating crackdown on capital outflows this year has spooked buyers seeking to invest in property abroad, with some reconsidering past purchases and others holding off on new purchases.
Developers that expanded into Malaysia’s Johor area to tap rising demand from Asia’s biggest economy are now trying to attract more non-Chinese buyers.
Country Garden said it expects to open galleries targeting customers in the Philippines, Indonesia, Vietnam, Thailand, Taiwan and Dubai between August and October, and plans to invest an additional $5 billion ringgit ($1.2 billion) this year in Forest City.
“This year, in the first half, we did see a slowdown. I would be lying if I said there was no impact from everything but that’s really why we’ve diversified our customer base,” Yu Runze, chief strategy officer of Country Garden Pacificview Sdn said in an interview.
“Currently, there is no plan to slow down or stop the project,” said Yu.
Country Garden’s Forest City development, which houses thousands of residential apartments, has seen less than 60 buyers asking to cancel their bookings out of the total 16,000 units sold last year, according to the company, which declined to provide sales numbers for this year.
Artificial Islands
Built on four artificial islands in the state of Johor,*near the causeway that connects Singapore to Malaysia, the project will house approximately 700,000 people once completed.
The company currently has 15 sales galleries open across Malaysia and will add five more by the end of this month to promote residential apartment unit sales. Country Garden expects to see diversification in its buyer base pick up from the first half of next year, said Yu from Pacificview, a Country Garden unit in Malaysia.
The developer also opened the first of six planned pre-fabrication facilities to manufacture ready-to-assemble concrete structures like staircases, beams and columns.
The first facility, the largest in the world by volume, according to the firm, will be able to produce materials for up to one million square meters of built-up area.
In three to five years, these facilities will cater to other external projects beyond Forest City, Yu said.
The Forest City projects were first marketed in China with thousands of buyers paying deposits for apartments that cost as much as double the rate per square meter paid by Malaysian home buyers. But since the Chinese government tightened capital controls, some buyers have stopped making installment payments in fear of being held liable under China’s foreign exchange rules. The company has since ceased marketing Forest City in its sales offices in China and no longer organizes tours to the Johor projects for potential Chinese buyers.
https://www.bloomberg.com/news/arti...sian-city-builder-looks-beyond-chinese-buyers
Country Garden Holdings Co. said it’s looking to attract customers from countries such as Thailand and Vietnam as some Chinese buyers hit by capital controls have pulled back from the $100 billion Forest City project in southern Malaysia.
China’s escalating crackdown on capital outflows this year has spooked buyers seeking to invest in property abroad, with some reconsidering past purchases and others holding off on new purchases.
Developers that expanded into Malaysia’s Johor area to tap rising demand from Asia’s biggest economy are now trying to attract more non-Chinese buyers.
Country Garden said it expects to open galleries targeting customers in the Philippines, Indonesia, Vietnam, Thailand, Taiwan and Dubai between August and October, and plans to invest an additional $5 billion ringgit ($1.2 billion) this year in Forest City.
“This year, in the first half, we did see a slowdown. I would be lying if I said there was no impact from everything but that’s really why we’ve diversified our customer base,” Yu Runze, chief strategy officer of Country Garden Pacificview Sdn said in an interview.
“Currently, there is no plan to slow down or stop the project,” said Yu.
Country Garden’s Forest City development, which houses thousands of residential apartments, has seen less than 60 buyers asking to cancel their bookings out of the total 16,000 units sold last year, according to the company, which declined to provide sales numbers for this year.
Artificial Islands
Built on four artificial islands in the state of Johor,*near the causeway that connects Singapore to Malaysia, the project will house approximately 700,000 people once completed.
The company currently has 15 sales galleries open across Malaysia and will add five more by the end of this month to promote residential apartment unit sales. Country Garden expects to see diversification in its buyer base pick up from the first half of next year, said Yu from Pacificview, a Country Garden unit in Malaysia.
The developer also opened the first of six planned pre-fabrication facilities to manufacture ready-to-assemble concrete structures like staircases, beams and columns.
The first facility, the largest in the world by volume, according to the firm, will be able to produce materials for up to one million square meters of built-up area.
In three to five years, these facilities will cater to other external projects beyond Forest City, Yu said.
The Forest City projects were first marketed in China with thousands of buyers paying deposits for apartments that cost as much as double the rate per square meter paid by Malaysian home buyers. But since the Chinese government tightened capital controls, some buyers have stopped making installment payments in fear of being held liable under China’s foreign exchange rules. The company has since ceased marketing Forest City in its sales offices in China and no longer organizes tours to the Johor projects for potential Chinese buyers.
https://www.bloomberg.com/news/arti...sian-city-builder-looks-beyond-chinese-buyers
Im back again!
Let me sslap some face first for giving wrong info. Some earlier post by snowbird (wahh few months back, really been a long time away from this forum)
From what i know, it is in gelang patah factory area. No way FC will use the island land for such low cost purpose, make no economy sense.
I dont know, but the way i read it is quite different with the way you understand it. Personally I think that it is not a bad idea to do so and believe they will maximize the value of the land...and not waste it on like golf land or factory land.
Currently, the whole FC lack of a business component. They can invite their China MNC to set up regional HQ or SEA HQ there. Why not singapore? 1. land restriction 2. china & SG loggerhead
And yea...
Citing on capital restriction, do not stop FC at all!!! THings still go on. They are not building at full scale? We shall see.
Anyway, compare to capital restriction, im more concern about PBoC decision, and the impact it has on every China companies. Purposely come out, because i can smell something fishy, something not right in the ongoing global capital market. Country garden will not because of capital restriction, stop their path, there are many way to overcome such restriction by the way. But if the central bank do something unexpected to impede the minsky moment, maybe unfavourable outcome can be happen to CG and along with FC, being affected.
Let me sslap some face first for giving wrong info. Some earlier post by snowbird (wahh few months back, really been a long time away from this forum)
Sgtsk wrote: 碧桂园森林城市建筑产业园位于森林城市西北方向，距离约4公里，毗邻ptp港，未来将建造多个建筑工业化系统（ibs）工厂。一期综合型预制工厂由森林城市携手德国ebawe公司共打造，引进世界一流的模台流转自动化生产线，实现钢筋混凝土构件的自动化生产，大大提升生产效率。
From what i know, it is in gelang patah factory area. No way FC will use the island land for such low cost purpose, make no economy sense.
Country Garden Pacificview's chief strategy officer Dr Yu Runze, perhaps due to China's capital control problem, he said they are now "changing tack and planning to sell land and develop more commercial ventures and there will be a shift from retail to wholesale which includes establishing joint ventures with other companies, attracting investors and sales of land".
I dont know, but the way i read it is quite different with the way you understand it. Personally I think that it is not a bad idea to do so and believe they will maximize the value of the land...and not waste it on like golf land or factory land.
Currently, the whole FC lack of a business component. They can invite their China MNC to set up regional HQ or SEA HQ there. Why not singapore? 1. land restriction 2. china & SG loggerhead
And yea...
Citing on capital restriction, do not stop FC at all!!! THings still go on. They are not building at full scale? We shall see.
Anyway, compare to capital restriction, im more concern about PBoC decision, and the impact it has on every China companies. Purposely come out, because i can smell something fishy, something not right in the ongoing global capital market. Country garden will not because of capital restriction, stop their path, there are many way to overcome such restriction by the way. But if the central bank do something unexpected to impede the minsky moment, maybe unfavourable outcome can be happen to CG and along with FC, being affected.
Haha, dont buy FC. High risk, all we need is, lets the stupid chinaman kick start everything. Success of failure, johorean are benefited.
I think, it will be bad for the next 5-15 years. About 10 years from now, when the business aspect of the island starts, this island can be lively.
But uncertainty remain, esp for such a long schedule project, worse case scenario will be forever ghost town.
But i highly doubt, and do not think, it will be an abandon city, building will be completed, as scheduled...hopefully.
"Johor does not sell land in Forest City, only the strata, critics told"
By A JALIL HAMID, Ahmad Fairuz Othman
November 24, 2017
JOHOR BARU: Sultan of Johor Sultan Ibrahim Sultan Iskandar has chided those who criticised the Forest City project and claimed that it was about pawning Johor’s land. The ruler said Forest City had enabled the state to increase its size and attract developments which had boosted the value of local real estate and bring prosperity for Johoreans.
“Has Johor ever pawned its land? What is the meaning of pawning? With Forest City, the state of Johor has increased in size. It is not about seizing land to be pawned. In Johor, there are international lots and Malay reserve land.
“Anyone can buy at the international zone, be it the Mat Salleh from England or people from India, Japan, China. All of them can purchase it. “They can buy (property), but it does not mean they purchase the land to bring it back to their respective home country.
“In Johor, we have an international zone, which means that foreigners could buy (at that location). It has international status. In Forest City, we do not sell the land, we sell the strata (titles) and these strata (titles) are for permanent ownership in Johor,” he said.
Sultan Ibrahim also addressed the frequent misconception about Forest City and its stakeholders. Sultan Ibrahim said that the project gave a lot of revenue for the state government, including quit rent and assessment, which are channelled into the coffers of Johor. He said it would bring about job opportunities, better transportation systems and business opportunities.
“How much revenue will the Johor government get? When Forest City is completed, the assessment, quit rent will go to who? Who will get the jobs? There are transportation (initiatives), businesses and job opportunities. Don’t be narrow minded about this,” said Sultan Ibrahim.
He said the most visible benefit of the Forest City project was the boost it has given to the value of real estate in its surrounding areas, particularly in Pontian district, which is now developing at a rapid pace.
“The value of real estate (near Forest City) has increased. In the past, people in Pontian used to only pick buah duku, but now people in Pontian own Mercedes Benzes.
“It means that Pontian has become a district that will see rapid development. “In the past, an acre (0.4ha) of land used to cost RM100,000, but now, it is valued up to RM3 million,” said Sultan Ibrahim.
https://www.nst.com.my/news/exclusi...ell-land-forest-city-only-strata-critics-told
By A JALIL HAMID, Ahmad Fairuz Othman
November 24, 2017
JOHOR BARU: Sultan of Johor Sultan Ibrahim Sultan Iskandar has chided those who criticised the Forest City project and claimed that it was about pawning Johor’s land. The ruler said Forest City had enabled the state to increase its size and attract developments which had boosted the value of local real estate and bring prosperity for Johoreans.
“Has Johor ever pawned its land? What is the meaning of pawning? With Forest City, the state of Johor has increased in size. It is not about seizing land to be pawned. In Johor, there are international lots and Malay reserve land.
“Anyone can buy at the international zone, be it the Mat Salleh from England or people from India, Japan, China. All of them can purchase it. “They can buy (property), but it does not mean they purchase the land to bring it back to their respective home country.
“In Johor, we have an international zone, which means that foreigners could buy (at that location). It has international status. In Forest City, we do not sell the land, we sell the strata (titles) and these strata (titles) are for permanent ownership in Johor,” he said.
Sultan Ibrahim also addressed the frequent misconception about Forest City and its stakeholders. Sultan Ibrahim said that the project gave a lot of revenue for the state government, including quit rent and assessment, which are channelled into the coffers of Johor. He said it would bring about job opportunities, better transportation systems and business opportunities.
“How much revenue will the Johor government get? When Forest City is completed, the assessment, quit rent will go to who? Who will get the jobs? There are transportation (initiatives), businesses and job opportunities. Don’t be narrow minded about this,” said Sultan Ibrahim.
He said the most visible benefit of the Forest City project was the boost it has given to the value of real estate in its surrounding areas, particularly in Pontian district, which is now developing at a rapid pace.
“The value of real estate (near Forest City) has increased. In the past, people in Pontian used to only pick buah duku, but now people in Pontian own Mercedes Benzes.
“It means that Pontian has become a district that will see rapid development. “In the past, an acre (0.4ha) of land used to cost RM100,000, but now, it is valued up to RM3 million,” said Sultan Ibrahim.
https://www.nst.com.my/news/exclusi...ell-land-forest-city-only-strata-critics-told
Similar threads
