The project's future is in doubt because of financial problems. Read more at straitstimes.com.
JOHOR BAHRU – On the approach to Malaysia’s US$100 billion island mega project backed by Chinese investment, a collapsed bridge forces drivers to detour before they reach an artificial city emerging from palm oil trees where condos, roads and shops stay empty.
It posted a record loss for the first half of 2023 but won creditor approval to extend a key bond repayment deadline, narrowly avoiding a potential default that imperilled thousands of developments in and outside the world’s second-largest economy. Launched under China’s Belt and Road Initiative with a company partly owned by Johor’s sultan, Forest City houses around 9,000 people, way below its 700,000 target.
Below sit rows of shuttered shopfronts, some with court documents stuck to doors demanding outstanding payments. Inside, rubbish is strewn across the floors.Model sculptures of the project sit in the lobby of a sales showroom to attract potential buyers, guided by Chinese, Malay and English road signs.Previous governments have opposed residency for expatriate investors, criticising the project as built only for foreigners.
“Everyone comes here for the liquor,” said Singapore-based technician Denish Raj Ravindaran, 32. “I will not stay here, it is a ghost town. The road is dark and dangerous and there are no street lights.”
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