[KUALA LUMPUR] The Johor royal family, led by Malaysia’s current king Sultan Ibrahim Sultan Iskandar, controls an estimated US$5.7 billion in assets through wide-ranging interests in real estate, telecommunications and infrastructure, including the US$100 billion Forest City project off south-western Johor.
In defence of his widely-known active business involvements, Sultan Ibrahim once said that he “must earn a living like ordinary Malaysians”, rather than rely solely on his monthly allowance of RM27,000 (S$8,210).
In that 2015 interview with Malaysian news outlet The Star, he said: “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 further expressed his intention to “pass this trade to my sons as they need to learn”.
The Business Times compiled a list of the Johor royal family’s business ventures and assets, drawing from various reports and official announcements.
1. Forest City (property development)
Sultan Ibrahim controls a 64 per cent stake in Esplanade Danga 88, which owns 40 per cent of Country Garden Pacific View, the joint venture behind Forest City. This gives him an effective 25 per cent interest in the Forest City project, reflecting his significant influence in this major development.
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2. Berjaya Assets (property investment, Bursa Malaysia-listed)
As of May 2025, Sultan Ibrahim held a 12.3 per cent stake (around 316 million shares), making him the second-largest individual shareholder, alongside Berjaya Assets’ founder Vincent Tan, who holds a 40.8 per cent stake in the company.
3. U Mobile (telecommunications)
As of the end of 2024, the Johor royal family was the telco’s largest shareholder, with a stake of around 30.8 per cent. This comprises Sultan Ibrahim’s 22.3 per cent holding and his daughter Tunku Aminah Sultan Ibrahim’s 8.5 per cent, surpassing U Mobile founder and chairman Vincent Tan’s 22.2 per cent stake.
4. REDtone Digital (telecommunications, Bursa Malaysia-listed)
As of June 2024, Sultan Ibrahim owned approximately 134 million shares in REDtone International, representing a 17.9 per cent stake.
5. Knusford (infrastructure engineering and construction, Bursa-listed)
The Regent of Johor Tunku Ismail Sultan Ibrahim is chairman and a non-independent non‑executive director of Knusford. He has held this position since August 2013 and continues to do so.
6. Thomson Iskandar medical hub (medical and healthcare)
Tunku Ismail holds a 30 per cent stake in the Thomson Iskandar medical hub alongside Singaporean billionaire Peter Lim. He solidified this interest by injecting RM400 million into TMC Life Sciences, making him a major shareholder and deepening his involvement in Johor’s healthcare development.
7. Tanjung Piai and Pengerang land reclamation projects
Tunku Ismail Sultan Ibrahim owns a 21 per cent interest in two special-purpose vehicles (SPVs) – Spektrum Kukuh (for the Tanjung Piai reclamation project) and Spektrum Budi (for the Pengerang project). Benalec Holdings holds the 70 per cent majority stake in both companies. These SPVs are undertaking major reclamation ventures in Johor.
8. 7‑Eleven Malaysia (retail, Bursa-listed)
Although Sultan Ibrahim’s current stake in 7-Eleven Malaysia is unclear, he was previously a substantial shareholder, with approximately 5.1 per cent. However, he disposed of a 0.6 per cent stake in January 2020, consequently ending his status as a substantial shareholder.
9. Maharani Energy Gateway (energy hub)
The Sultan of Johor and his family members collectively hold a 40 per cent stake in Maharani Energy Gateway in Muar, Johor, a project comprising reclaimed land in Johor, which has been envisioned as an energy hub for oil, gas and renewables.
10.Mados (sea sand extraction concessionaire)
The late Sultan Iskandar Sultan Ismail, Sultan Ibrahim’s father, held a majority share in Mados, and several of his children, including the current Sultan, are listed as directors. Mados holds sea-sand extraction concessions in Johor, specifically at Ramunia Shoal and Kukup in southern Johor. It supported sea-sand exports to Singapore through third-party proxy companies.
11. Contemporary Logistics (logistics)
Sultan Ibrahim wholly owns Contemporary Logistics, which is licensed to operate ship-to-ship transfer services in Johor’s maritime area.
12. Sri Lankan pharmaceutical manufacturing zone (pharmaceutical)
In 2018, Sultan Ibrahim invested in a Sri Lankan pharmaceutical manufacturing zone, partnering with Malaysian entrepreneur Patrick Lim to develop the Pharma Zone in Welipenna, Sri Lanka, with a US$100 million investment.
13. Kuala Lumpur-Singapore high speed rail (HSR) project (infrastructure)
Despite the uncertain status of the Kuala Lumpur-Singapore HSR project, Sultan Ibrahim has expressed keen interest in its revival, leveraging his strong personal ties with Singaporean leaders. Further solidifying this interest, his daughter Tunku Aminah chairs a rail subsidiary – Berjaya Rail – a rail arm of Berjaya Land, which is part of a consortium looking to bid for the project.
Johor royal family’s properties
1. Istana Bukit Serene (Johor Bahru)
Istana Bukit Serene serves as the official palace and principal public residence of the Sultan of Johor. Situated in Johor Bahru, it overlooks the Strait of Johor and was constructed between 1933 and 1939. It is state-owned and remains the royal family’s primary abode.
2. Istana Besar (Johor Bahru)
Built in 1866 for Sultan Abu Bakar, Istana Besar is a major royal palace in Johor Bahru. Historically, it served as the Sultan of Johor’s official residence and was used for official ceremonies, investitures, and state banquets. Today, it is used primarily for royal functions.
3. Reclaimed coastal land (Johor)
The Johor royal family holds significant land in Johor, including major reclamation projects in Pengerang and Tanjung Piai via special-purpose vehicles with Benalec Holdings.
4. Tyersall Park, Istana Woodneuk and Holland Road land parcels (Singapore)
Tyersall Park, a 21-hectare estate near Singapore’s Botanic Gardens, was the inspiration for the Young family home portrayed in the novel, Crazy Rich Asians; the subsequent movie’s mansion scenes were filmed elsewhere. The estate is the site of the abandoned Istana Woodneuk palace.
Tyersall Park has belonged to the Johor royal family since the 1800s, and the current registered owner is Tunku Ismail. The site is estimated to be worth billions due to its size and prime location, but is zoned as a green space, restricting development.
A recent land swap agreement with Singapore will pave the way for him to develop low-density residential projects on portions of the land located further from the Botanic Gardens.
