KUALA LUMPUR, April 23 — Forest City’s Special Financial Zone (SFZ) in Johor Baru has welcomed its first two family offices — CMY Capital Family Office and Yow Kee Family Office — and is attracting growing investor interest, with 30 other companies expressing intent to establish operations there.
Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said both family offices have obtained approval from the Securities Commission Malaysia, according to a report published today in The Edge.
To qualify for the zone’s 0 per cent tax incentive, family offices must manage a minimum of RM30 million in assets and receive SC approval.
In a statement by Forest City developer Country Garden Pacificview Sdn Bhd, Lee revealed that 19 of the interested companies are from Malaysia, Singapore and Thailand.
Forest City, developed by Country Garden Pacificview — a joint venture between China’s Country Garden Holdings Co Ltd and Esplanade Danga 88 Sdn Bhd — is part of the larger Johor-Singapore Special Economic Zone (JS-SEZ) aimed at boosting investment.
Incentives for companies in the SFZ include a corporate tax rate of 0 to 5 per cent, and a flat 15 per cent income tax for knowledge-based workers.
Lee noted that while the Ministry of Finance is still formalising these incentives, applications are currently being assessed on a case-by-case basis to expedite approvals.
Tailored incentive packages are also being offered to major investors.
To support businesses, the Invest Malaysia Facilitation Centre Johor (IMFCJ) was launched as a one-stop centre offering coordination between investors and relevant authorities.
Since January 2025, the IMFCJ has managed over 250 investment-related enquiries.
