Sultan of Johore Istana beside Botanic Gardens: do NSmen defend this land FOC?
Estimated to be worth up to $$4.7 billion for the almost 221,000 sqM plot of land which houses a burnt down Istana that is probably just breeding mosquitoes.
What lies on the land according to Google Earth.
https://thesmartlocal.com/read/istana-woodneuk-guide
Given that the rental yield of a residential property is maybe ~4% and the property tax for non owner occupied properties is average 15% especially in such an upscale location, not including the incremental value of all the properties possibly built on a piece of land that size (I estimate easily 3000 units of small family size, maybe worth at maybe ~$3.0 million each), shouldn't the Johore Sultan be paying us AT LEAST $4.7b * 0.04* 0.15= S$28.2 million property tax every year? (or even triple depending on which base figures are used).
As of current, that piece of land is just breeding mosquitoes and not even being used for any kind of social/ public purpose at all.
Maybe when Singapore returns to Malaysian rule, that will become the Istana from which Johore Sultan will rule Singapore.
So how much property tax did we collect, if not, why not?
Also, LKY confiscated so much land from land owners to build HDB with current land sold to HDB and pte developers at high prices with the proceeds being channeled into Singapore reserves. Shouldn't the Singapore government confiscate that land to turn it into a park or residential development, rather than let it go to waste? Why are NSmen defending Johore Sultan property FOC and for how long more?
Why isn't the Singapore government negotiating with Johore Sultan for the return of the land to Singapore, Singapore is a Sovereign nation, there is no place for the Johore Sultan Istana in Singapore.
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Estimated to be worth up to $$4.7 billion for the almost 221,000 sqM plot of land which houses a burnt down Istana that is probably just breeding mosquitoes.
https://thesmartlocal.com/read/istana-woodneuk-guide
Given that the rental yield of a residential property is maybe ~4% and the property tax for non owner occupied properties is average 15% especially in such an upscale location, not including the incremental value of all the properties possibly built on a piece of land that size (I estimate easily 3000 units of small family size, maybe worth at maybe ~$3.0 million each), shouldn't the Johore Sultan be paying us AT LEAST $4.7b * 0.04* 0.15= S$28.2 million property tax every year? (or even triple depending on which base figures are used).
As of current, that piece of land is just breeding mosquitoes and not even being used for any kind of social/ public purpose at all.
Maybe when Singapore returns to Malaysian rule, that will become the Istana from which Johore Sultan will rule Singapore.
So how much property tax did we collect, if not, why not?
Also, LKY confiscated so much land from land owners to build HDB with current land sold to HDB and pte developers at high prices with the proceeds being channeled into Singapore reserves. Shouldn't the Singapore government confiscate that land to turn it into a park or residential development, rather than let it go to waste? Why are NSmen defending Johore Sultan property FOC and for how long more?
Why isn't the Singapore government negotiating with Johore Sultan for the return of the land to Singapore, Singapore is a Sovereign nation, there is no place for the Johore Sultan Istana in Singapore.
============
Wealth
The Real Crazy Rich Asian Palace Is Worth a Cool $3.5 Billion
By Yoojung Lee
February 21, 2019, 8:00 AM GMT+8
Johor’s Crown Prince owns two land plots in Singapore’s heart
May be worth a fortune if rezoned for residential use: Savills
In the heart of Singapore, one of the most expensive cities in the world, there’s a sprawling, vacant plot of private land 30 times the size of The White House.
Just down the road from the U.S. embassy and bordering condos worth S$4.5 million ($3.3 million) each, the swathe of untended jungle hides the remains of two abandoned palaces and would be worth a cool $3.5 billion if sold for development, according to one estimate. In a city where almost 8,000 people are crammed into each square kilometer and real estate prices are among the world’s highest, it is one of the greatest urban anachronisms in Asia.
Singapore
The former Tyersall Park, top, next to the Botanic Gardens in Singapore.Source: DigitalGlobe
“Owning a piece of land in Singapore is certainly a privilege as land is the most precious resource in the city-state,” said Christine Li, a senior director and head of research for Singapore at Cushman & Wakefield Inc. “Over the past five decades, land prices have appreciated significantly. This has fueled wealth creation for older generations. Many also aspire to own a landed property as it is a status symbol for the well-heeled.”
If something about this story sounds familiar, it’s probably because the plot line was borrowed by Kevin Kwan, author of Crazy Rich Asians, the book about Asia’s insanely rich that was made into a hit movie last year. The fictitious Young family inhabits a sprawling ancestral home, set within Singapore’s Tyersall Park.
In the real-life version, the 34-year-old Crown Prince of Johor, Tunku Ismail Sultan Ibrahim, is the registered owner of the 210,875 square meter plot, which lies in the former Tyersall Park, next to the Botanic Gardens. Inside, ravaged by fire and decay, are the ruins of Istana Woodneuk, the palace built by his ancestors in the late 19th century.
relates to The Real Crazy Rich Asian Palace Is Worth a Cool $3.5 Billion
Istana WoodneukSource: British Army
The plot owned by the Sultans of Johor was once larger, but has gradually reduced as the Singapore government acquired land to extend the Botanic Gardens, a Unesco World Heritage site. In 1990, the state bought a chunk for S$25 million and it got another 98,000-square-meter piece in 2009 for an undisclosed amount.
Malaysia has a constitutional monarchy, where the national throne rotates between rulers of the country’s nine states every five years. The southern state of Johor is ruled by the Crown Prince’s father, Sultan Ibrahim Sultan Iskandar.
Singapore's Green Interior Hides a $3.5 Billion Royal Enclave
A private property sign is displayed at the site.Photographer: Ore Huiying/Bloomberg
Last year, the 60-year-old patriarch put 12 luxury cars from his extensive collection on display at an event held to mark the 90th anniversary of Singapore’s Fullerton Heritage precinct. They included a 1991 Lamborghini LM002 and a 1938 Lagonda Lightweight LG6, the only one in the world.
His other assets include a 22 percent share in Malaysia’s Forest City, a $100 billion Chinese-built project with apartments on artificial islands in the country’s south, and the family also owns stakes in a variety of public companies from 7-Eleven Malaysia Holdings Bhd. to telecoms firm REDtone International Bhd.
Chinese Developers Are Building a New Shenzhen Next to Singapore
A model of the Forest City development.Photographer: Ore Huiying/Bloomberg
The Crown Prince, however, won’t be able to cash in on his Singapore land any time soon, even if he wanted to. The undeveloped area is zoned for “special use of green space,’’ meaning development for other purposes, such as residential or commercial, is restricted.
Were that to change -- the land does sit in one of Singapore’s most desirable residential districts -- it could be worth at least S$4.7 billion, according to a calculation by Alan Cheong, a senior director at brokerage Savills Plc.
The most expensive residence to change hands in Singapore over the past year was a so-called good class bungalow (luxury landed houses that are off limits to foreigners) also near the Botanic Gardens. The property was purchased by Tony Tung, the chairman of oil trader Winson Group for S$105.3 million ($78 million), the Business Times reported earlier this month, saying it was a record for that type of dwelling.
A representative for the Crown Prince didn’t immediately respond to a request for comment.
His father is pragmatic when it comes to matters of money.
“Let’s be honest here, we are a constitutional monarch. I have to earn my living like everyone else,” the Sultan said in a 2015 interview with local newspaper The Star. “I cannot depend on my allowances of RM27,000 ($6,640) a month. I must earn a living, like ordinary Malaysians.”
— With assistance by Pei Yi Mak
https://www.bloomberg.com/news/arti...rich-asian-palace-is-worth-a-cool-3-5-billion
The Real Crazy Rich Asian Palace Is Worth a Cool $3.5 Billion
By Yoojung Lee
February 21, 2019, 8:00 AM GMT+8
Johor’s Crown Prince owns two land plots in Singapore’s heart
May be worth a fortune if rezoned for residential use: Savills
In the heart of Singapore, one of the most expensive cities in the world, there’s a sprawling, vacant plot of private land 30 times the size of The White House.
Just down the road from the U.S. embassy and bordering condos worth S$4.5 million ($3.3 million) each, the swathe of untended jungle hides the remains of two abandoned palaces and would be worth a cool $3.5 billion if sold for development, according to one estimate. In a city where almost 8,000 people are crammed into each square kilometer and real estate prices are among the world’s highest, it is one of the greatest urban anachronisms in Asia.
Singapore
The former Tyersall Park, top, next to the Botanic Gardens in Singapore.Source: DigitalGlobe
“Owning a piece of land in Singapore is certainly a privilege as land is the most precious resource in the city-state,” said Christine Li, a senior director and head of research for Singapore at Cushman & Wakefield Inc. “Over the past five decades, land prices have appreciated significantly. This has fueled wealth creation for older generations. Many also aspire to own a landed property as it is a status symbol for the well-heeled.”
If something about this story sounds familiar, it’s probably because the plot line was borrowed by Kevin Kwan, author of Crazy Rich Asians, the book about Asia’s insanely rich that was made into a hit movie last year. The fictitious Young family inhabits a sprawling ancestral home, set within Singapore’s Tyersall Park.
In the real-life version, the 34-year-old Crown Prince of Johor, Tunku Ismail Sultan Ibrahim, is the registered owner of the 210,875 square meter plot, which lies in the former Tyersall Park, next to the Botanic Gardens. Inside, ravaged by fire and decay, are the ruins of Istana Woodneuk, the palace built by his ancestors in the late 19th century.
relates to The Real Crazy Rich Asian Palace Is Worth a Cool $3.5 Billion
Istana WoodneukSource: British Army
The plot owned by the Sultans of Johor was once larger, but has gradually reduced as the Singapore government acquired land to extend the Botanic Gardens, a Unesco World Heritage site. In 1990, the state bought a chunk for S$25 million and it got another 98,000-square-meter piece in 2009 for an undisclosed amount.
Malaysia has a constitutional monarchy, where the national throne rotates between rulers of the country’s nine states every five years. The southern state of Johor is ruled by the Crown Prince’s father, Sultan Ibrahim Sultan Iskandar.
Singapore's Green Interior Hides a $3.5 Billion Royal Enclave
A private property sign is displayed at the site.Photographer: Ore Huiying/Bloomberg
Last year, the 60-year-old patriarch put 12 luxury cars from his extensive collection on display at an event held to mark the 90th anniversary of Singapore’s Fullerton Heritage precinct. They included a 1991 Lamborghini LM002 and a 1938 Lagonda Lightweight LG6, the only one in the world.
His other assets include a 22 percent share in Malaysia’s Forest City, a $100 billion Chinese-built project with apartments on artificial islands in the country’s south, and the family also owns stakes in a variety of public companies from 7-Eleven Malaysia Holdings Bhd. to telecoms firm REDtone International Bhd.
Chinese Developers Are Building a New Shenzhen Next to Singapore
A model of the Forest City development.Photographer: Ore Huiying/Bloomberg
The Crown Prince, however, won’t be able to cash in on his Singapore land any time soon, even if he wanted to. The undeveloped area is zoned for “special use of green space,’’ meaning development for other purposes, such as residential or commercial, is restricted.
Were that to change -- the land does sit in one of Singapore’s most desirable residential districts -- it could be worth at least S$4.7 billion, according to a calculation by Alan Cheong, a senior director at brokerage Savills Plc.
The most expensive residence to change hands in Singapore over the past year was a so-called good class bungalow (luxury landed houses that are off limits to foreigners) also near the Botanic Gardens. The property was purchased by Tony Tung, the chairman of oil trader Winson Group for S$105.3 million ($78 million), the Business Times reported earlier this month, saying it was a record for that type of dwelling.
A representative for the Crown Prince didn’t immediately respond to a request for comment.
His father is pragmatic when it comes to matters of money.
“Let’s be honest here, we are a constitutional monarch. I have to earn my living like everyone else,” the Sultan said in a 2015 interview with local newspaper The Star. “I cannot depend on my allowances of RM27,000 ($6,640) a month. I must earn a living, like ordinary Malaysians.”
— With assistance by Pei Yi Mak
https://www.bloomberg.com/news/arti...rich-asian-palace-is-worth-a-cool-3-5-billion
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