KINIBIZ A quiet storm has been growing over Sultan Ibrahim Ismail’s increased commercial dealings and business interests.
It looks to have come to a head with strong public and political opposition to Johor’s new Housing and Real Property Board Bill that was initiated to give the Sultan of Johor sweeping executive powers in the property industry. KiniBiz will examine that issue further tomorrow.
Many observers cite the sultan’s sale of 116-acres of prime land in Johor Bahru last December to China developers Guangzhou R&F last year as a major turning point.
The deal pocketed the sultan RM4.5 billion. Although scant details have been released, unconfirmed sources told KiniBiz that much of it is prime land in the Johor Baru (JB) city centre and seafront designated as development zones in the Iskandar region.
Sources also told KiniBiz that the land was alienated to the sultan of Johor by the state government for a lot less than the sale price.KiniBiz has not been able to verify this independently.
It is not known whether the sultan has any stake in the mixed developments to be undertaken on this land bank.
It looks to have come to a head with strong public and political opposition to Johor’s new Housing and Real Property Board Bill that was initiated to give the Sultan of Johor sweeping executive powers in the property industry. KiniBiz will examine that issue further tomorrow.
Many observers cite the sultan’s sale of 116-acres of prime land in Johor Bahru last December to China developers Guangzhou R&F last year as a major turning point.
The deal pocketed the sultan RM4.5 billion. Although scant details have been released, unconfirmed sources told KiniBiz that much of it is prime land in the Johor Baru (JB) city centre and seafront designated as development zones in the Iskandar region.
Sources also told KiniBiz that the land was alienated to the sultan of Johor by the state government for a lot less than the sale price.KiniBiz has not been able to verify this independently.
It is not known whether the sultan has any stake in the mixed developments to be undertaken on this land bank.
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