5 Reasons Why You Should Take a Serious Look at Forest City Development
Investing in real estate has been one of the go-to strategies to diversify your assets as well as own something more tangible and usable than let’s say, cryptocurrencies.
A great deal of people see the real estate industry as a good way to invest their hard earned money. Though it has taken a hit in the recent decade, historically, real estate has shown a steady return on investments (whether passively through rentals or a longer play like selling the property after it had appreciated in value).
This said, a lot of foreign investors and property buyers are looking for properties outside their own countries. Maybe somewhere with a better climate? or somewhere with better amenities? Or how about somewhere that’s a lot more conducive to raise a family?
A lot of these buyers and investors are looking at Southeast Asia for their next property investment.
Forest City is poised to be the biggest mixed-use green development in Southeast Asia. Spanning over 4 man-made islands covering an estimated 1,400 Hectares (61M sq.ft.). Forest City is broken down into different sectors such as: High Tech Industrial zone, Central Business district and Tourism zone, Financial and Economic districts, and a Conference and Forum Zone.
As one of the hottest real estate project in the region, here are 5 reasons why you should take a serious look at Forest City:
Forest City is an approved duty free zone
In a grand opening ceremony attended by Malaysia’s Prime Minister Dato’ Seri Najib Tun Razak last Mar. 6, 2016, Forest City was awarded “Duty Free Zone” amongst other incentives aimed to attract foreign investors, property buyers and tourists.
The Prime Minister stated, “To ensure the success of Forest City, I am pleased to declare duty free zone area at Forest City, enabling local residents, businesses and tourists to benefit from the work, live and play environment.”
In addition to the duty free zone status granted to Forest City, other incentives programs such as corporate tax incentives for companies involved in specific industries like education, healthcare, green developments and others, are awarded to attract move investments in the district. With this, an estimated 220,000 job will be created by 2035.
Forest City has a direct access to Singapore
This green city development, 2km’s. away from Singapore, has been granted it’s own CIQ (customs, immigration and quarantine) facilities that will streamline its transportation systems and access to Singapore.
Currently, travellers from Singapore will still need to pass through the Malaysian CIQ situated in the Tanjung Kupang side of the second link.
This independent CIQ will give residents and workers access to Singapore through 2 ways: 1 via land and 1 via sea. These dedicated links are designed to provide ease of access for motorist and spur economic growth in the region.
So people working in Singapore can earn their salaries there and easily spend it on Malaysian goods, giving them more bang for their buck.
Forest City is in Malaysia
One of the things that foreign investors are looking for before investing in a particular market is the stability and growth of the country. This plays a direct correlation to their investment’s appreciation in value.
Malaysia has been experiencing a steady economic growth of 5% per year over the last decade. Contributing factors such as robust manufacturing and services sectors have propelled it to be a leading exporter of electrical appliances and electronic parts.
Together with its tropical climate and unique location, the country experiences sunshine for most of the year adding to the reasons why foreigners are flocking to the country to invest in real estate. Furthermore, with its close proximity to Singapore, residents of the country can easily access Singapore through various CIQs and enjoy what the neighboring country has to offer.
Forest City embraces Foreign Investors
To date, Forest City has attracted different kinds of investors and property buyers spanning from 32 different countries.
The 30-year, $100B project is seriously attracting foreign investors, especially from the Chinese market. It is estimated that about two thirds (⅔’s) of the units sold so far were sold to Chinese investors.
Though owning a unit in Forest City does not guarantee automatic residency status in Malaysia, there are various programs that can help with either residency or long term visa grants.
Take the MM2H (Malaysia My 2nd Home) program
MM2H is a long term visa granted to qualified individuals that will give permission to stay in the country as long as they like. It was set-up by the Malaysian government to further attract foreigners to stay longer or even retire in Malaysia.
Unlike other Asian, Latin American, and European countries that only offer long term visas to individuals 50 years old and above, MM2H is available to people as young as 21 years old.
Forest City is in AQWIRE
Forest City, in a deal signed last Oct. 20, 2018, has now partnered with AQWIRE.
Attended by Ray Refundo, Qwikwire CEO, and Mr. Qian Zhang, Forest City Sales Director, both companies signed the deal to list its units to AQWIRE’s platform. This will further enable the development to increase its international market reach and be more visible to the rest of the global property market.
AQWIRE, as a global marketplace in blockchain, will facilitate many of the processes that’s more redundant and specific to international property sale and acquisition. Automating and streamlining these steps will definitely benefit both Forest City, as it’ll certainly lower operations costs and man-power hours required, as well as the potential buyer.
Also, with the use blockchain technology, both parties are assured that each other’s details, such as the developers unit listings and buyers KYC requirements are legitimate and cannot be tampered with.
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