Summary
On September 20, 2024, the Malaysian government unveiled a series of incentives aimed at transforming Forest City, the multibillion-dollar mixed-use megacity project, into a special financial zone. Among these incentives are a 15% income tax rate for skilled workers, multiple-entry visas, and a zero-percent 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 megacity? 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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