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Malaysian Prince Seeks $200M Royal Residence with Singapore Billionaire’s Firm

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The oldest son of Malaysia’s wealthy monarch has hired a Singaporean architecture company called RSP, which is controlled by health care mogul Peter Lim, to create the royal family’s $200 million exclusive home in Johor.

The company mentioned in a social media update that the 27-acre property located in the seaside town of Desaru within a southern Malaysian state will require approximately four years for completion, calling it one of their “most important projects so far.”

Ismail Ibrahim, the ruler of Johor and the 41-year-old offspring of Malaysian monarch Ibrahim Iskandar, mentioned that the partnership with the company highlights more than just exceptional architectural quality; it also underscores his strong familial connections with Peter and his son, Kiat Lim, who currently leads the business.

“This dwelling goes beyond being just a house. It symbolizes family, tradition, and collaboration,” he stated in the declaration.

The property will encompass the royal family’s residence, as well as accommodation for visitors, a youth center, and recreational amenities. Additionally, it will have an subterranean firing range and weapons storage area designed to accommodate up to 100 personnel from the Regent’s protective team.

“It’s an extraordinary honor to assist in realizing such a meaningful and intimate project along this legendary shoreline,” Kiat stated, noting that the collaboration stems from many years of shared admiration between the two families.

This composite image presents an artistic depiction of the royal family residence in Desaru alongside a photograph featuring Kiat Lim, chairperson of RSP, and Tunku Ismail Sultan Ibrahim, the ruler of Johor. Image provided by RSP

RSP has established itself through notable projects, including the Jewel at Changi Airport, created in collaboration with Safdie Architects, as well as the Armani Hotel & Residences Diriyah in Saudi Arabia.

It recorded S$92 million (US$71.7 million) in sales last year and is projected to reach S$100 million by 2025, as per
Vulcan Post
.

The company is controlled by
Peter Lim, one of the wealthiest billionaires in the city-state
worth $1.8 billion, with significant ownership in the Singapore-based healthcare company Thomson Medical and the Spanish soccer team Valencia, according to reports by
Forbes
.

The Malaysian royal household owns extensive areas of land within Johor’s Iskandar region, which is being collaboratively developed with Singapore into a special economic zone. The management of the family’s historical properties falls under the responsibility of the Regent.

At the beginning of this year, Ismail consented to
exchange 13 hectares of property close to the Botanical Gardens
A UNESCO World Heritage Site located in Singapore, where the city-state’s government provided 8.5 hectares of adjacent public land of similar worth, as stated by the Urban Redevelopment Authority.

After the transaction, Ibrahim’s property spanned 16.6 hectares, valued between S$3.67 billion and S$3.83 billion, as stated by Nicholas Mak, head of research at property platform Mogul.sg.

Bloomberg
Estimated the Royal Family’s net worth at approximately $5.7 billion during the previous year, with their property in Singapore contributing significantly to this value.

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