Malaysian billionaire king's son's plan to sell prime Singapore land complicated by $1.6B tax
A tax potentially exceeding US$1.6 billion is complicating a plan by Tunku Ismail Sultan Ibrahim, the eldest son of Malaysia's billionaire king Sultan Ibrahim Iskandar, to sell a prime plot of land in Singapore.
A Malaysian billionaire, Tunku Ismail, the crown prince and regent of Malaysia's Johor state, faces a complex challenge in selling a prime Singapore land site worth an estimated $1.6 billion in taxes. The land, which spans 16.6 hectares between Holland Road and Tyersall Avenue, has become a contentious issue among prospective buyers.
The levy, known as a land betterment charge, has added to the complexity of the transaction and frustrated some property developers. The exact amount of the tax has remained uncertain, with estimates from local analysts putting it over S$2 billion (US$1.6 billion). The land site was originally part of 21.1 hectares held by the Johor royal family since the 1800s but saw a land swap with the Singapore government in June, reducing its size to 16.6 hectares.
Tunku Ismail, who owns the site, wants the buyer to cover the cost of the tax. The Singapore Land Authority has stated that the tax will be determined based on the grant of permission to develop the land and in accordance with relevant legislation. If approved for development, the land could be worth between S$3.8-4.7 billion, according to Nicholas Mak, the chief research officer at local property portal Mogul.sg.
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