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Johor Regent Reportedly Looking to Sell 16.6ha of Singapore Land, Levy Could Reach S$2.7b
Analysts say the levy could reach nearly S$3 billion and is emerging as a key hurdle as the owner seeks a buyer to cover it.
- Johor Regent Tunku Ismail Sultan Ibrahim is seeking to sell 16.6 hectares of land, but the proposed transaction faces a potential land betterment charge estimated to exceed S$2 billion.
- This levy is designed to return economic benefits from land development to the community. The royal family has owned the Tyersall Park site for over a century.
- Property analysts estimate the charge could range from S$2.5 billion to S$2.7 billion, with some reaching S$3 billion. The Singapore Land Authority stated the final amount depends on development permission under the LBC Act.
- Responding to concerns yesterday, Tunku Ismail stated he was 'more than happy' to pay taxes in both Malaysia and Singapore. He later suggested in a post that he 'Should make it double.'
- The Urban Redevelopment Authority is currently reviewing an application to rezone the site near the Botanic Gardens for mansions and housing. If approved, the land value could reach S$4.7 billion, though the timing remains unclear.
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No issue paying billion ringgit tax bill on Singapore land sale, says TMJ
JOHOR BARU: Johor Regent Tunku Ismail Sultan Ibrahim has dismissed claims that a massive tax bill exceeding US$1bil (RM4.05bil) is clouding his plans to sell 16.6ha of land in Singapore.
·Petaling Jaya, Malaysia
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Johor Regent Reportedly Looking to Sell 16.6ha of Singapore Land, Levy Could Reach S$2.7b
Tunku Ismail Sultan Ibrahim's Holland Road land could be worth about S$3.8 billion to S$4.7 billion if rezoned, according to one analyst. But a potentially huge land betterment charge could complicate any sale, and the final amount has not been determined.
Coverage Details
Total News Sources12
Leaning Left1Leaning Right4Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
13%
C 37%
R 50%
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