The Crown Prince of Johor, Tunku Mahkota Johor Tunku Ismail Sultan Ibrahim, is reportedly looking to sell a prime parcel of land in Singapore. This transaction could shape up to be one of the largest real estate deals in the city-state’s history. Sources familiar with the development suggest that representatives of Tunku Ismail have approached potential developers and buyers, indicating a potential interest in either selling part of the land or maintaining a minority stake in subsequent developments.
The strategic 16.6-hectare plot is valued at a minimum of S$3.5 billion (US$2.7 billion), as estimated by local property analysts. The land is particularly notable due to its proximity to Singapore’s Botanic Gardens, a site designated as a UNESCO World Heritage Site. The Singapore government agreed to a land swap with Tunku Ismail in June, which positions any potential developments further from this significant cultural landmark.
Although no official comments have been made by the Johor royal family or their representatives, the potential sale of this land could significantly benefit the family, aligning with previous real estate endeavors such as BlackRock Inc’s notable 2016 sale of Asia Square Tower 1 and other major transactions in the area.
Historically, the Johor royals have owned land near the colonial-era Botanic Gardens for over a century. The Tyersall Park area, which occupies part of this land, is famously known as the inspiration behind the setting of the novel “Crazy Rich Asians.” There have been ongoing discussions about transforming this land into a high-value luxury residential enclave.
The land swap agreement grants Tunku Ismail an 8.5-hectare plot in exchange for 13 hectares near the gardens. Both plots have been evaluated to be of comparable value. The deal’s finalization is anticipated by the end of this year, as reported by local media.
The Singapore Land Authority, along with the Urban Redevelopment Authority (URA), clarified they aren’t directly involved in these private property dealings. However, they committed to ensuring that any development applications undergo rigorous environmental assessments to ensure they are environmentally sustainable and sensitive to the surrounding context.
Given the land’s freehold status, allowing indefinite ownership, and its location close to luxury real estate hotspots like Orchard Road, this parcel is poised as a highly attractive investment opportunity. Realtor Ku Swee Yong and property expert Nicholas Mak estimate the land’s worth at between S$3.5 billion and S$3.8 billion, underscoring its significant market potential. This anticipated development follows the narrative of Singapore’s appeal as a hub for high-value real estate transactions and luxury living.