This is the question I get asked most often about Forest City. I am going to answer it the same way I would if you were sitting across from me: it depends entirely on what you are buying it for. There is no single answer that fits every buyer — but there is an honest framework for thinking it through.
What has changed that makes 2026 different from 2022?
Three years ago, Forest City was a much harder sell. The developer was struggling, occupancy was near-zero, and there was no clear policy framework to explain why things would improve. That picture has changed in specific, verifiable ways since 2024.
The Special Financial Zone is now law, not a promise. Gazetted in September 2024 and backed by five pieces of amendment legislation, the SFZ framework brings 0% tax for family offices, 15% income tax for knowledge workers, and 5% corporate tax for qualifying financial services companies. Forest City is also one of nine flagship zones within the Johor-Singapore Special Economic Zone formalised in January 2025 — government policy commitments with application windows running to 2034.
Who should seriously consider buying?
? Forest City may be right for you if...
- You want MM2H residency with the lowest financial threshold available. The SFZ MM2H requires no minimum purchase price on Forest City units and a lower fixed deposit than any standard MM2H tier. Forest City is currently the only project recognised under this programme. 593 applications were approved between October 2024 and March 2026.
- You want Singapore proximity at a fraction of Singapore prices. Forest City is approximately 30 minutes from the Second Link (Tuas) checkpoint. Secondary market prices range from around RM742 to RM1,686 per square foot — compare to entry-level Singapore private condos which regularly exceed SGD 2,000 psf.
- You are a golfer or want resort-style living. The Forest City Golf Resort Classic Course has ranked in Asia's Top 100 Golf Courses for seven consecutive years. The Legacy Course designed by Jack Nicklaus ranked 49th in Asia-Pacific in 2024—2025. This lifestyle exists at a price no Singapore comparable can match.
- You have a medium-to-long term horizon of 5 to 10 or more years. SFZ activation will take time. If you are buying with a 1—2 year exit timeline, this is not the right asset. A 10-year hold gives the policy tailwind enough time to play out meaningfully.
- You are a family office or financial services professional. The 0% tax rate on eligible investments for 10 years (extendable to 20) is one of the most competitive family office regimes in Southeast Asia, sitting alongside Singapore and Hong Kong structures at a significantly lower cost base.
? Forest City is probably not right for you if...
- You expect immediate rental yield. Many units are owned but not occupied, which means rental demand is thin and yields are currently weak. This is not a buy-to-let market in 2026.
- You need a fully activated community from day one. Retail, dining, and everyday services exist but are not yet at the density of an established township. Iskandar Puteri's mature communities are a more practical choice right now for families who need everything in place immediately.
- You are sensitive to developer counterparty risk. Country Garden Group's financial position in China remains stressed. Forest City's Malaysian entity is separate and the government has committed to the SFZ regardless, but buyers in uncompleted phases should assess this carefully.
- You want short-term capital gains. Secondary market prices are currently below original launch prices. A quick flip is unlikely to generate strong returns in the near term.
What price range should buyers expect in 2026?
Secondary market prices for Forest City units currently range from approximately RM742 psf to RM1,686 psf, depending on unit type, floor level, and view. This is generally below original launch prices from the 2016—2020 period, which started at around RM1,200 psf. For buyers entering now, this means acquiring below peak pricing.
For new units purchased directly from the developer — required under the SFZ MM2H programme — entry-level units have been available from the mid-RM400,000s upwards, with no minimum purchase price requirement under the MM2H-SEZ pathway.
Stamp duty incentive: Buyers of residential units in Pulau 1 (Forest City's first island) receive a 50% stamp duty remission on the instrument of transfer — a meaningful cost saving at point of purchase. Effective from September 2024 to December 2034.
RPGT incentive: Progressive reductions in Real Property Gains Tax apply for properties sold within the first six years of ownership, with full exemption after six years. Designed specifically to encourage longer-term holding.
My honest bottom line
Forest City in 2026 is a genuine opportunity for a specific type of buyer: someone with a medium-to-long term horizon, looking for Singapore-adjacent lifestyle at Malaysia prices, interested in the MM2H pathway, or positioned to benefit from the SFZ financial services ecosystem. For that buyer, the combination of below-peak pricing, government policy backing, bilateral Singapore-Malaysia agreement, and existing infrastructure makes a compelling case.
For buyers looking for immediate yield, quick capital gains, or a fully activated community from day one — Forest City is not the right fit in 2026. Other districts offer more certainty in the near term.
The honest answer to "is it worth buying?" is: it depends on whether your purpose aligns with what Forest City actually is right now — not the ghost town it was, and not the fully-activated hub it might yet become. In between those two versions is where the real opportunity sits, for the right buyer.
Not sure if Forest City fits your situation?
Tell me your budget, purpose, and timeline. I will give you a straight comparison between Forest City and the other districts I cover — no pressure, no sales pitch.
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