A "100 Billion Dollar City" with 9,000 Residents — A Vision of the Future Beyond Failure: Who Owns the "Unsold Paradise" of Forest City Now?

1. Prologue: The Current State of the "City of the Future" Floating on the Sea

Forest City, located off the coast of Johor with a view of the Singapore Strait, consists of four artificial islands with a total area of 2,833 hectares. The major Chinese developer Country Garden envisioned a "Green Smart City" worth $7.3 billion, with a grand vision to accommodate a population of 700,000 by 2035. However, in August 2025, the Australian newspaper The Age reported the reality under the title "Unsold Paradise." The actual resident population is estimated to be around 9,000, making it a "ghost town" with an occupancy rate of 1%.

2. Three Miscalculations That Stifled Success

1. Strengthening of Capital Controls — In 2017, the Chinese government imposed an annual remittance limit of $50,000 on overseas real estate investments, quickly cooling the purchasing enthusiasm of the wealthy, who were the main customers.Wikipedia

2. Visa Restrictions on the Malaysian Side — The Mahathir administration introduced restrictions on foreign purchases, resulting in vacant lots even in areas where 80% had been sold.

3. Pandemic and Debt Crisis — Country Garden faced over $200 billion in debt, making additional investments difficult. Project progress has stalled at 10-15%.Business Insider

3. On-Site Report: A Cityscape with "10% Completion"

In September 2023, a Reuters reporter walked through the main mall, which had only a dozen or so open stores. The number of street cleaners exceeded shoppers, and the rooftop bar of the hotel had yet to open. The model in the massive sales gallery bore "SOLD OUT" tags, but the actual windows were mostly dark even at night.

4. Impact on the Environment and Society

The reclamation of mangrove wetlands and dugong migration routes has been criticized by environmental NGOs as "irreversible ecological destruction." In the local fishing village of Tanjung Kupang, fish catches have plummeted, and residents continue to protest to the state government.Wikipedia

5. Will the "Revival Plan" Work?

Special Financial Zone (SFZ) incentives, such as a 15% income tax reduction and zero import duties, were established in 2024. As of April 2025, more than 30 companies are reportedly considering opening family offices, but the attraction of industries with actual demand remains undecided.Wikipedia

6. The "#GhostCity" Tag Buzzing on Social Media

• YouTuber Ben Morris released an exploration video that surpassed 2 million views. Reactions were polarized between envy over "having the tennis court and pool to oneself" and horror at the "eeriness of the lack of people."LADbible

• X (formerly Twitter) saw entrepreneur Val Katayev post, "A city with $100 billion invested and only 9,000 residents? A graveyard of capital efficiency," garnering 15,000 reposts.

• TikTok saw the spread of "midnight stroll" videos tagged #ForestCity, boosting the popularity of "ruin tourism" among the younger generation (total views: 500 million).TikTok

7. Voices of Residents: The Minority Who Love the Quiet

Yang Minhan, a resident of Chinese descent in his 30s, says, "The cost of living is one-third of Singapore's. It's an ideal environment for remote work." On the other hand, IT technician Nazmi Hanafia left after six months, confessing to the BBC, "The loneliness seeped into my bones."LADbible

8. Macro Perspective: The "Spread" of China's Real Estate Bubble

The developer crises of Evergrande and Country Garden have spread domestically and internationally. Forest City has attracted the attention of international financial circles as a symbol, with analyses suggesting it as a target for creditors as an offshore asset.

9. Budding Potential: SFZ × Green Tech

The Malaysian government has proposed a hub concept for decarbonization and digital finance, planning to attract "smart grid demonstration cities" and "offshore data centers" after 2025. The synergy with already operational international schools and golf resorts will be key.

10. Epilogue: Whose "Unfinished Paradise" Is It?

Walking through Forest City, one is enveloped in an eerie silence where swaying palm leaves coexist with uninhabited skyscrapers. The figure of 700,000 has become a distant mirage, but paradoxically, the "void" itself may become the space that invites the next experiment. After a lost decade, will the city shift from "Unsold" to "Unfold"? Another quiet night falls on the artificial islands as the sun sets.

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