Inside Malaysia's Failed $100 Billion GHOST CITY (shocking)
Matt and Julia・19 minutes read
Forest City, built by Country Garden for the Chinese market, is a modern super City with only 1% occupancy due to factors like COVID-19 and political uncertainty in Malaysia. Despite its eco-friendly design and tranquil ambiance, the high number of empty apartments raises concerns about the project's financial sustainability and future prospects.
Insights
- Forest City, a massive modern city built for a million people, currently stands almost empty with only 1% occupancy after 8 years due to factors like COVID-19, Chinese government restrictions, and political uncertainty in Malaysia.
- Despite being marketed as an eco-friendly Utopia for the Chinese middle class and elites seeking affordable second homes, Forest City's severe supply overhang, ghost city label, and financial sustainability concerns cast doubt on its future viability, leaving residents in a state of uncertainty and anticipation for potential positive developments.
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Recent questions
Why is Forest City almost empty?
Due to factors like COVID-19, Chinese government restrictions, and political uncertainty in Malaysia, Forest City only has 1% occupancy after 8 years.
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Summary
00:00
"Forest City: Modern Ghost City with 1% Occupancy"
- Forest City is a modern super City built for a million people but is currently almost empty.
- The project started in 2016 and cost over A1 billion US dollars, built by Chinese property developer Country Garden.
- Despite being marketed as an eco-friendly Utopia, Forest City only has 1% occupancy after 8 years.
- Forest City was built as part of the Belt and Road Initiative by Country Garden for the Chinese market.
- Factors like COVID-19, Chinese government restrictions, and political uncertainty in Malaysia contributed to the low occupancy.
- The project was aimed at the Chinese middle class and elites looking for second homes at a lower cost.
- The first phase was completed in 2019, but various factors led to a severe supply overhang and the label of a ghost city.
- The project is on the other side of the water from Singapore, making its emptiness even more striking.
- Despite having around 6,000 residents, Forest City has a capacity for almost 1 million people.
- The presence of numerous workers compared to residents raises questions about the financial sustainability of the project.
22:11
"Deserted Forest City: Uncertain Future Ahead"
- The residential area in Forest City appears deserted, with empty villas and overgrown areas, contrasting with a few occupied apartments. The quiet ambiance, filled with bird sounds, creates a serene atmosphere, ideal for a weekend getaway.
- Despite the tranquil setting, the lack of activity at night, minimal lighting in apartments, and eerie vibes suggest a ghost town feel. The low occupancy rate raises concerns about the future of Forest City and the potential financial losses for current apartment owners.
- Forest City's future seems uncertain, heavily reliant on external factors. The limited sales and high number of empty apartments indicate a challenging situation for residents hoping for a vibrant community, leaving them to wait and hope for a positive change.
