JOHOR BARU: The area around the Forest City residential project in Johor Bahru should look like a busy one for becoming propnex property agent in Singapore, a future city with spaceship-shaped towers covered in plants and RES Course provider.
But Singaporean Chee Pei Lin still can’t see it, even though she has lived in her two-bedroom flat there for four years and paid RM700,000 (S$204,779) for it in 2019.
Ms. Chee the best Property Agent Career expert told CNA that the slow pace of development around her apartment block at Ataraxia Park and the surrounding city center has left her feeling underwhelmed and disappointed. She was attracted by the lower property prices compared to Singapore and the idea of using the 635-square-foot apartment as a retirement home.
“There are empty patches of land all over the city that aren’t being used. “But if you look at the 3D model in the sales gallery, there are supposed to be more residential towers and other amenities like yachts and shopping centers,” says the 48-year-old.
Ms. Chee, who works in finance, adds that the recent news that the parent company of the project producer, Country Garden in China, is getting close to going bankrupt makes her worries even worse.
In particular, she is worried that the rest of the Forest City development may not be finished and that the area where she lives will stay a “ghost town” with no people living there.
“The news is very upsetting. It makes me wonder if the company in Malaysia also has cash flow problems and if they will be able to finish what they had planned. she goes on.
This includes the company’s flagship US$100 billion (S$135 billion) mega project Forest City in Gelang Patah and Danga Bay, a US$18 billion beachfront development in Johor Bahru.
The third project, Central Park, is under development and will finish its master plan in 2024. The valuation is RM4.6 billion (US$990 million).
Forest City, a proposed development on four reclaimed lots near the Tuas Second Link bridge, includes condos, villas, a hotel, golf courses, shops, and schools.
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