KUALA LUMPUR: The Forest City project in Johor should be revived together with the federal government in line with the continued efforts to attract foreign investors, said Asean Chamber of Commerce president, Moehamad Izat Emir.
He said the move would be in accordance with Prime Minister Dr Mahathir Mohamad’s wish for increased foreign investments to strengthen the economy.
“The government needs to restructure the restrictions imposed on foreign buyers so that it can be controlled,” Moehamad Izat said in a statement today.
He added that revival of the US$100 bilion project would give a boost to potential buyers, contribute towards efforts to revive the economy in the southern region, and strengthen investors’ confidence, especially those from China.
“We cannot deny that a stronger cooperation between Malaysia and China is vital in the effort to empower the nation’s economy,” he said.
On August 27 last year, Dr Mahathir announced that Malaysia would not allow foreigners to buy residential units in the luxury Forest City project built on four man-made islands in the Straits of Johor. It was expected to have a population of up to 700,000.
The status of the project came into question following the victory of the Pakatan Harapan, led by Dr Mahathir at the general election last year.