As cash-strapped developer Country Garden battles to stave off default, its sprawling $100 billion development in Malaysia has come under scrutiny from creditors even as the Southeast Asian nation dangles financial incentives to lure investments.
Billed as a paradise with turtles and white-sand beaches, Country Garden's Forest City development in the state of Johor next to Singapore aims to house 700,000 people across 7,000 acres on four reclaimed islands upon completion in 2035.
"The company is also always prepared to review and to re-evaluate Forest City's development plans after 2025 if there is a current need to do so," it said, without elaborating on its plans or the significance of the 2025 review date. The office of Malaysian Prime Minister Anwar Ibrahim did not respond to questions seeking comment on the developer's financial woes.Forest City said around 55,000 people visit its sales gallery each month and two hotels with 600 rooms combined, including a five-star golf resort, "are always fully booked."What Reuters saw on a recent trip appeared quite different.
Several property agents said there was scant demand for units as potential buyers were worried about its low occupancy rate, environmental concerns and a lack of economic development. Anwar, Malaysia's prime minister, has designated Forest City a "special financial zone" to attract investment, which Forest City said would help with its marketing.
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