Johor Regent willing to pay US$1 billion tax bill tied to Singapore land deal
KUALA LUMPUR: Johor Regent Tunku Mahkota Ismail Sultan Ibrahim has dismissed a news report claiming that a tax liability of more than US$1 billion is delaying his plans to sell 16.6ha of land in Singapore.
KUALA LUMPUR: Johor Regent Tunku Mahkota Ismail Sultan Ibrahim has refuted a report stating that a tax bill exceeding US$1 billion is impeding his intentions to sell an 16.6ha parcel of Singapore land. On X, he affirmed his readiness to fulfill the payment as part of the deal. As a routine taxpayer, he sees this as a normal obligation and is more than willing to contribute to both nations, even doubling his contribution.
Bloomberg disclosed that a land betterment charge, according to Singapore's Urban Redevelopment Authority, is obstructing negotiations between Tunku Ismail and potential buyers. In March, the authority indicated that Tunku Ismail had applied for the land's conversion into residential use, proposing rezoning it for Good Class Bungalows and other low-rise housing developments.
Property expert Nicholas Mak of Mogul.sg estimated the land's potential value to range between S3.8 billion and S4.7 billion if rezoned.
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