The firm said in a social media post that the 27-hectare estate in the southern Malaysian state’s coastal town of Desaru will take about four years to build, describing it as one of its “most significant commissions to date.”
Ismail Ibrahim, the Regent of Johor and the 41-year-old son of Malaysian King Ibrahim Iskandar, noted that the collaboration with the firm reflects not only design excellence but also his close family ties with Peter and his son, Kiat Lim, who now chairs the company.
“This residence is more than a home. It’s a reflection of family, heritage and partnership,” he said in the announcement.
The estate will feature the royal family’s villa, along with guest houses, a children’s club and sports facilities. It will also include an underground shooting range and armory capable of supporting up to 100 soldiers assigned to the Regent’s security detail.
“To help bring such a significant and personal project to life on this iconic stretch of coastline is a rare privilege,” Kiat said, adding that the partnership is rooted in years of mutual respect between the two families.
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This combination picture shows an artist’s rendition of the royal family villa in Desaru and a photo of Kiat Lim, RSP’s chairman, and Tunku Ismail Sultan Ibrahim, the Regent of Johor. Photo courtesy of RSP |
RSP has built a reputation for landmark projects, with its portfolio featuring the Jewel at Changi Airport, developed in partnership with Safdie Architects, and Saudi Arabia’s Armani Hotel & Residences Diriyah.
It reported S$92 million (US$71.7 million) in revenues last year and is expected the figure to hit S$100 million in 2025, according to Vulcan Post.
The firm is owned by Peter Lim, one of the city-state’s richest billionaires with a net worth of US$1.8 billion, whose holdings include major stakes in Singapore-listed hospital group Thomson Medical and Spanish football club Valencia, as reported by Forbes.
The Malaysian royal family controls vast stretches of land in Johor’s Iskandar region, an area being jointly developed with Singapore as a special economic zone. The development of the family’s heritage properties is managed by the Regent.
Earlier this year, Ismail agreed to swap 13 hectares of land near the Botanic Gardens, a UNESCO World Heritage Site in Singapore, with the city-state’s government in return for 8.5 hectares of nearby state land “of comparable value,” according to the Urban Redevelopment Authority.
Following the exchange, Ibrahim’s estate would cover 16.6 hectares, which were estimated to be worth S$3.67-3.83 billion, according to Nicholas Mak, chief research officer at property website Mogul.sg.
Bloomberg estimated the royal family’s fortune at about US$5.7 billion last year, with their Singapore estate accounting for a huge portion of that wealth.
