In the heart of Singapore, one of the most expensive cities globally, there is a vast and empty plot of private land 30 times larger than the White House. Here’s the Unimaginably $3.5 Billion Palace of Ibrahim Ismail.
You may remember the extravagant Young family mansion that was featured in the movie Crazy Rich Asians. In reality, this house sits on land owned by the 34-year-old Crown Prince of Johor, Tunku Ismail Sultan Ibrahim. In a city where nearly 8,000 people are sunk in every square kilometer, and real estate prices are among the highest in the world, it is one of Asia’s largest urban anachronists.
“Having landed in Singapore is certainly a privilege because the land is the most valuable resource in the state city,” said Christine Li, director of research for Singapore at Cushman & Wakefield. “Over the last five decades, land prices have been greatly appreciated. This has fueled wealth creation for older generations.
OVERALL VIEW OF THE PALACE
Inside, devastated by fire and decomposition, are the ruins of Istana Woodneuk. Its ancestors built the palace at the end of the 19th century. The plot belonging to the Sultans of Johor was once again large but has gradually reduced. As the Singapore government acquired land to expand the Botanical Garde. A UNESCO World Heritage Site. In 1990, the State purchased one piece for $25 million. And obtained another piece of 98,000 square meters in 2009 for an undisclosed amount. Malaysia has a constitutional monarchy where the national throne rotates among the leaders of the nine states of the country every five years.
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