KUALA LUMPUR (ANN/THE STRAITS TIMES) – Malaysia has enacted regulations to designate an island within the Forest City development as a duty-free zone, aiming to revitalise the struggling megacity.
On July 17, the Lower House of Parliament approved five amendment Bills to establish Pulau Satu as a duty-free island, alongside Labuan, Langkawi, Tioman, and Pangkor. The legislation awaits approval from the Senate.
This initiative aligns with Prime Minister Anwar Ibrahim’s 2023 announcement to designate Forest City as a special financial zone.
The government is also close to finalising a deal with Singapore to develop a cross-border economic zone that is likely to include the mega property project to boost trade and connectivity between Malaysia’s southern Johor state and the island nation.
Forest City, a USD100 billion (SGD134 billion) megacity project by Chinese developer Country Garden Holdings, has been beset by challenges since construction began a decade ago.
Malaysia’s King, Sultan Ibrahim Iskandar, who hails from Johor, said in December that he would push for a revival of the high-speed rail line between Kuala Lumpur and Singapore to be routed through the development.
