The incentives announced with the launch of the Forest City Special Financial Zone (SFZ) may attract financial businesses and residents that could increase around 20 per cent in home sales during the first year of its launch.
Industry experts opined that a successful model of the SFZ can be a prototype of an ideal financial zone that can be adopted in other parts of the country.
Juwai IQI co-founder and group chief executive officer (CEO) Kashif Ansari said if the incentive packages succeed, Forest City could see higher demand for housing and commercial space and an increase in both residents and property investors.
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“In the first year, these incentives might attract a couple of dozen new financial businesses, a few thousand residents, a 20 per cent increase in home sales.
Within five years, you could see hundreds of new businesses, 10,000 or 20,000 new residents, home prices back up higher than the original sales prices, and even plans for new construction being laid,” he told Business Times.
Proactive property investors will be the first movers of Forest City as they seek to purchase property before the prices rise, and with the expectation that they will.
“Other investors will wait and see before they purchase, to make sure that the new incentives in fact herald a rebound in the local property market,” he said.
Source: NST Online
