Latest news with #YowKeeFamilyOffice
The Star
06-05-2025
- Business
- The Star
Chua Ma Yu's family office set up in Forest City
FILE PHOTO: Prospective buyers look at a model of the development at the Country Gardens' Forest City showroom in Johor Bahru, Malaysia February 21, 2017. REUTERS/Edgar Su/File Photo KUALA LUMPUR: Malayan Banking Bhd (Maybank) and tycoon Tan Sri Chua Ma Yu are pioneering the first pilot single family office establishment under the Malaysian single family office scheme in the Forest City Special Financial Zone (FCSFZ). Chua is the co-founder of today's RHB Bank. In a statement, Maybank said the collaboration with its client ONE KL Management Sdn Bhd (ONE KL) – the family office of CMY Capital founded by Chua, signalled its commitment to support the development of the Johor-Singapore Special Economic Zone (JS-SEZ), of which the FCSFZ is a key pillar. Maybank group chief executive officer for community financial services Syed Ahmad Taufik Albar said the JS-SEZ and FCSFZ are emerging as a compelling destination for regional wealth solutions, and it is cost-effective, well-regulated and strategically located. 'As the JS-SEZ develops, we anticipate a rise in cross-border flows, and Maybank is committed to being the strategic banking partner of clients operating in the JS-SEZ. 'To support this, Maybank has established a dedicated JS-SEZ Desk offering end-to-end banking and value-added services as well as connecting clients with the relevant authorities,' he said in a statement yesterday. It added that family offices have gained significant traction in Malaysia and Singapore, fuelled by the rapid growth of the region's ultra-high-net-worth population. Maybank cited McKinsey & Company's findings that the wealth pool of affluent and mass-affluent individuals in Asia is projected to reach US$4.7 trillion by 2026, up from US$2.7 trillion in 2021. The bank's deep expertise, regional network, and understanding of our unique needs gave us the confidence to be part of this pioneering initiative. Their commitment to supporting long-term growth of the zone also makes them a strong partner,' CMY Capital's Chua said. On Apr 23, the Securities Commission Malaysia gave the greenlight to CMY Capital and Yow Kee Family Office for Malaysia's new single family office tax incentive scheme. The two were among the 19 companies from Malaysia, Singapore and Thailand that have shown interest in the scheme. Yow Kee Family Office is owned by the family of David Chong, a lawyer and businessman. Single family offices will enjoy zero tax rate on their investment returns under the scheme, which was unveiled last September. It only applies to companies that set up the offices in the FCSFZ.
Business Times
24-04-2025
- Business
- Business Times
Forest City special financial zone lands first family offices as Johor courts investors
[KUALA LUMPUR] Forest City's Special Financial Zone (SFZ) in southern Malaysia has secured its first two family offices, marking an early milestone in Johor's efforts to attract high-value investors through its economic corridor with Singapore. Malaysia-based CMY Capital Family Office and Yow Kee Family Office have both received approvals from Malaysia's Securities Commission to operate within the SFZ, said Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han in a statement on Wednesday (Apr 23). Another 30 companies, including firms from Malaysia, Singapore and Thailand, have expressed interest in setting up operations in the zone, he added. The SFZ, which offers tax incentives including a zero to 5 per cent corporate tax rate and a 15 per cent flat income tax for knowledge-based workers, is a key component of the Johor-Singapore Special Economic Zone (JS-SEZ). Family offices must manage a minimum of RM30 million (S$8.9 million) in assets to qualify for the zero per cent tax rate. The incentives are still being formalised by Malaysia's Finance Ministry, but applications are currently being reviewed on a case-by-case basis to expedite approvals, Lee said, adding that customised incentive packages are also being offered to major investors. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up To facilitate investor entry, the Johor government has set up the Invest Malaysia Facilitation Centre - Johor, a one-stop service centre that has handled over 250 inquiries since January. Each investor is assigned an account manager to coordinate with federal agencies, local authorities and utilities. The newly launched SFZ is viewed by many as a potential turning point for Forest City. The project is a collaboration between China's Country Garden Group and Esplanade Danga 88, a private firm backed by the Johor government and the Sultan of Johor. This US$100 billion project comprising four artificial islands in the Strait of Johor – conceived a decade ago with the aim of housing 700,000 residents by 2035 – has faced significant delays due to various factors including the master developer's financial challenges and the Covid-19 pandemic, have resulted in a current occupancy rate of only around 1 per cent. The arrival of the first batch of investors in the Forest City SFZ has fuelled optimism among market observers. They believe that the SFZ, combined with the broader incentives offered within the JS-SEZ, will continue to attract significant investor interest. This optimism follows the Malaysian Investment Development Authority's recent unveiling of a comprehensive tax incentive package for the JS-SEZ in February. Key among these incentives is a special corporate tax rate of 5 per cent for up to 15 years. Rahman Hussin, senior partner at public policy consultancy Agyl & Partners, noted that the incentives, particularly the 5 per cent tax rate, rank among the most competitive in South-east Asia. He noted that the JS-SEZ's tax benefits either match or exceed those offered by Thailand's Eastern Economic Corridor (EEC) and Indonesia's Batam Free Trade Zone. 'Johor's proximity to Singapore and ongoing infrastructure investments further bolster its regional appeal,' he added. Julia Goh, senior economist at UOB Malaysia, noted that the income tax rates designed to attract talent are comparable to those in Singapore and Hong Kong. 'Overall, we anticipate that these initial incentives and policies will be expanded and refined to progressively support the JS-SEZ,' she added.
Malay Mail
23-04-2025
- Business
- Malay Mail
Two family offices set up in Forest City SFZ as 30 more firms eye Johor investment hub
KUALA LUMPUR, April 23 — Forest City's Special Financial Zone (SFZ) in Johor Baru has welcomed its first two family offices — CMY Capital Family Office and Yow Kee Family Office — and is attracting growing investor interest, with 30 other companies expressing intent to establish operations there. Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said both family offices have obtained approval from the Securities Commission Malaysia, according to a report published today in The Edge. To qualify for the zone's 0 per cent tax incentive, family offices must manage a minimum of RM30 million in assets and receive SC approval. In a statement by Forest City developer Country Garden Pacificview Sdn Bhd, Lee revealed that 19 of the interested companies are from Malaysia, Singapore and Thailand. Forest City, developed by Country Garden Pacificview — a joint venture between China's Country Garden Holdings Co Ltd and Esplanade Danga 88 Sdn Bhd — is part of the larger Johor-Singapore Special Economic Zone (JS-SEZ) aimed at boosting investment. Incentives for companies in the SFZ include a corporate tax rate of 0 to 5 per cent, and a flat 15 per cent income tax for knowledge-based workers. Lee noted that while the Ministry of Finance is still formalising these incentives, applications are currently being assessed on a case-by-case basis to expedite approvals. Tailored incentive packages are also being offered to major investors. To support businesses, the Invest Malaysia Facilitation Centre Johor (IMFCJ) was launched as a one-stop centre offering coordination between investors and relevant authorities. Since January 2025, the IMFCJ has managed over 250 investment-related enquiries.
Business Times
23-04-2025
- Business
- Business Times
Forest City SFZ lands first family offices as Johor courts investors
[KUALA LUMPUR] Forest City's Special Financial Zone (SFZ) in southern Malaysia has secured its first two family offices, marking an early milestone in Johor's efforts to attract high-value investors through its economic corridor with Singapore. Malaysia-based CMY Capital Family Office and Yow Kee Family Office have both received approvals from Malaysia's Securities Commission to operate within the SFZ, said Johor Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han in a statement on Wednesday (Apr 23). Another 30 companies, including firms from Malaysia, Singapore and Thailand, have expressed interest in setting up operations in the zone, he added. The SFZ, which offers tax incentives including a zero to 5 per cent corporate tax rate and a 15 per cent flat income tax for knowledge-based workers, is a key component of the Johor-Singapore Special Economic Zone (JS-SEZ). Family offices must manage a minimum of RM30 million (S$8.9 million) in assets to qualify for the zero per cent tax rate. The incentives are still being formalised by Malaysia's Finance Ministry, but applications are currently being reviewed on a case-by-case basis to expedite approvals, Lee said, adding that customised incentive packages are also being offered to major investors. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up To facilitate investor entry, the Johor government has set up the Invest Malaysia Facilitation Centre - Johor, a one-stop service centre that has handled over 250 inquiries since January. Each investor is assigned an account manager to coordinate with federal agencies, local authorities and utilities. The newly launched SFZ is viewed by many as a potential turning point for Forest City. The project is a collaboration between China's Country Garden Group and Esplanade Danga 88, a private firm backed by the Johor government and the Sultan of Johor. This US$100 billion project comprising four artificial islands in the Strait of Johor – conceived a decade ago with the aim of housing 700,000 residents by 2035 – has faced significant delays due to various factors including the master developer's financial challenges and the Covid-19 pandemic, have resulted in a current occupancy rate of only around 1 per cent. The arrival of the first batch of investors in the Forest City SFZ has fuelled optimism among market observers. They believe that the SFZ, combined with the broader incentives offered within the JS-SEZ, will continue to attract significant investor interest. This optimism follows the Malaysian Investment Development Authority's recent unveiling of a comprehensive tax incentive package for the JS-SEZ in February. Key among these incentives is a special corporate tax rate of 5 per cent for up to 15 years. Rahman Hussin, senior partner at public policy consultancy Agyl & Partners, noted that the incentives, particularly the 5 per cent tax rate, rank among the most competitive in South-east Asia. He noted that the JS-SEZ's tax benefits either match or exceed those offered by Thailand's Eastern Economic Corridor (EEC) and Indonesia's Batam Free Trade Zone. 'Johor's proximity to Singapore and ongoing infrastructure investments further bolster its regional appeal,' he added. Julia Goh, senior economist at UOB Malaysia, noted that the income tax rates designed to attract talent are comparable to those in Singapore and Hong Kong. 'Overall, we anticipate that these initial incentives and policies will be expanded and refined to progressively support the JS-SEZ,' she added.
New Straits Times
23-04-2025
- Business
- New Straits Times
32 firms queue up for Forest City's billion-ringgit financial zone
ISKANDAR PUTERI: Forest City is fast becoming a magnet for regional investment, with 32 companies expressing interest in setting up operations in its newly minted Special Financial Zone (SFZ), a key component of the Johor-Singapore Special Economic Zone (JS-SEZ). Of the 32, at least 19 are looking to establish family offices, with interest pouring in from Malaysia, Singapore and Thailand. Two companies namely CMY Capital and Yow Kee Family Office have secured approvals from the Securities Commission Malaysia (SC), marking them as pioneers in the zone. Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han said the momentum showed that Forest City was firmly on track of becoming a financial services powerhouse. "All agencies are actively driving investor interest, and we are seeing the results. The government's game plan is working," he said, in a statement today. Lee said CMY Capital and Yow Kee Family Office's entry had set a precedent for others to follow, creating a "demonstration effect" expected to attract a wave of family offices and financial institutions by year-end. Incentives under the SFZ include a zero per cent corporate tax for family offices with a zero to five per cent corporate tax range and a flat 15 per cent income tax rate for knowledge-based workers. The Finance Ministry is working to legally enshrine the packages, with current applications handled on a case-by-case basis to fast-track approvals. Lee said more than 250 investor inquiries have been received since January by the Invest Malaysia Facilitation Centre Johor (IMFCJ), the state's newly launched one-stop hub for investors. "The IMFCJ assigns dedicated account managers to assist with regulatory procedures, local authorities, utilities and federal agency dealings, to streamline what the process," he added. Forest City's momentum also gained traction following Chinese President Xi Jinping's recent visit, which culminated in a landmark Malaysia-China visa waiver agreement and renewed bilateral economic cooperation. In a Facebook post on April 16, His Majesty Sultan Ibrahim, King of Malaysia, highlighted the potential of Forest City under this enhanced regional connectivity. "There is great potential for Chinese companies and investors to explore opportunities in Malaysia, as it aligns with regional connectivity high-quality development under China's Belt and Road Initiative. "With strong strategic incentives and a favourable location, the Forest City SFZ within the JS-SEZ has emerged as one of the region's prime investment destinations," Sultan Ibrahim posted. Lee said engagement with anchor investors was ongoing, with the government ready to offer pre-packaged, tailored incentives to suit strategic investment needs. "With strategic location, investor-friendly incentives and political support, Forest City is emerging as Southeast Asia's next frontier for high-value financial investments," he added.
