Singapore is one of the most expensive cities in the world. It's also the location for one of the most expensive properties in Asia; according to Business World Online, it's a vacant plot of private land, spanning 30 times the land area of The White House, just a few blocks away from the US Embassy.
This plot also borders posh condos that are worth USD$3.3 million each, with the jungle threatening to engulf the entirety of the property. In fact, the jungle has already hidden the remains of these two abandoned palaces that are worth $3.5 billion if and when sold for property development.
Singapore land is certainly expensive. This has prompted Cushman & Wakefield (Singapore) senior director and head of research Christine Li to say that land ownership in Singapore is a 'privilege', owing to the price of the property. Investment, however, is rewarded through generations as land ownership in the country is considerably expensive.
As for its real owners, Mashable SE Asia stated that it's a little-known fact that the Crown Prince of Johor, Tunku Ismail Sultan Ibrahim, is its 'master.' The building was first owned by Captain John Dill Ross, back when it was still known as the 'Woodneuk House.'
In 1860, the building was then sold to Sultan Abu Bakar Ibni Al-Marhum Tun Temenggung Raja Daing Ibrahin, the first Sultan of Johor in modern times. It became a military camp in World War II, then fell into disuse through the 90s, becoming a safe haven for drug addicts and all kinds of thrill seekers, until a fire gutted the property in 2006.
While it sits in disuse, the value of the land it's sitting on had gone up through the years, owing to the scarcity of land in Singapore. Older generations with unused land had benefited from the rising prices. The vacant, unused piece of land, if sold, stands to get a princely sum for its royal owners.
