Korean firm to invest US$1b in Forest City to develop first K-culture town

21 Aug 2024

Korean investment firm GG56 Korea Ltd will invest US$1 billion (RM4.37 billion) in Forest City to develop Malaysia’s first Korean Culture Town.

This is following the signing of a memorandum of agreement (MOA) with Forest City’s master developer Country Garden Pacificview Sdn Bhd (CGPV) to develop the project, which will include K-Content Production Studios, an international Cultural District and a world-class residential development.

CGPV executive director Datuk Md Othman Yusof said the MOA marked a significant milestone in the ongoing development of Forest City, further solidifying its position as a global hub for innovation, culture and sustainable growth.

“This MOA is not just a formal agreement, it reflects our shared vision for Forest City and we are thrilled to collaborate with GG56 Korea to bring these transformative projects to life.

“Together, we will build a city that stands as a testament to innovation, culture, and sustainable development,” he told reporters after the signing ceremony here on Wednesday.

The agreement was signed by Md Othman on behalf of CGPV while GG56 Korea was represented by its chief executive officer and co-founder Kim Young Kun, and Chung Dong Wan, chairman of CMK Consortium, a subsidiary of GG56 Korea.

Meanwhile, Kim said the agreement provided an opportunity for the company to create something extraordinary in Forest City.

“Through our collaboration with CGPV, we aim to contribute to the city’s growth and establish it as a leading global destination,” he said.

Forest City is a visionary urban project in Johor Bahru. It is designed to be a smart, green and sustainable city that integrates residential, commercial and industrial spaces with cutting-edge technology and infrastructure.

GG56 Korea is an investment firm with a focus on high-impact projects in areas such as healthcare, entertainment, technology, and real estate.

Source: Bernama