Korean investment firm GG56 Korea Ltd is reportedly investing US$1 billion (RM4.37 billion) in Forest City to establish Malaysia’s first Korean Culture Town.
This follows the signing of a memorandum of understanding (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 stated that the MOA was a significant milestone in Forest City’s ongoing development, cementing 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 on Wednesday.
Md Othman signed the agreement on behalf of CGPV, while GG56 Korea was represented by its CEO and co-founder, Kim Young Kun, and Chung Dong Wan, chairman of CMK Consortium, GG56 Korea’s subsidiary.
Meanwhile, Kim stated that the agreement gave the company the opportunity 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 an ambitious urban development project in Johor Bahru. It aims to be a smart, green, and sustainable city that combines residential, commercial, and industrial spaces with cutting-edge technology and infrastructure.
GG56 Korea is an investment firm focused on high-impact projects in healthcare, entertainment, technology, and real estate.
%20in%20Forest%20City%20to%20establish%20Malaysia's%20first%20Korean%20Culture%20Town.%C2%A0){kind=link}