Malaysian billionaire king's son says $1.6B tax not a complication to prime Singapore land sale
Tunku Ismail Sultan Ibrahim, the eldest son of Malaysia’s billionaire king Sultan Ibrahim Iskandar, says a tax potentially exceeding US$1.6 billion is “no complication” for his plan to sell prime land in Singapore.
Tunku Ismail, the crown prince and regent of Johor state in Malaysia, has stated that a proposed $1.6 billion tax does not pose a problem to his plan to sell a Singaporean land site. The tax, known as a land betterment charge, is estimated to be over S$2 billion (US$1.6 billion) and is intended to return a portion of the economic gain to the community.
Tunku Ismail, who is also the eldest of Sultan Ibrahim's six children, found the levy to be normal as a regular taxpayer and expressed willingness to contribute to both Malaysia and Singapore. The 16.6-hectare site, which includes land held by the Johor royal family for over a century, is a prime location between Holland Road and Tyersall Avenue in Singapore.
However, the land could be worth S$3.8-4.7 billion if rezoned for residential use, according to Nicholas Mak, a chief research officer at a local property portal. The land betterment charge is determined upon the grant of permission to develop the land.
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