Malaysian prince ‘more than happy’ to pay US$1.6 billion levy linked to Singapore land deal
The son of Malaysia’s king has dismissed a report that a potential tax bill of more than S$2 billion (US$1.6 billion) is complicating his plans to sell 16.6 hectares (41 acres) of land in Singapore, saying he was “more than happy” to absorb levies on both sides of the causeway. “As a regular taxpayer, this is normal. No complication and more than happy to contribute to both countries. Should make…
Malaysian Prince Tunku Ismail Sultan Ibrahim expressed contentment on Thursday about absorbing a potential tax bill of more than US$1.6 billion linked to the sale of 16.6 hectares of land in Singapore. The crown prince of Johor dismissed concerns that the substantial levy, known as a land betterment charge, would complicate his plans to develop the property for residential use.
The land, which the Johor royal family has owned for over a century, could be worth between US$3.8 billion and US$4.7 billion if rezoned. The Urban Redevelopment Authority in Singapore had already approved Ismail's application to develop the site as mansions and low-rise housing. However, the proposed tax incurred by the landowner at the time of development approval led some developers to seek alternative buyers.
Ismail, a sports enthusiast and owner of Johor Darul Ta’zim football club, has stated he is open to accepting the tax burden, hinting at his readiness to contribute to both Malaysia and Singapore.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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