Singapore Edition: The story behind Singapore’s mega land deal

viernes, 13 de junio de 2025

A S$3 billion strip of jungle View in browser Each week we bring you insights into o...
A S$3 billion strip of jungle
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This week, Low De Wei looks at the story behind a chunk of jungle in the heart of Singapore that's said to be worth as much as $3 billion, while Danny Lee examines the jet tragedy in India.

A Fabled Forest

In the book Crazy Rich Asians that was adapted into the hit 2018 movie, a major plot point involves the sprawling Tyersall Park estate, so large it doesn't even have a house number. The real-life version of the plot near Singapore's Botanic Gardens has a historical pedigree to match its fictional counterpart.

Despite being little more than overgrown jungle now, the land this week was the center of a deal that represents one of the biggest shakeups of ownership in the parcel's long and strange history. The owner, the eldest son of Malaysia's current king, agreed to swap 13 hectares (32 acres) of his 21.1 hectare estate next to the gardens in exchange for 8.5 hectares of state land of "comparable value" just to the west. No other details have been revealed but one analyst estimate pegs the regent's total land parcel to be worth as much as S$3.8 billion.

The patch of forest has long been an anachronism of Singapore's high-priced property market, a big chunk of tangled vegetation in one of the priciest districts, a stone's throw from the US Embassy and sandwiched between luxury condos and the Unesco-listed botanic gardens.

The story begins just over 170 years ago, when William Napier, Singapore's first law agent after whom Napier Road is named, built a large house called Tyersall on the plot. Ownership passed to the Sultanate of Johor and eventually to Ismail Ibrahim, the current Regent of Johor, who intends to develop his new landholding.

In between, the house, and the subsequent palaces that succeeded it, hosted a glittering array of visiting dignitaries and the island's elite, according to newspaper reports at the time, including Archduke Franz Ferdinand of Austria, whose assassination precipitated World War I. 

When the Sultan constructed a new palace toward the end of the 19th century, a report from its grand opening concluded that the Sultan could safely say he has "the best residence in the Malay peninsula."

The former Tyersall Park area in the heart of Singapore. Google Maps

The opulent palaces are long gone, torn down or wrecked by fire and decay, and the vast estate has been whittled down over time in deals with the Singapore government. 

The current Johor royal family — Ismail's billionaire father became Malaysia's monarch last year — has been seeking permission as far back as 2021 to build a cluster of high-end homes on the estate, but planning rules stymied the project.

With the new land deal, a large part of the curious patch of jungle may finally succumb to the developers' bulldozers. But there are still hurdles to overcome. 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. For now, the family is remaining tight-lipped publicly about any plans. —Low De Wei 

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Air India

It has been a tragic week in the air travel industry, with the terrible crash in India that killed all but one of the 242 passengers and crew on Air India flight 171 and many more in the city of Ahmedabad where the Boeing 787 came down.

It is the latest and most deadly of a series of fatal incidents in the civil aviation industry since the beginning of 2024, including a midair collision in Washington between a military helicopter and an aircraft and the fatal crash of a Jeju Air Boeing 737-800 in South Korea in late December.

The disasters hit an industry that had been rebounding from the pandemic, when hundreds of thousands of jets around the world were idled. The number of civil aviation fatalities has jumped to 460 so far this year, compared to the average of 284 over the past decade, grim statistics amid the backdrop of booming air travel demand.

The tail of Air India flight 171 at the crash site in Ahmedabad. Photographer: Siddharaj Solanki/Bloomberg

America, which has suffered a streak of near misses among some air traffic accidents, has vowed to improve safety and ensure aviation infrastructure can cope with the rising demand for air travel.

Singapore and India have strong ties in the industry. Singapore Airlines holds a 25.1% stake in Air India and has invested in the national airline to gain a stronger foothold in one of the world's fastest-growing aviation markets. Air India's Chief Executive Officer Campbell Wilson has a deep association with the city state. Wilson, who twice helmed SIA's budget carrier Scoot, said in a statement on X after the crash that "the investigations will take time, but anything we can do now we are doing."

Our thoughts and prayers are with the families and friends of those affected by the disaster. —Danny Lee

The Review: One Prawn & Co.

From the best spots for a business lunch to drinks with the boss, we sample the city's eateries, bars and new experiences.

One Prawn & Co. bills itself as a modern Asian seafood grill and, as its website proclaims, is "strictly fishy business." One of the first things visitors see as they enter the restaurant is a fridge where handsome whole fish are hanging for aging, just like red meat is treated at an upmarket steakhouse.

The vibe. One Prawn is part of New Bahru, the cluster of restaurants, bars and shops not far from Robertson Quay. A few months back the precinct was quiet with most tenants yet to move in. Now, it's buzzing, even late on a Sunday evening. The décor at One Prawn is refined and muted, all grays and charcoal, with a long bar down the center for counter seating.

The dining area at One Prawn & Co. Source: One Prawn & Co.

Can you conduct a meeting here? Yes. The restaurant is quite spacious with ample room between tables. There aren't many soft furnishings to soak up noise, but you could conduct a private conversation.

What about a romantic dinner? Again, yes, although when I visited, the other diners were mainly intergenerational families gathering for end-of-week get-togethers, or large groups of friends. The service was a little haphazard at first but found its feet later.

What we'd order again. The crab croquettes with wasabi mayo were excellent, covered in crunchy, golden shards, while the prawn toast with aioli was another hit. Skip the monkfish mousse piped into a cigar-shaped kuih kapit or love letters. At S$20 for two slim rolls, it seems overpriced. But don't miss their signature fish burger, Holy Haddock! A side of green beans with cracked chilli and burrata made the meal seem healthy.

A selection of dishes at One Prawn. Source: One Prawn & Co.

Need to know. One Prawn & Co. is at 46 Kim Yam Road, New Bahru. It's open for lunch Wednesday to Friday from 11 a.m. to 3 p.m. and dinner from 6-10 p.m. On Saturday and Sunday, lunch runs until 6 p.m. and the last orders for dinner are at 9 p.m. It's closed on Monday and Tuesdays. Expect to pay about S$110++ for two, without alcohol. —Katrina Nicholas

Have a place you'd like us to review or feedback to share? Get in touch at sgedition@bloomberg.net.

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