TALKS have surfaced regarding the potential establishment of a casino in efforts to salvage the beleaguered Forest City, a US$100 bil (RM480 bil) project in Johor, according to Bloomberg.
Prime Minister Datuk Seri Anwar Ibrahim reportedly convened a high-level meeting last week, engaging prominent figures including Berjaya Corp founder Vincent Tan Chee Yioun and Lim Kok Thay of Genting Group.
Notable attendees also included representatives of Yang di-Pertuan Agong Sultan Ibrahim Sultan Iskandar, a shareholder in the project, alongside senior government officials.
The discussions, still in preliminary stages, aim to explore avenues to breathe new life into Forest City originally conceived as an integrated residential development. Commencing construction in 2006 with a consortium of mainland China real estate developers, the project boasted ambitious aspirations aligned with the Belt and Road Initiative.
Developed by Country Garden Pacificview Sdn Bhd, a joint venture between Country Garden Group and Esplanade Danga 88 Sdn Bhd, Forest City sought to establish a luxury township attracting affluent Chinese citizens, set across four man-made islands in the Johor Straits.
Despite its grand vision, Forest City faced setbacks in recent years. Visa restrictions for foreigners imposed by then-prime minister Tun Dr Mahathir Mohamad in 2018, coupled with currency controls introduced by President Xi Jinping in 2019, significantly hindered the project’s prospects.
The COVID-19 pandemic further exacerbated its challenges, leaving Forest City largely dormant and underscoring missed economic opportunities.
Now dubbed a “ghost town”, Forest City’s potential revival hinges on the proposed casino project, which if realised, would mark Malaysia’s second-ever government-granted casino license.
Moreover, the injection of such a development could serve as a much-needed stimulus for the struggling enclave, the report noted.
Country Garden has expressed eagerness to integrate a casino into the development, signalling a strategic shift to reignite interest and investment in Forest City. – April 25, 2024
