Two family offices set up in Forest City SFZ as 30 more firms eye Johor investment hub
KUALA LUMPUR, April 23 — Forest City's Special Financial Zone (SFZ) in Johor Baru has welcomed its first two family offices — CMY Capital Family Office and Yow Kee Family Office — and is attracting growing investor interest, with 30 other companies expressing intent to establish operations there.
Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said both family offices have obtained approval from the Securities Commission Malaysia, according to a report published today in The Edge.
To qualify for the zone's 0 per cent tax incentive, family offices must manage a minimum of RM30 million in assets and receive SC approval.
In a statement by Forest City developer Country Garden Pacificview Sdn Bhd, Lee revealed that 19 of the interested companies are from Malaysia, Singapore and Thailand.
Forest City, developed by Country Garden Pacificview — a joint venture between China's Country Garden Holdings Co Ltd and Esplanade Danga 88 Sdn Bhd — is part of the larger Johor-Singapore Special Economic Zone (JS-SEZ) aimed at boosting investment.
Incentives for companies in the SFZ include a corporate tax rate of 0 to 5 per cent, and a flat 15 per cent income tax for knowledge-based workers.
Lee noted that while the Ministry of Finance is still formalising these incentives, applications are currently being assessed on a case-by-case basis to expedite approvals.
Tailored incentive packages are also being offered to major investors.
To support businesses, the Invest Malaysia Facilitation Centre Johor (IMFCJ) was launched as a one-stop centre offering coordination between investors and relevant authorities.
Since January 2025, the IMFCJ has managed over 250 investment-related enquiries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
an hour ago
- Borneo Post
Phase 2 of flood mitigation plan to benefit over 100,000 households in Miri
Lee (second right) shows the map of the Miri River Flood Mitigation Plan Phase 2 as Chen (right) and others look on. MIRI (June 10): The Miri River Flood Mitigation Plan Phase 2, to be tendered by the end of this year, will benefit over 100,000 households in low-lying and flood-prone areas here, said Transport Minister Dato Sri Lee Kim Shin. Lee, who is also minister-in-charge of the Divisional Disaster Management Committee, said the RM50 million project has completed its design stage, and the Department of Irrigation and Drainage (DID) has submitted it for siting approval. 'Once the siting approval is obtained, DID will call for tender. Hopefully, by the end of the year, the tender can be awarded. We hope that the project can be completed within 24 months,' he told reporters after being briefed on the project by DID divisional engineer Daniel Chen here yesterday. Lee noted that Phase 2 of the project covers the Sungai Dalam catchment area, which includes Pujut Tanjong Batu, Sungai Dalam, Canada Hill, Miri Hospital, Taman Lopeng Jaya, Riam Institute of Technology, Chung San School, Miri Airport, Taman Tunku, SMK Taman Tunku and Kampung Lusut. It also encompasses the Assar Commercial Centre at Jalan Bypass Miri, Eastwood Valley Golf Club, Melia Residence and Richmond Park. 'The project primarily aims to address the issue of flooding in these areas. Taman Tunku, for instance, experienced flash floods in 2011, 2014, 2017 and 2019. Meanwhile, Pujut Tanjong Batu was hit by floods in 2014, 2018, 2019, 2021 and most recently in 2025,' said Lee. He added that during the earlier briefing, he had told DID that construction should begin in the most severely affected areas, and Riam, Pujut Padang Kerbau, Canada Hill and Taman Lopeng Baru have been identified as the main priority zones. 'This project will benefit over 100,000 households. We also hope it will at least minimise the risk of recurrent flooding in these flood-prone areas.' On a related matter, Lee said he had also requested DID to pay special attention to new development areas, ensuring that any drainage systems implemented are able to accommodate future growth. He noted that some of the current flooding problems stemmed from undersized drainage systems that were approved 10 or 20 years ago, prior to the development of surrounding areas. 'That is why the new plan includes the upgrading and resizing of existing drainage systems,' he said. Also present were Miri City Council councillors. Divisional Disaster Management Committee flood mitigation lead Lee Kim Shin
The Star
2 hours ago
- The Star
12,000 expected at highway marathon in Klang Valley
(Back row, from fifth left) Lee, Wan Salwani and Wang with representatives of sponsors for the IJM Allianz Duo Highway Challenge 2025. — LOW BOON TAT/The Star THE IJM Allianz Duo Highway Challenge, touted as Malaysia's only full highway marathon, will return for its seventh edition on Aug 3. The marathon will take place on parts of the New Pantai Expressway (NPE) and Sungai Besi Highway (Besraya). Over 12,000 participants are expected to join the event with four running categories, ranging from 5km to 42km. This year's 'Highway Legend' theme aims to celebrate everyday athletes who train without seeking recognition. Allianz Malaysia chief executive officer Sean Wang, representing the event's co-title sponsor, said the event was gaining more global recognition. 'Our partnership with IJM reflects a shared commitment to health and sustainability, mirroring our global support for the Olympics and Paralympics through 2032. 'The IJM Allianz Duo Highway Challenge has earned two Malaysia Book of Records titles. It is the first full marathon held on a highway and the longest marathon course on a closed highway. 'The 2025 edition has secured certification from World Athletics, an international governing body for athletics. 'It is also recognised by the Association of International Marathons and Distance Races,' said Wang during a press conference on the event at IJM Land Centre of Excellence Gallery in Pantai Sentral Park, Kuala Lumpur. IJM Corp Group chief executive officer Datuk Lee Chun Fai said the recognitions affirm that the marathon meets international standards for distance accuracy and race organisation. 'IJM's objectives go beyond constructing roads. That is why we build platforms to bring people together, to connect and challenge themselves. 'More importantly, the fully closed highway marathon experience remains uniquely ours. This is not just about speed but about community, perseverance and leaving a positive legacy.' The Works Ministry besides the police, and Malaysian Highway Authority will oversee road closures and traffic diversions to ensure public safety. IJM toll division chief executive officer Wan Salwani Wan Yusoff said a lot of behind-the-scenes efforts were required to execute the event. 'We need a lot of people and resources even for a one-day marathon. But we have gained sufficient experience after having this event for several years,' she said. Event organiser EC Pixels Asia managing director Eugene Chan, said new features this year included public recruitment for pacers and entertainment zones with live music to encourage participants along the route. 'We have launched a pacer search and the public can register with us. 'Every station along the run will offer isotonic drinks. 'The highway run can be quite tough, so we have added entertainment stations to help runners enjoy the journey. 'There will be a live DJ station at one of the stations,' said Chan. Registration for the run closes on June 30. For details, visit
The Star
16 hours ago
- The Star
South Korea president calls for extra budget to be ready swiftly
SEOUL: South Korean President Lee Jae-myung (pic) urged officials on Monday (June 9) to swiftly draw up a supplementary budget plan aimed at supporting economic recovery and spurring consumption, his office said. Lee, who took office last week, has made economic recovery a priority, launching an emergency economy taskforce with government officials. The economy contracted in the first three months of the year as exports and consumption stalled amid fear over the impact of US tariffs, fanning expectations of interest rate cuts. If the extra budget is finalised under Lee, that would add to the country's earlier supplementary budget of 13.8 trillion won (US$9.7 billion) approved on May 1. During his election campaign, Lee had emphasised the need for an extra budget to provide short-term economic stimulus. At the taskforce meeting on Monday, he also asked for measures to stabilise prices, saying the increasing cost of living is causing "too much pain". "Prices are causing too much pain for the people, so please check the current situation and see if there are any possible measures and report them even before the next meeting," Lee said, referring to higher prices of instant noodles. Prices of chicken and eggs have risen since an outbreak of avian flu in Brazil, a vice finance minister told Lee during the meeting. The government has restricted chicken imports from avian flu-affected areas in Brazil. The left-leaning president is expected to pursue fiscal expansion policies, including increased cash subsidies and welfare, aimed at bolstering economic growth despite concerns over rising debt levels. - Reuters
