KUALA LUMPUR (April 23): Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han announced that Forest City’s Special Financial Zone (SFZ) has welcomed its first two family offices, CMY Capital and Yow Kee Family Office, and attracted interest from 30 other companies to set up operations in Johor Bahru.

The two family offices mentioned have obtained Securities Commission approval, according to him. Family offices like CMY Capital and Yow Kee require SC’s approval and must manage at least RM30 million in assets to qualify for the 0% tax incentive.

In a statement released by Forest City developer Country Garden Pacificview Sdn Bhd, Lee said another 17 companies from Malaysia, Singapore and Thailand are interested in opening family offices in Forest City SFZ.

Country Garden Pacificview is a master developer and real estate joint venture between Esplanade Danga 88 Sdn Bhd and China’s Country Garden Holdings Co Ltd.

Forest City has been designated as an SFZ, and is a part of the broader Johor-Singapore Special Economic Zone (JS-SEZ) to attract investment. Incentives include 0%–5% corporate tax for companies, and a 15% flat income tax rate for knowledge-based workers.

Lee added that the Ministry of Finance is working to formalise these incentives, but in the meantime, applications are being reviewed on a case-by-case basis to speed up approvals. The government is also offering tailored incentive packages for major investors.

To support investors, the Invest Malaysia Facilitation Centre Johor (IMFCJ) was established as a one-stop centre. Investors are assigned account managers who help coordinate with local authorities, federal agencies, and utility providers. Since January 2025, the IMFCJ has handled over 250 inquiries.