Korean investment firm GG56 Korea has signed a deal with Country Garden Pacificview to develop K-content studios, an international cultural district, and a world-class residential area in Forest City, Johor.
PETALING JAYA: Korean investment firm GG56 Korea Ltd will invest US$1 billion (RM4.37 billion) in Forest City to develop Malaysia’s first Korean Culture (K-Culture) Town, said the Forest City’s master developer, Country Garden Pacificview Sdn Bhd (CGPV).
It said GG56 Korea has signed a memorandum of agreement (MoA) with CGPV to develop the project, which will include K-content production studios, an international cultural district, and a world-class residential development.
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CGPV executive director Othman Yusof said the MoA marks a significant milestone in the ongoing development of Forest City, further solidifying its position as a global hub for innovation, culture and sustainable growth.
“This MoA is not just a formal agreement as it reflects our shared vision for Forest City and we are thrilled to collaborate with GG56 Korea to bring these transformative projects to life.
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Together, we will build a city that stands as a testament to innovation, culture, and sustainable development, he told reporters after the signing ceremony.
The agreement was signed by Othman on behalf of CGPV, while GG56 Korea was represented by its CEO and co-founder Kim Young Kun, and Chung Dong Wan, the chairman of CMK Consortium, a subsidiary of GG56 Korea.
Meanwhile, Kim said the agreement provided an opportunity for the company 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, a visionary urban project in Johor Bahru, is designed to be a smart, green, and sustainable city that integrates residential, commercial, and industrial spaces with cutting-edge technology and infrastructure.
GG56 Korea is an investment firm primarily focussed on high-impact projects in areas such as healthcare, entertainment, technology, and real estate.
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