KUALA LUMPUR – Prime Minister Tun Dr Mahathir Mohamad has announced that foreigners will not be allowed to buy property at the Forest City (pictured) mega project in Johor or be granted visas to live there.
Reuters reported Dr Mahathir saying that: “One thing is certain, that city that is going to be built cannot be sold to foreigners.”
“Our objection is because it was built for foreigners, not built for Malaysians. Most Malaysians are unable to buy those flats.”
A Country Garden official told Reuters that the company did not have any immediate response to the prime minister’s comments.
Reuters also reported that Malaysians living in Johor have complained about Chinese nationals buying up properties in Forest City, prompting concerns of environmental damage, a glut in the property market, and the impact of land reclamation on fisheries.
Bloomberg reported that Dr Mahathir didn’t give details about how he would prohibit foreigners from buying such properties or how far-reaching the ban on visa approvals would be.
Country Garden is the developer of the massive Forest City in Malaysia’s southern state of Johor. The project covers 14 sq km of land on four artificial islands with a gross development value of RM444 billion.
Its other projects in Malaysia include Country Garden Diamond City in Semenyih, Selangor; Country Garden Central Park in Tampoi and Country Garden Danga Bay, both in Johor Bahru.
Last year, Country Garden Malaysia launched a total of 1,178 new properties in Country Garden Central Park and Country Garden Diamond City.