Malaysian King's Son Faces $1 Billion Tax Bill on Singapore Land Sale

A Malaysian royal's plan to sell land in Singapore faces a potential tax bill exceeding US$1 billion, complicating negotiations for one of the city-state's largest real estate deals. The owner wants any buyer to pay the levy. The land betterment charge, imposed when government approvals increase land value, may exceed S$2 billion, according to property analysts. The 16.6-hectare site, owned by Tunku Ismail Sultan Ibrahim, includes land from a 2025 swap with Singapore's government. The Johor royal family has held the Tyersall Park land for over a century, inspiring the book "Crazy Rich Asians." The tax amount will be determined after development approval, with some developers concerned about the cost and uncertainty.