From Singapore real estate to crypto: A look at some of Malaysian billionaire king’s eldest son’s business interests

Tunku Ismail, who is also the Regent of Johor, recently applied to develop 16.6 hectares of freehold land he owns in Singapore into low-rise, low-density housing, including good-class bungalows—the most coveted form of landed housing in the city-state, which can only be built in designated areas.

The site, located between Holland Road and Tyersall Avenue, lies within an exclusive residential enclave in a prime district where landed housing is scarce, The Edge Singapore reported.

The regent’s land was originally a 21.1-hectare tract owned by the Johor royal family for generations. Last year, about 13 hectares closest to the Singapore Botanic Gardens were swapped for 8.5 hectares of nearby state land, resulting in the current 16.6-hectare plot.

Beyond this prime property, Tunku Ismail also has interests across a range of companies and projects.

He serves as chairman and non-independent non-executive director of Malaysia-based Knusford Berhad, which trades in building materials, construction, machinery and equipment rental, as well as property development and investment, the firm’s website says.

He holds a 30.1% stake in the firm through a private vehicle, based on 2025 reports by The Business Times.

He is also a shareholder in Kuala Lumpur-based hospital operator TMC Life Sciences, whose largest shareholder is Singaporean billionaire Peter Lim’s Thomson Medical Group, according to Forbes.

Additionally, Tunku Ismail owns a 21% interest in two special-purpose vehicles, Spektrum Kukuh and Spektrum Budi, which are involved in land reclamation projects in Tanjung Piai and Pengerang in Johor.

More recently, he tapped Peter Lim’s design firm RSP last August to develop a waterfront estate in the coastal town of Desaru in southeastern Malaysia that would serve as the Johor royal family’s private residence.

Then in December, Bullish Aim, a private company chaired and owned by the regent, introduced a stablecoin called RMJDT, which is pegged to the Malaysian ringgit and backed by local-currency deposits and short-term Malaysian government bonds.

The token is still in an early, experimental stage and is not yet available for public use or direct investment, as it operates within a regulatory sandbox, as reported by Channel News Asia.

The Johor royal family’s business empire

According to an early 2024 estimate by Bloomberg, the Johor royal family, headed by Sultan Ibrahim Iskandar, owns at least US$5.7 billion in assets, with their Singapore estate accounting for the lion’s share.

The figure only reflects assets with readily available valuations, and the family owns much more than that, including a collection of luxury cars and private jets.

Beyond Tunku Ismail’s own ventures, the family’s broader portfolio spans numerous companies and projects in which his father, Sultan Ibrahim Iskandar, holds stakes.

Among them is U Mobile, Malaysia’s second 5G network provider that was founded by local tycoon Vincent Tan. The company recently appointed the king’s only daughter, Tunku Tun Aminah Sultan Ibrahim Ismail, as its chairman.

Commenting on his extensive business interests in a 2015 interview with Malaysian newspaper The StarSultan Ibrahim Iskandar said he “must earn a living, like ordinary Malaysians” as he cannot solely depend on his allowances.

“I believe it is healthy for royalty to be involved in proper and legitimate businesses rather than to be in dubious businesses that harm the image of the institution,” he said in the interview. “I want to pass this trade to my sons as they need to learn.”