Johor Regent Eyes Massive Land Sale Near Singapore's Botanic Gardens
A prime piece of real estate near Singapore's iconic Botanic Gardens is potentially up for grabs. Bloomberg reports that representatives of Tunku Ismail Sultan Ibrahim, the Regent of Johor, are exploring a sale of his 16.6-hectare land parcel. The estimated value? A cool $3.5 billion.
The move follows a land swap agreement in June where Tunku Ismail is slated to receive 8.5 hectares of state land in exchange for his existing 13-hectare plot. This swap, expected to finalize in 2025, was designed to minimize disruption to the Botanic Gardens, a UNESCO World Heritage site. The potential development of the land is envisioned as low-rise residential, preserving the area's character.
Sources indicate that Tunku Ismail is considering various options, from an outright sale to retaining a minority stake in any future development. Discussions are still in the preliminary stages, and there's no guarantee a sale will materialize. The land parcel comprises both the 8.5-hectare plot from the land swap and an additional 8.1-hectare parcel.
This area, known as Tyersall Park, has been privately owned by the Johor royal family since the 1800s. The sale, if it proceeds, would represent a significant transaction in Singapore's already competitive real estate market. The proximity to the Botanic Gardens adds considerable value and prestige to the property, making it a highly sought-after asset for developers.
What Does This Mean for Singapore's Real Estate?
The potential sale could reshape the landscape of luxury residential development in Singapore, attracting both local and international investors eager to capitalize on the prime location and the Regent's vision for low-rise development. The coming months will be crucial as discussions unfold and potential buyers emerge.