Forest City

[snowbird]

So finally its out, that 336,000 residential units that are "in the pipeline" are actually coming from the proposed Forest City development by Country Garden.
http://business.asiaone.com/news/johors-forest-city-could-house-700000-developer

According to the report, the reclaimed Forest City project consists of four man-made islands with a total land area of 1,386ha and will offer wealthy international buyers luxury homes by the Strait of Johor.
So, they are planning to build 336,000 residential units on this 4 little islands with a total land area of only 1,386ha or 14km2 !
I suppose this should be including areas for retail business, commerce, entertainment and parks for sports and recreation.
Just trying to make a simple comparison here.

Toa Payoh - total area 4.63km2
Residential units - 36,000.

Forest City - Total area 14 km2
Residential units - 336,000

Forest City is only 3 times larger than Toa Payoh in area but is proposing to build about 10 times more units!
So, can you imagine the density of Forest City, it will be more than 3 times the density of Toa Payoh!
Would anyone want to pay good money to move into a supposedly upmarket residential estate in Johor with a density 3 times higher than Toa Payoh??

 

[Investor]

So finally its out, that 336,000 residential units that are "in the pipeline" are actually coming from the proposed Forest City development by Country Garden.
http://business.asiaone.com/news/johors-forest-city-could-house-700000-developer

According to the report, the reclaimed Forest City project consists of four man-made islands with a total land area of 1,386ha and will offer wealthy international buyers luxury homes by the Strait of Johor.
So, they are planning to build 336,000 residential units on this 4 little islands with a total land area of only 1,386ha or 14km2 !
I suppose this should be including areas for retail business, commerce, entertainment and parks for sports and recreation.
Just trying to make a simple comparison here.

Toa Payoh - total area 4.63km2
Residential units - 36,000.

Forest City - Total area 14 km2
Residential units - 336,000

Forest City is only 3 times larger than Toa Payoh in area but is proposing to build about 10 times more units!
So, can you imagine the density of Forest City, it will be more than 3 times the density of Toa Payoh!
Would anyone want to pay good money to move into a supposedly upmarket residential estate in Johor with a density 3 times higher than Toa Payoh??

Hi Snowbird, you've read wrongly. Re-read and focus on the words in bold below;

The homes being built in the Forest City project would add to the nearly 336,000 new residential units that are in the pipeline for the rest of Johor state.

 

[FHBH12]

Johor's Forest City could house up to 700,000: Developer
PUBLISHED ON MAY 13, 2015 7:15 AM

BY REME AHMAD, ASSISTANT MONEY EDITOR

An artist impression of the Forest City in Johor, a project by Country Garden Pacificview (CGPV), which is located close to Singapore's Tuas Second Link. -- PHOTO: COUNTRY GARDEN PACIFICVIEW

THE master developer for the 1,400ha reclaimed land in Johor near Tuas said that over the next 20 or 30 years, homes may be built that can house as many as 700,000 people.

The homes being built in the Forest City project would add to the nearly 336,000 new residential units that are in the pipeline for the rest of Johor state.

The large number of new homes coming up in Johor has raised concerns in Singapore.

Minister for Culture, Community and Youth Lawrence Wong, who is a board member of the Monetary Authority of Singapore, told Parliament on Monday that the nearly 336,000 new private residential units are more than the total number of private homes in Singapore.

He said the figure, derived from official Malaysian statistics, does not include homes being built on the Forest City reclaimed land.

Johor had 719,421 existing homes at the end of last year, according to Malaysia's National Property Information Centre, a unit under its Ministry of Finance.

"There is indeed a real concern about future oversupply in the property market there and hence the potential decline in value of homes," Mr Wong said in reply to an MP's question about Singaporeans buying in southern Johor's Iskandar Malaysia region.

Johor Menteri Besar Mohamed Khaled Nordin, when asked last week about concerns in Singapore over a property glut in Iskandar, said: "Investments in Johor are not only confined to property."

The reclaimed Forest City project consists of four man-made islands being raised by a company partly owned by the Sultan of Johor.

Forest City will offer wealthy international buyers luxury homes by the Strait of Johor, its developer has said.

The four islands will have a total land area of 1,386ha - about three times the size of Sentosa island. Forest City's master developer is Country Garden Pacificview (CGPV).

Asked via a text message yesterday how many people would live in Forest City, CGPV's executive director, Datuk Md Othman Yusof, replied: "The project duration is between 20 and 30 years. Estimation of population = 700,000."

CGPV is 60 per cent owned by China's Country Garden Holdings, with Johor's Sultan Ibrahim Ismail and an investment arm of the Johor government also holding stakes. Assuming six people live in each housing unit in Forest City, the 700,000 residents would need 116,666 homes.

The first phase is expected to be ready in five years, with these units adding to the incoming supply of nearly 336,000 new homes in Johor over the next few years.

Singapore's latest official figures show it has 327,811 private homes. There are another 83,642 in the pipeline, including executive condominium units.

[email protected]

- See more at: http://www.straitstimes.com/news/bu...00000-developer-20150513#sthash.TUyOkg5r.dpuf

 

[FHBH12]

It's possibly 700,000 people / 4 people per unit = 175,000 units

 

[PuteriWorld]

I read the Malaysia press that 336,000 units "in the pipeline" will be spread over many years ( 10-20 years). ( about 15k per year if thats the case )

But from the way my learned white MPees announce it seem to be that 336,000 units will be built in 2015 or 2016 alone.

So should I believe in the Mpees there or here?

 

[Relaxman]

Singaporean MPs trying to discourage their people to invest in JB. Nothing to be worried about.

 

[snowbird]

Hi Snowbird, you've read wrongly. Re-read and focus on the words in bold below;

The homes being built in the Forest City project would add to the nearly 336,000 new residential units that are in the pipeline for the rest of Johor state.

OK, my bad.
The developer had actually mentioned that they target to house about 700,000 people in 116,600 residential units there and I missed it, haha.
116,600 residential units on 4 little islands with a total land mass of 14 km2 is still denser than Toa Payoh.
Don't forget just 2 months back, the developer acknowledged that there's an oversupply in residential so will be working on an employment -based model, rather than residential-based.
So, is this 116,600 units only part of the development, with another one or two islands going to be used for "employment based" developement?
What kind of "employment based" industry can be build along side luxurious residential homes? Surely not rows of factories and large manufacturing plants or a private hospital.
My guess - an IR complete with theme park and CASINO!
I think all the while, an IR was in the masterplan.
The location where they chose to build the islands, so close to SG's 2nd Link is to allow easy access for visitors to the IR.

 

[FHBH12]

OK, my bad.
The developer had actually mentioned that they target to house about 700,000 people in 116,600 residential units there and I missed it, haha.
116,600 residential units on 4 little islands with a total land mass of 14 km2 is still denser than Toa Payoh.
Don't forget just 2 months back, the developer acknowledged that there's an oversupply in residential so will be working on an employment -based model, rather than residential-based.
So, is this 116,600 units only part of the development, with another one or two islands going to be used for "employment based" developement?
What kind of "employment based" industry can be build along side luxurious residential homes? Surely not rows of factories and large manufacturing plants or a private hospital.
My guess - an IR complete with theme park and CASINO!
I think all the while, an IR was in the masterplan.
The location where they chose to build the islands, so close to SG's 2nd Link is to allow easy access for visitors to the IR.

Actual planned units should be closer to 200,000 given that a large number will be 1 or 2 bedders. At 116,600 units, each unit has to house 6 pax, which is not practical.

 

[cow138]

Still I think the writing is on the wall already.
More and more supply is on the way.
they're just trying to paint a more positive picture.
As a developer why you want to control the release of units. Once the bank financing kicks in you will be under pressure to get the project going to maximise the profit and get out.

 

[cybermad]

I read the Malaysia press that 336,000 units "in the pipeline" will be spread over many years ( 10-20 years). ( about 15k per year if thats the case )

But from the way my learned white MPees announce it seem to be that 336,000 units will be built in 2015 or 2016 alone.

So should I believe in the Mpees there or here?

of the 336K, 190K is still under planning, meaning they are even NOT approved yet.

 

[xixxix]

Singaporean MPs trying to discourage their people to invest in JB. Nothing to be worried about.

So you trust Singapore MPs, Chinese developers or Malaysian politicians?

 

[snowbird]

Singaporean MPs trying to discourage their people to invest in JB. Nothing to be worried about.

Little kid, people are actually more worried about the flip flop ever changing policies by your government.

 

[Relaxman]

Little kid, people are actually more worried about the flip flop ever changing policies by your government.

If worry, than don't lor..... simple thing also want to kau beh kou bo.

 

[Relaxman]

So you trust Singapore MPs, Chinese developers or Malaysian politicians?

I trust the Sultan of Johor 200%.

 

[Vohkster]

Little kid, people are actually more worried about the flip flop ever changing policies by your government.

Aiya. The little kid's response is so predictable. Slag other developers. Support the sultan 300%. Rinse n repeat.

 

[PuteriWorld]

If Forest City high rise sea view freehold units with View of Indo and Singapore sell for RM 800psf I will surely buy into it.

It does look like a good bargain if its at RM 800psf.

 

[Vohkster]

LOL. When the haze hits you, please come back and tell me that sea view is gorgeous. I Kid!..

 

[PuteriWorld]

Ther are haze all over Singapore and Malaysia. Doesn't bother me at all and it doesn't last 365 days. But for that bargained price I cant complain though

LOL. When the haze hits you, please come back and tell me that sea view is gorgeous. I Kid!..

 

[Relaxman]

Ther are haze all over Singapore and Malaysia. Doesn't bother me at all and it doesn't last 365 days. But for that bargained price I cant complain though

Haha .... good one.

 

[Vohkster]

Ther are haze all over Singapore and Malaysia. Doesn't bother me at all and it doesn't last 365 days. But for that bargained price I cant complain though

Perhaps you are right about the bargain price if it will indeed come to fruition. Makes me wonder how salesmen here can shamelessly keep telling everyone the other china projects sky high price is a good bargain. Based on pricing alone this project is so much more worth it than the other one