Duty-free status for massive Forest City project

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ISKANDAR PUTERI: Duty-free status is being accorded to the Forest City property development on four islands to be reclaimed in the Johor Straits, the Prime Minister, Najib Razak, announced today.

Speaking at the official launch of the development, attended by Sultan Ibrahim Almarhum Sultan Iskandar, Najib also announced three other incentive packages:

Corporate tax incentive for green developers and green development managers;

corporate tax incentive for qualified service sector employers, or Iskandar Development Region Class companies in tourism, health and education sectors; and

no restriction or equity conditions for foreign shareholders in companies that are eligible for the corporate tax incentives introduced.

“These packages are designed to ensure the success of the Forest City project based on its master plan and target of becoming a smart and green city,” said Najib.

He said the Forest City project were large-scale development projects using the concept of environmental and sustainable development.

The importance and abundance of the environment for the local community and people of Johor would be given priority as the area was transformed into an environmentally-friendly and smart city of the 21st century, he said.

Najib said sustainable development projects like Forest City would be the future of development.

He said Forest City could attract foreign investment amounting to RM175 billion, and create as many as 220,000 high-value jobs for Malaysians over the next 20 years.

The spillover would benefit local industries, and create international business opportunities for them.

Forest City, developed by Country Garden Pacificview Sdn Bhd, has a target population of 700,000. Najib said the project was in line with the low-carbon blueprint for the Iskandar Malaysia region involving five local authorities.

Greenhouse gas emissions would be reduced by 50 per cent by 2025.

BERNAMA