Country Garden assures its Malaysian businesses secure with sufficient assets

Malay Mail
Malay Mail

JOHOR BARU, Aug 28 — The master developer of Johor’s Forest City mega project has reiterated their commitment that its businesses in Malaysia is stable and secure.

In a statement, Country Garden Malaysia-Singapore Region assured the public that the company has sufficient net assets and sufficient land reserves.

Its Malaysia region spokesman Syarul Izam Sarifudin said that to date, the overall operation of the region is stable.

“Our company’s projects in Malaysia are operating normally and the sales performance is strong.

“We have five projects in Malaysia namely — Country Garden Danga Bay, Forest City and Central Park in Johor, Lake City@KL North and Diamond City in Kuala Lumpur.

“With the gradual recovery of the global and Malaysia’s post-pandemic economy landscape, the continuous and stable development of China-Malaysia relationship, the company is confident in exploring the Malaysian market.,” he said.

The statement comes after fears that the recent debt crisis at China-based Country Garden Holdings may cause a spillover effect in Malaysia, where the company’s subsidiary has several large-scale developments in Johor.

Syarul Izam added that the company in Malaysia will make full use of relevant policies to actively coordinate resources to ensure deliveries and operations are met.

He said the company will also strive to promote sales receivables, revitalise accumulated assets, strengthen internal management and improve operating efficiency.

“At the same time, various debt management measures will be introduced to actively resolve the pressure of periodic liquidity, in ensuring the company’s long-term future development,” he said.

Syarul Izam, who is also Forest City’s vice president, said Country Garden Malaysia-Singapore Region also welcomes the announcement of the special financial zone made by Prime Minister Datuk Seri Anwar Ibrahim on Friday.

He said that it shows the government’s confidence in the Forest City project.

“On behalf of the company, our gratitude goes to the prime minister, as well as the federal and state governments in an effort to stimulate investment and economic growth in Johor.

“The special financial zone will provide an expansion of incentives in Iskandar Malaysia to Forest City, including a special income tax rate of 15 per cent for skilled workers and multiple entry visas,” he said, adding that the move will spur the growth of those involved in healthcare, education and tourism.

On Friday, Anwar announced the government’s plan to create a special financial zone in Forest City to boost investment, growth and economic activities in the southern state.

Forest City is currently in its second phase where the company’s focus is to explore more investment opportunities.