The plot could be worth between S$2.66 billion and S$4.5 billion—based on current estimates of the land size and planning parameters—inclusive of development charges, according to Alan Cheong, executive director of research at Savills in Singapore. Excluding the charges the owner pays to the government, the land’s net value is at least S$600 million, Cheong said.
Good Class Bungalow
Land ownership is a privilege in Singapore with the government owning about 90% of the country. There are only about 2,500 so-called good class bungalows—the local term for a mansion—typically located in prime districts. Some of the bungalows close to the Crown Prince of Johor’s plot are worth S$20 million to S$30 million.
Connected to Singapore by a one-mile causeway, Johor is the southernmost state of Malaysia, has close ties with the island state both economically and historically.
Malaysia has a constitutional monarchy, where the national throne rotates between rulers of nine states every five years. Johor is ruled by the 37-year-old Crown Prince’s father, Sultan Ibrahim Sultan Iskandar.
This article was provided by Bloomberg News.