China is building a $100 Billion Shenzhen replica City in Malaysia - Alldamoney

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China is building a $100 Billion Shenzhen replica City in Malaysia

China is building a $100 billion city in Malaysia just across the border from Singapore, in Johor Bahru, a city bordering Singapore. Chinese investors are betting it will sooner or later become the next Shenzhen. Malaysia about a decade ago, decided to leverage on Singapore’s success by building the Iskandar zone across the causeway that connects the two countries. Malaysian sovereign fund Khazanah Nasional Bhd., unveiled a 20-year plan in 2006 that required a total investment of 383 billion Ringgit ($87 billion) on the project.

As growth keeps slowing in their home cities. Chinese builders were forced to look abroad so as keep erecting giant residential complexes that keep their businesses moving. Chinese companies found the Iskandar zone a prime and special economic zone to meet their investment objectives, the size of the construction is three times the size of Singapore, on the southern tip of the Asian mainland.

According to the company, constructions include Office towers, parks, hotels, shopping malls and an international school, all draped with greenery landscape and much more began on the site in February from which about 8,000 apartments have been sold.The construction is named Garden Forest City because it is built on four artificial islands, that can house about 700,000 people in an area three times the size of New York’s Central Park.

Siva Shanker, head of investments at Axis-REIT Managers Bhd  view could well represent the astonishment  everyone in the area is feeling “These Chinese players build by the thousands at one go, and they scare the hell out of everybody,” he said. “God only knows who is going to buy all these units, and when it’s completed, the bigger question is who is going to live in them?”

Some companies are encouraged to relocate to Iskandar, because of Singapore’s high living costs and property prices. Just as JB shopping malls and amusement parks have become a favorite for day-tripping Singaporeans.
Young Malaysians hang out in cafes and ice cream parlors on hipster street Jalan Dhoby In the old city center, where the inflow of new money is refurbishing the colonial-era shop houses. Let’s welcome the Chinese to iskander Malaysia

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