Land linked to family of Singapore’s late ‘rubber king’ Lee Kong Chian sold for $453M
A company linked to the family of Singapore’s late “rubber king” Lee Kong Chian has sold a plot in the city-state for S$578 million (US$453 million).
An 18,860-square-meter land parcel at 8 Thomson Lane in Singapore's District 11 has been sold for $453 million, according to The Business Times. The 105-year leasehold property, owned by Chequers Properties, was designated for hotel use under the Urban Redevelopment Authority's Master Plan 2025. However, the current seller has received in-principle approval from the agency to repurpose the site for residential development.
The buyer is a joint venture led by Sustained Land, a prominent Singapore-based residential developer founded and owned by tycoon Douglas Ong, alongside construction firm Kay Lim Realty. The prime location sits near the Singapore Polo Club, United Square's retail offerings, the Novena medical cluster, and several schools, including St Joseph's Institution International and CHIJ Secondary (Toa Payoh).
The site is also in close proximity to the Toa Payoh MRT station and the upcoming Mount Pleasant MRT station. Notably, the land once hosted a historic country bungalow that transformed into a hotel and resort before being replaced by an EtonHouse International School campus, which closed in 2023. Lee Kong Chian, the late "rubber king" who founded the Lee Rubber Company and later merged three banks to form OCBC Bank, is the late family member linked to this property.
Forbes ranked the Lee family as the 11th wealthiest individuals in Singapore, estimating their net worth at US$7.75 billion.
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