'Should make it double': TMJ unfazed by S$2b tax on S'pore land deal

Johor Regent Tunku Ismail Sultan Ibrahim has brushed aside concerns over a potential multibillion-dollar tax bill linked to the proposed sale of his land in Singapore, saying he was “more than happy” to pay taxes in both Malaysia and Singapore.

“As a regular taxpayer, this is normal. No complication and more than happy to contribute to both countries. Should make it double,” he said in a post on X yesterday, accompanied by the hashtag “thegameisrigged”, which he often uses when criticising football-related developments.

Tunku Ismail was responding to an X user who sarcastically commented that Malaysians did not have to pay tax in Malaysia but had to do so in other countries. The user attached a Bloomberg report on the proposed sale of 16.6ha of land in Singapore’s Tyersall Park area, owned by Tunku Ismail.

The report said a land betterment charge could be a point of contention in negotiations over the proposed sale.

The levy, similar to Malaysia’s development charge, is imposed when the government grants planning permission or other approvals that increase the land’s value. The charge is payable by the landowner when development is approved, although the owner may nominate another party to pay it.

Bloomberg reported that the levy could exceed S$2 billion (RM6.35 billion), based on estimates by three Singapore-based property analysts. Citing unnamed sources, it reported that Tunku Ismail wants any buyer to foot the bill instead.

The proposed sale follows a land swap between Tunku Ismail and the Singapore government agreed in June last year.

Under the deal, Tunku Ismail was to transfer 13ha of his land at Holland Road, closer to the Singapore Botanic Gardens, a Unesco World Heritage Site, to the Singapore government in exchange for 8.5ha of state land.

Bloomberg reported that the 16.6ha site Tunku Ismail is now seeking to sell includes a parcel obtained through the land swap, and that the arrangement would allow any future development on his land to be located further away from the Botanic Gardens.

The report said Singapore’s Urban Redevelopment Authority confirmed in March that Tunku Ismail had submitted an application to develop the site for residential purposes.

The agency was proposing to rezone the land to permit the construction of Good Class Bungalows, or luxury mansions, as well as low-rise housing.

A representative for Tunku Ismail reportedly declined to comment, while the Singapore Land Authority, which administers the levy, said it would not comment on market speculation involving landowners’ intentions or potential private transactions.

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