The real-life inspiration for part of the plot of “Crazy Rich Asians” is proving how crazy rich one would have to be able to afford a piece of property in the world’s most expensive city.
A swath of land spreading about 52 acres in the former Tyersall Park in Singapore could be worth an estimated $3.5 billion, Bloomberg reported. The fictional Young family from the Hollywood blockbuster lived in the park.
The real property is owned by the Crown Prince of Johor, Tunku Ismail Sultan Ibrahim. The remains of an abandoned palace, known as Istana Woodneuk, built for his ancestors can still be found on the site.
It sits near the Botanic Gardens, a Unesco World Heritage Site. For decades, the Malaysian government has been acquiring part of the land owned by the Sultans of Johor as it expands the gardens.
If the Crown Prince were to sell off his esteemed property, it’s unlikely a new buyer could build much on the site. The undeveloped area is zoned for “special use of green space,’’ barring any form of residential or commercial development. Should that zoning ever change, the land could be worth at least $4.7 billion, according to a broker from Savills Plc. [Bloomberg] – Natalie Hoberman