KUALA LUMPUR: Johor Regent Tunku Mahkota Ismail Sultan Ibrahim has dismissed a news report claiming that a tax liability of more than US$1 billion is delaying his plans to sell 16.6ha of land in Singapore.

In a post on X, Tunku Ismail said he was prepared to pay the amount as part of the transaction.

“As a regular tax payer, this is normal. No complication and more than happy to contribute to both countries. Should make it double.”

Bloomberg recently reported that a levy known as a land betterment charge is hindering negotiations between Tunku Ismail and prospective buyers.

According to the report, Singapore’s Urban Redevelopment Authority said in March that Tunku Ismail had applied to develop the land for residential use.

The agency proposed rezoning the site to allow for the development of Good Class Bungalows and other low-rise housing.

Nicholas Mak, chief research officer at local property portal Mogul.sg, said the land itself could be worth between S3.8 billion and S4.7 billion if it is rezoned.