Singapore's Tyersall Park Estate: A Billion-Dollar Land Swap Unfolds

Singapore's Tyersall Park estate, worth up to $3.8 billion, has been swapped with state land. The estate's history dates back over 170 years, hosting notable visitors and featuring opulent palaces. The Johor royal family, including the current regent, has been seeking permission to develop the land, but planning rules have hindered the project. The deal represents one of the biggest shakeups of ownership in the estate's history.

Singapore’s government has exchanged a plot of prime land in one of its most expensive residential areas with the eldest son of Malaysia’s billionaire king, Tunku Ismail Sultan Ibrahim, the Regent of Johor state. The deal involves a 13-hectare parcel of land along Holland Road, valued at billions of dollars, which is near Singapore’s Botanic Gardens, a UNESCO World Heritage Site [1].

The Urban Redevelopment Authority of Singapore (URA) announced that Ismail plans to develop his land and has agreed to swap an adjacent parcel with the government. Under the deal, Ismail will transfer 13 hectares of his land nearest to the Botanic Gardens to the Singapore government, which will provide him with 8.5 hectares of nearby state land of “comparable value” [1].

The arrangement aims to ensure that properties built on Ismail’s land are further away from the Botanic Gardens. The estate, located in Tyersall Park, has been the subject of discussions for years about transforming it into a multibillion-dollar luxury residential development [2].

The area, close to numerous embassies and the prominent Orchard Road shopping district, hosts some of Singapore’s most expensive real estate, particularly good class bungalows, which often sell for tens of millions [1]. The royal family’s wealth was estimated at $5.7 billion last year, with the Singapore estate forming a substantial portion of it [2].

The reconfigured 16.6-hectare land held by Ibrahim could be valued at approximately SGD3.67 billion to SGD3.83 billion ($2.9 billion to $3 billion), according to Nicholas Mak, chief research officer at Mogul.sg. The plot could support a mix of condominiums and landed houses [1]. Given the four-storey height restriction in the area, residential developments there could be low-rise luxury apartments or even Good Class Bungalows [1].

The deal represents one of the biggest shakeups of ownership in the estate’s history. The land, once home to opulent palaces and notable visitors, including Archduke Franz Ferdinand of Austria, has been whittled down over time in deals with the Singapore government. The current Johor royal family has been seeking permission to develop the land since 2021, but planning rules have hindered the project [3].

The family is remaining tight-lipped publicly about any plans for the newly redrawn land. Levies to be paid to transform the land from jungle into a rich enclave could amount to hundreds of millions, and any development will be assessed for its environmental impact and to ensure it is sensitive to the surroundings [3].

References:
[1] https://e.vnexpress.net/news/business/property/singapore-swaps-prime-land-with-malaysian-billionaire-king-s-son-for-historic-family-lot-4898371.html
[2] https://www.bloomberg.com/news/articles/2025-06-10/singapore-swaps-prime-land-with-malaysia-billionaire-king-s-son
[3] https://www.bloomberg.com/news/newsletters/2025-06-14/singapore-swaps-prime-land-with-malaysian-royal-in-landmark-deal