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Inside the 'ghost city' that cost 100 billion dollars (VIDEO)

2024-09-26 15:24:51Lifestyle SHKRUAR NGA REDAKSIA VOX
Inside the 'ghost city' that cost 100 billion dollars (VIDEO)
Forest City

YouTuber Ben Morris decided to visit a high-tech development in Johor, Malaysia, which was supposed to be a futuristic urban center with heavy investment from China.

Dubbed the "Forest City", it promised luxurious living, modern infrastructure and an eco-friendly environment. However, after the launch of the $100 billion project in 2016, things did not go according to plan.

Partly due to changes in China's capital controls in 2017, there has been a lack of investment from wealthy buyers.

In his YouTube video, Morris explained:

"It is speculated that the reasons for this are different. First, there has been a major real estate crisis in China that has affected not only domestic but also overseas projects. This had major consequences for projects like Forest City, where investors faced serious financial problems and could not finish what they started. And in the end, this city was built to satisfy the market of wealthy Chinese buyers who would own a secondary property abroad.

However, during construction, Malaysia's former prime minister imposed visa restrictions on Chinese buyers to prevent it from becoming a city built for foreigners. As Malaysians were already excluded from buying, this created a huge imbalance between the supply and demand for real estate.”

These reasons, combined with high costs, have caused many apartments to remain empty.

However, Morris was surprised by how luxurious the properties were. While touring the contemporary complex, he said: "This is your private floor and entrance, you can even see the bridge from the balcony."

The apartments had tennis courts, swimming pools, gyms and practically everything you need.

Nazmi Hanafiah, an IT engineer who moved to Forest City, told the BBC he left the area after just six months.

"I managed to escape from this place," said Nazmi, who was renting a one-bedroom apartment.

“I don't care about the deposits, I don't care about the money, I just had to get out.

"As I turn again, I feel a cold. It's lonely here – it's just you and your thoughts.”

He added: "Honestly, it's scary. I had high expectations for this place but it was a bad experience. There is nothing to do here.”


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