In the quest for an ideal location for a groundbreaking real estate project like Forest City, careful consideration of the advantages offered by different regions is crucial. Singapore, with its limited land area and focus on economic globalization, emerges as a strategic choice for Forest City. This blog explores the reasons why Forest City opted to choose Singapore as its base, highlighting the benefits of the proximity to Singapore, the attractive incentives provided by the Singaporean government, and the compelling attractions of Iskandar. From geographical advantages to cost-effectiveness and government incentives, Singapore offers a compelling proposition for Forest City’s success.
Supplementary Zone for Economic Development
Singapore’s limited land area necessitates the exploration of supplementary zones to support economic development. Recognizing this, the Singapore Economic Development Board encourages multinational companies to consider Malaysia’s Iskandar as a complementary zone. By choosing Forest City, located in Iskandar, Forest City aligns itself with Singapore’s vision of global economic integration and establishes a symbiotic relationship between the two regions.
Attractions of Iskandar for Singapore Corporations
Iskandar holds three key attractions for Singapore corporations considering relocation:
- Geographical Advantages and Low Relocation Costs:
Iskandar’s proximity to Singapore offers great geographical advantages, allowing for easy access to business opportunities in both regions. The low relocation costs make Iskandar an appealing choice, enabling companies to expand their operations while minimizing expenses.
- Low Operating Costs:
Iskandar offers significantly lower operating costs compared to Singapore. The cost of land, for instance, is only one-third of what it would be in Singapore. This cost-effectiveness translates into substantial savings for businesses operating within the Iskandar zone.
- Government Incentives and Favorable Business Environment:
Enterprises in Iskandar can take advantage of incentives provided by the Malaysian government. These incentives include preferential rent and tax exemptions for ten years, creating an attractive business environment. Additionally, Iskandar’s low labor costs, approximately half of Singapore’s, present another compelling reason for Singaporean corporations to relocate.
Choosing Forest City means choosing Singapore, a strategic decision based on the limited land area and economic globalization of the city-state. By locating in Iskandar, Forest City establishes a mutually beneficial relationship with Singapore and enjoys the advantages of close proximity to a global economic hub. The benefits offered by the Singaporean government, such as incentives and financial support, further strengthen the proposition. With Iskandar’s geographical advantages, low operating costs, and favorable business environment, Forest City and other Singaporean corporations have a unique opportunity to expand their operations and capitalize on the growth potential of the Iskandar region.