Kumpulan Prasarana Rakyat Johor (KPRJ) executive vice-chairman Datuk Md Othman Yusof showing reporters a map of the controversial RM600 billion Forest City development during a press conference at the KPRJ office in Danga Bay, Johor Bahru, this morning.
The man-made island is built by Country Garden Pacific View (CGPV) Sdn Bhd where the Guangdong-based property developer Country Garden Holdings have a 60 per cent stake and Planet Esplanade Sdn Bhd has a 40 per cent stake. Of this, KPRJ has a 20 per cent share in Esplanade.
As for the direct investment in the mammoth project, KPRJ will get only eight per cent returns.
"KPRJ did not contribute any land at all as it is all reclaimed from the sea," he said.
"This eight per cent will bring a huge return to the people of Johor. The state government will re-direct that money to build low-cost houses for the local folk," he added.
to be continued ...
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