Country Garden Sales Hit Over 80%

In fact, its projects are “moving forward to the next phases as planned, including handover process, maintenance and operations”, reported The Malaysian Reserve.

“At Forest City, more than 9,000 units were handed over to owners back in 2019, while the rest will be executed in 2020,” revealed the developer.

It is currently in a handover process at Forest City, where there are 20,000 housing units developed.

Lake City@KL North development, on the other hand, is showing good progress, with good sales.

Investing almost RM20 billion in Malaysia, Country Garden projects in the country include Country Garden Diamond City, Country Garden Central Park and Country Garden Danga Bay.

It is working with over 100 local partners, suppliers and contractors, including Kumpulan Prasarana Rakyat Johor Sdn Bhd, Land & General Bhd, Perdana Parkcity Group and Damansara Realty Bhd.

The developer also invested over RM1 billion and built Asia’s biggest fully automated Integrated Building Systems plant in Gelang Patah, Johor.

Country Garden’s main focus for this year is to build up the industry component of Forest City by luring industries to set up within its industrial hub as well as further enhance the development’s tourism component.

“With the direction shift from residential to industrial, the effort is to focus on the development of our golf courses,” said the group. “Since we have launched two golf courses, the third will follow suit in the future.”

Notably, the early phases of Forest City’s residential and commercial units have already been completed, with Carnelian Tower set to open this year. The 45-storey integrated landmark building features residential units, retail shops and offices.

Forest City’s commercial area currently has 90 tenants with various business lines such as food and beverage, accessories, luxury goods and cosmetics.

Meanwhile, Country Garden does not expect the federal government’s lower threshold price of RM60,000 for foreigners to have a significant impact on the country’s property overhang situation.

“It could potentially benefit the mass market developers focusing on the affordable product range but for us, target segmentation is key to ensuring the development of marketable goods and products in the market to reduce risks and remain competitive,” it said.

Source: PropertyGuru