On 20 September 2024, the Malaysian government unveiled a series of incentives aimed at transforming Forest City, the multi-billion-dollar mixed-use mega-city project, into a special financial zone.
Among these incentives are a 15% income tax rate for skilled workers, multiple-entry visas, a zero tax rate for family wealth offices, and attractive corporate tax rates.
The goal: sparking life into what has been dubbed Malaysia’s Ghost Town.
Once touted as an eco-friendly metropolis, why did Forest City become a largely vacant white elephant, with only 15% of the development completed? The project, which was expected to house 700,000 residents, has attracted just 9,000 inhabitants to date.
Will these new measures rejuvenate this struggling mega-city? Can Forest City, originally designed as a residential and lifestyle hub, finally fulfil its original vision – or will it remain a cautionary tale of hyper-ambition meeting economic realities?
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Produced by: CNA Insight
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