August 27, 2018 / 5:26 AM / 23 days ago

RPT-Malaysia says Forest City project off limits to foreign buyers

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KUALA LUMPUR, Aug 27 (Reuters) - Malaysia will not allow foreigners to buy residential units built at the $100 billion Forest City project in Johor, Prime Minister Mahathir Mohamad said on Monday.

The project has been wracked by uncertainty since Mahathir’s coalition scored a shock victory at a May general election, as developer Country Garden Holdings Co looks to revive faltering demand for its plans to build a city that would be home to 700,000 people.

“One thing is certain, that city that is going to be built cannot be sold to foreigners. We are not going to give visas for people to come and live here,” Mahathir told reporters at a press conference.

“Our objection is because it was built for foreigners, not built for Malaysians. Most Malaysians are unable to buy those flats.” (Reporting by Joseph Sipalan; Editing by Vyas Mohan)

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