Lee Kong Chian Family Company Sells Singapore Land for S$578 Million
A company linked to Singapore’s late “rubber king” Lee Kong Chian family has sold an 18,860-square-meter plot in the city-state for S$578 million (US$453 million).
Prime District 11 Site Changes Hands
Chequers Properties, a firm connected to the family of Singapore’s late industrialist Lee Kong Chian, sold an 18,860-square-meter site. The transaction in Singapore fetched S$578 million (US$453 million). The plot, located at 8 Thomson Lane, carries a freehold title. It was sold with a 105-year leasehold tenure, as reported by The Business Times.
This publication cited a caveat lodged last week, detailing the terms of the high-value property deal in the city-state.
Residential Conversion Planned
The Urban Redevelopment Authority’s Master Plan 2025 currently designates the Thomson Lane site for hotel use. However, Chequers Properties obtained in-principle approval from the agency. This allows for conversion to residential development. The buyer is a joint venture. Sustained Land, a Singapore-based residential developer, leads this consortium.
Tycoon Douglas Ong founded and owns Sustained Land. Construction firm Kay Lim Realty also participates in the acquisition.
Strategic Location and History
The property sits in Singapore’s prime District 11. It offers proximity to key amenities including the Singapore Polo Club and United Square’s retail outlets. The Novena area medical cluster and various schools, such as St Joseph’s Institution International, are also nearby. Public transport access is convenient, with the Toa Payoh MRT station close by.
The future Mount Pleasant MRT station will further enhance connectivity. The site previously housed a historic bungalow and an EtonHouse International School campus until 2023.
Family Wealth Continues Property Investments
The late Lee Kong Chian was known as the "rubber king" for building Lee Rubber Company. He later expanded into banking, leading the merger that formed OCBC Bank in 1932. OCBC is now Southeast Asia’s second-largest bank by assets. Forbes estimated the Lee family’s net worth at US$7.75 billion last September, ranking them 11th richest in Singapore.
This transaction demonstrates ongoing private wealth engagement in Singapore’s high-value property market, particularly for redevelopment opportunities in established districts.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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