Country Garden's "Ghost Town"
Construction began in late 2015, and the Forest City project is considered a $100 billion "boost" to elevate Malaysia's real estate market.
The project aims to accommodate 700,000 people by 2035 with office space, shopping malls, clinics, schools and entertainment facilities built on four reclaimed islands covering a total area of up to 30 square kilometers.
Although part of the project has been built, there are still abandoned areas. As of now, the completed real estate only accounts for 15% of the total project with about 9,000 residents.
The vacancy, combined with Country Garden's challenges, has made Forest City difficult (Photo: WSJ).
With Country Garden's "lord" constantly facing troubles, the project's viability has become a big question mark. The vacancy, combined with Country Garden's challenges, has led to Forest City being known as a "ghost town".
However, the project is receiving an unexpected boost as it has become the setting for a number of international television shows, including Netflix reality series The Mole.
Caught the eye of many filmmakers
"Filmmakers expressed their love for the scenery of high-rise buildings facing the sea, hotels and golf resorts... which were considered suitable for their filming requirements," Forest City told Nikkei Asia .
In addition to Netflix, Forest City said other production companies have begun setting up cameras and equipment in preparation for filming there. German broadcaster ProSieben TV and South Korean broadcaster KBS will shoot reality and travel shows at the location.
Once labeled a "ghost town", the Forest City project now attracts many international film studios (Photo: Nikkei).
Samuel Tan, managing director of property consultancy KGV International Property Consultants, said becoming a destination for film companies was a positive sign for Forest City, and would help promote the project.
"The effectiveness of these media can be much stronger than conventional advertising," he stressed to Nikkei Asia .
Positioning yourself as a filming location is also a smart business move to generate additional revenue. Locations that appear on screen have a great opportunity to promote tourism and hospitality services.
According to Tan, Forest City's positioning as a filming location is also a smart business strategy and can increase revenue by promoting tourism and hotel services associated with movie attractions.
Country Garden once had big ambitions for its Forest City mega-project in Malaysia, but the project has become a "ghost town". The project was expected to become Country Garden's flashy masterpiece overseas, but now it has become the target of creditors as the real estate developer is in financial crisis.
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