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 it double,” Tunku Ismail Sultan Ibrahim posted on social media on Thursday, hours after the Bloomberg report emerged.
The crown prince of Johor, Malaysia’s closest state to Singapore, even cheekily added the hashtag #gameisrigged, which he often uses when criticising football-related issues.
According to the report, Ismail is looking to sell a 16.6-hectare site in Singapore’s Tyersall Park area, where the Johor royal family has owned land for more than a century.
The plot, which reportedly included a parcel the prince obtained through a land swap with the Singapore government last year, would be worth between S$3.8 billion and S$4.7 billion if rezoned, Nicholas Mak, chief research officer at local property portal Mogul.sg, told Bloomberg.
Singapore’s Urban Redevelopment Authority said Ismail had applied to develop the land for residential use in March. It proposed rezoning the land to allow for the development of mansions known as good class bungalows and low-rise housing.