Forest City cost a staggering £80billion to build, but hasn’t seen a return on investment (Image: Getty)
Once envisioned as a futuristic metropolis accommodating 700,000 residents, Forest City in now stands as a stark reminder of ambitious urban planning gone awry.
Launched in 2016 by developer Country Garden, the $100billion (£80billion) project was designed to be a modern paradise on reclaimed land near Singapore.
Forest City was marketed as a luxury enclave, featuring , five-star restaurants, and water parks, all nestled within lush greenery and palm-fringed beaches.
The development promised to provide 700,000 jobs for local Malaysians, potentially reducing unemployment in the Johor region.
However, the project faced a string of major hurdles. China’s implementation of stricter capital controls limited the flow of investment from Chinese nationals, who were the primary target market for the development.
Home sweet…. home? Malaysia is offering tax incentives for people to move into the complex (Image: Getty)
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Additionally, and the global -19 pandemic further impeded progress.
Today, Forest City is largely uninhabited, with deserted streets and empty buildings. Reports suggest that only a fraction of the planned units have been sold or occupied, with estimates indicating fewer than 10,000 residents in a city designed for 700,000 – a meagre 14%.
Concerns have also been raised over its locations, since the project’s development on reclaimed land from the Johor Straits has called into question the impact on seagrass meadows and tropical mangroves.
Not only this, but the livelihoods of local fishermen were put at risk due to changes in the coastal ecosystem.
Chinese nationals were the target audience, but strict capital controls limited a flow of investment (Image: Getty)
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In a bid to rejuvenate the area, Malaysia’s Sultan Ibrahim Iskandar has proposed transforming Forest City into a special financial zone, integrating it into a proposed economic area between Johor and Singapore.
Plans include relocating government offices to the site and offering incentives to attract businesses and residents.
Forest City’s trajectory serves as a cautionary tale about the risks associated with large-scale urban developments that rely heavily on foreign investment.
The project’s challenges underscore the importance of sustainable planning and the need to consider local economic and environmental factors in such ambitious endeavours – whether these things will ever be solved remains to be seen.