Malaysiakini - Mahathir's Forest City mistake:
Most readers are aware that I have been a strong supporter of Prime Minister Dr Mahathir Mohamad when he decided to join Pakatan Harapan in getting rid of former premier Najib Abdul Razak and BN rule.
I am proud to say that I joined Mahathir and Perak Harapan leaders during their election rounds in the state, and campaigned vigorously for them in my election speeches. I also provided financial support to all the four component parties.
It is truly gratifying to see that there is now a new state and federal government in place, and to know that a new Malaysia was reborn, in which I played a small role in assisting.
Since then I have been appointed as a member of an Economic Advisory Committee to advise the new Perak state government on how to revive the state's economy, which has stagnated after over 50 years of BN rule.
As an independent adviser, I feel it is important for me not only to monitor developments at the state level, but also at the national level. It is also necessary that I frankly assess these developments and communicate my concerns should there be any.
One issue has been in the public eye recently which warrants my speaking out.
This is the Forest City project taking place in Johor which has become the target of considerable press coverage – nationally and internationally – as a result of a statement made by Mahathir.
According to news reports, Mahathir told a business conference that overseas buyers will no longer be allowed to purchase homes in the US$100 billion Forest City development.
"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.
"Our objection is because it was built for foreigners, not built for Malaysians. Most Malaysians are unable to buy those flats," he said.
Concerns over Dr M's stand
Much as I respect the prime minister, I feel that he has not only spoken out of turn, but also wrongly on this matter. Why do I say so?
Firstly, although the major developer is a China company, this is a private sector project which is unrelated to the East Coast Rail Link (ECRL) project and the two gas pipeline projects under Suria Strategic Energy Resources Sdn Bhd (SSER).
The new government may have good reason to review or even cancel the ECLR and SSER. But I feel it has no locus standi to intervene in Forest City, and to prevent foreign buyers who have already bought into it from taking up their apartments.
Neither has the new government any legal right, in my view, from preventing the joint venture company between Hong Kong-based Country Garden Group and Kumpulan Prasarana Rakyat Johor associate Esplanade Danga 88 Sdn Bhd, from selling future apartments to foreign buyers.
According to a Reuters report, China nationals make up about two-thirds of the Forest City apartments' buyers thus far, with 20 percent from Malaysia and the rest from 22 other countries, including Indonesia, Vietnam and South Korea.
Sure, there are many concerns and questions about the project arising from its approval by the earlier government and because of the interest of the Johor sultan in it.
Were there elements of vested interest and politics that were involved? Most likely. But is this a good enough reason for Mahathir to intervene?
I also remember that at the time of the project planning, objections were also raised by the Singapore government, which was concerned with the sheer scale of the development and its impact.
While Forest City does not cross the water boundaries between Malaysia and Singapore, large-scale dredging was seen as impacting water flows and silting through the channel.
In fact, the Singaporean government demanded a thorough environmental impact assessment (EIA), and complained to the Malaysian government, calling for all reclamation work to be suspended. It seems ironic that Mahathir and the Singaporean government now appear to be on the same page on this.
Despite these concerns – with many expressed publicly – the Forest City project was approved. Unfortunately, what has been done and approved by the state and federal authorities for Forest City cannot simply now be overturned just because Mahathir has expressed his disapproval.
Sending wrong signal to foreign investors
My advice to the prime minister is to let it go and not waste his precious time by continuing to harp or to act rashly on this issue.
I should emphasise that I myself am a strong supporter of local participation in economic development. But we need to take a case by case approach, and not simply base our position on ideology.
Firstly, if Mahathir thinks that foreigners are denying Malaysians of affordable homes in Forest City, he is wrong. They are really in a different much higher value market.
Secondly, he should realise that he is sending the wrong signal to foreign investors and purchasers of properties in Malaysia by pushing an ultra-nationalist position on Forest City.
It is also necessary to emphasise that I am not alone in thinking that Mahathir is making a mistake with his Forest City stand. His own office, the Prime Minister's Office, has clarified that foreigners are allowed to make Malaysia their place of permanent residence under Malaysia My Second Home (MM2H) scheme.
"Conditions are clearly spelt out for those interested and information on this programme is also publicly available.
"On property purchased by foreigners, irrespective of nationality, Malaysia imposes certain conditions and information on these existing conditions are publicly available,” the PMO said in a statement.
According to Johor Mentri Besar Osman Sapian, Mahathir might not have the accurate information on the state’s policies pertaining to the project.
His position: “We always welcome foreign buyers, including those from China, to purchase residential properties in Johor, but at the same time we will safeguard the interests of locals.”
KOON YEW YIN, a retired chartered engineer, is a philanthropist. He is appointed to the Perak State Economic Advisory Council (SEAC).
I am proud to say that I joined Mahathir and Perak Harapan leaders during their election rounds in the state, and campaigned vigorously for them in my election speeches. I also provided financial support to all the four component parties.
It is truly gratifying to see that there is now a new state and federal government in place, and to know that a new Malaysia was reborn, in which I played a small role in assisting.
Since then I have been appointed as a member of an Economic Advisory Committee to advise the new Perak state government on how to revive the state's economy, which has stagnated after over 50 years of BN rule.
As an independent adviser, I feel it is important for me not only to monitor developments at the state level, but also at the national level. It is also necessary that I frankly assess these developments and communicate my concerns should there be any.
One issue has been in the public eye recently which warrants my speaking out.
This is the Forest City project taking place in Johor which has become the target of considerable press coverage – nationally and internationally – as a result of a statement made by Mahathir.
According to news reports, Mahathir told a business conference that overseas buyers will no longer be allowed to purchase homes in the US$100 billion Forest City development.
"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.
"Our objection is because it was built for foreigners, not built for Malaysians. Most Malaysians are unable to buy those flats," he said.
Concerns over Dr M's stand
Much as I respect the prime minister, I feel that he has not only spoken out of turn, but also wrongly on this matter. Why do I say so?
Firstly, although the major developer is a China company, this is a private sector project which is unrelated to the East Coast Rail Link (ECRL) project and the two gas pipeline projects under Suria Strategic Energy Resources Sdn Bhd (SSER).
The new government may have good reason to review or even cancel the ECLR and SSER. But I feel it has no locus standi to intervene in Forest City, and to prevent foreign buyers who have already bought into it from taking up their apartments.
Neither has the new government any legal right, in my view, from preventing the joint venture company between Hong Kong-based Country Garden Group and Kumpulan Prasarana Rakyat Johor associate Esplanade Danga 88 Sdn Bhd, from selling future apartments to foreign buyers.
According to a Reuters report, China nationals make up about two-thirds of the Forest City apartments' buyers thus far, with 20 percent from Malaysia and the rest from 22 other countries, including Indonesia, Vietnam and South Korea.
Sure, there are many concerns and questions about the project arising from its approval by the earlier government and because of the interest of the Johor sultan in it.
I also remember that at the time of the project planning, objections were also raised by the Singapore government, which was concerned with the sheer scale of the development and its impact.
While Forest City does not cross the water boundaries between Malaysia and Singapore, large-scale dredging was seen as impacting water flows and silting through the channel.
In fact, the Singaporean government demanded a thorough environmental impact assessment (EIA), and complained to the Malaysian government, calling for all reclamation work to be suspended. It seems ironic that Mahathir and the Singaporean government now appear to be on the same page on this.
Despite these concerns – with many expressed publicly – the Forest City project was approved. Unfortunately, what has been done and approved by the state and federal authorities for Forest City cannot simply now be overturned just because Mahathir has expressed his disapproval.
Sending wrong signal to foreign investors
My advice to the prime minister is to let it go and not waste his precious time by continuing to harp or to act rashly on this issue.
I should emphasise that I myself am a strong supporter of local participation in economic development. But we need to take a case by case approach, and not simply base our position on ideology.
Firstly, if Mahathir thinks that foreigners are denying Malaysians of affordable homes in Forest City, he is wrong. They are really in a different much higher value market.
It is also necessary to emphasise that I am not alone in thinking that Mahathir is making a mistake with his Forest City stand. His own office, the Prime Minister's Office, has clarified that foreigners are allowed to make Malaysia their place of permanent residence under Malaysia My Second Home (MM2H) scheme.
"Conditions are clearly spelt out for those interested and information on this programme is also publicly available.
"On property purchased by foreigners, irrespective of nationality, Malaysia imposes certain conditions and information on these existing conditions are publicly available,” the PMO said in a statement.
According to Johor Mentri Besar Osman Sapian, Mahathir might not have the accurate information on the state’s policies pertaining to the project.
His position: “We always welcome foreign buyers, including those from China, to purchase residential properties in Johor, but at the same time we will safeguard the interests of locals.”
Please bear in mind the value of the Forest City is US$ 100 billion. Where can Mahathir find investors with so much money?
KOON YEW YIN, a retired chartered engineer, is a philanthropist. He is appointed to the Perak State Economic Advisory Council (SEAC).
"I am proud to say that I joined Mahathir and Perak Harapan leaders during their election rounds in the state, and campaigned vigorously for them in my election speeches. I also provided financial support to all the four component parties."
ReplyDelete"Since then I have been appointed as a member of an Economic Advisory Committee..."
Yeah, we see what you did there. Not so smart when you wrote a self-confessed incrimination to being a part of Cronyism 2.0.
Methinks, TDM the Black Cobra knows very well what he is saying and why he says it even though others may think he is foolish, not wise, sounds stupid etc etc. It always end up with another objective in his mind while others go scrambling around looking at different angles and direction and some trying to give their expert and professional advice or wisdom and in the end never knowing what is his real objective and intentions.
ReplyDeleteWith so many advisors esp the CEP, what makes anyone thinks he is Nyanyok when he says something and lash out for all to hear whether locally or abroad?
I am still wondering whether his aim was at the Johor Palace or BN and their cronies. Or was it meant to mentally torment them where the pockets hurt for humiliating an egoistic old man.
Why Chinaman must always jump at his slightest provocation? Just relax and see what his real intentions and objectives are before ending up looking stupid at unwarranted worries and statements.
Everyone worries but he is smiling and smirking over his adversaries as retributions to those who crossed his path.
Since when cheebye motherfucker kaytee says that madhater is nyanyuk?
Deleteaiyah, I am tired of telling you I did NOT fCk your mum
DeleteKoon Yew Yin wrote a very level-headed and considered article. There was no hostility in it at all.
ReplyDeleteThe malice was in the words ChaBor added himself.
"Mahathir despises Najib for looking towards China simply because he is anti-Chinese.
And that is why he looks towards Japan instead of China during his days as Prime Minister.
He feared that the Chinese in Malaysia would get big-headed and would no longer respect the Malays."
Wow ...that is real Hate- Speech.
Meanwhile that leng chai historian from spore truly screwed up himself. I wonder if madhater covetly wanted pap to stay in power nong nong
Delete