Forest City could become cheaper, secondary family office hub to complement Singapore 

MALAYSIA’S Forest City could be a secondary family office (FO) hub that complements Singapore’s FO scene given its strategic location and lower costs, industry watchers said.

But they added that it is still too early to tell if it could truly become a wealth hub; more clarity on its tax incentives and legal frameworks is needed first.

Last September, Malaysia announced tax incentives for FOs in the Forest City Special Financial Zone (SFZ) in Johor, aimed at revitalising the integrated development project that failed to take off.

The plans also contribute to the newly set up Johor-Singapore Special Economic Zone (JS-SEZ) – a partnership aimed at promoting economic growth and attracting investments in both countries.

“The JS-SEZ is intended to enhance economic collaboration with Singapore, enhance cross-border connectivity, and foster a business-friendly environment,” said Lee Tiong Heng, Deloitte’s private FO leader for South-east Asia.