ISKANDAR PUTERI: The Johor Bahru Tengah Municipal Council (MPJBT) expects to receive tax revenue of at least RM50 million per year from the Forest City here upon its completion.
Johor Menteri Besar Mohamed Khaled Nordin said the revenues would come from quit rent or property tax.
“Johor has no oil (industry) but such development projects can bring additional revenue to the state every year that can be channelled back to the people.”
He said through the MPJBT’s collection, the state government could provide various facilities, including halls, recreational parks, and shop lots for traders, besides developing some areas.
Forest City is a futuristic smart city project built on four man-made islands spanning 1,385.6ha.
Costing RM100 billion, it is expected to be completed within 20 years and will have a range of facilities, including housing units, offices and shopping malls.