Singapore’s Rubber King Dynasty Sells Prime District Plot for $453M, Paving Way for Residential Development
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A piece of land in Singapore, associated with the family of the city’s late “rubber king,” Lee Kong Chian, has been sold for S$578 million (US$453 million). The 18,860-square-meter property, located at 8 Thomson Lane, was sold bearing a 105-year leasehold tenure. Currently, the site is earmarked for hotel use under the Urban Redevelopment Authority’s Master Plan 2025. However, the selling party, Chequers Properties, has allegedly secured preliminary approval to transform the site into a residential development.
Details of the Purchase
The buyer of the property is a joint venture spearheaded by Sustained Land, a residential developer based in Singapore and created by magnate Douglas Ong. The venture also includes the construction firm Kay Lim Realty. The plot is situated in Singapore’s prime District 11, in close proximity to the Singapore Polo Club, United Square’s retail outlets, the Novena medical cluster, and various educational institutions such as St Joseph’s Institution International and CHIJ Secondary (Toa Payoh). Additionally, it is near the Toa Payoh MRT station and the future Mount Pleasant MRT station.
Previously, the site was the location of a historic country bungalow that later evolved into a hotel and resort before becoming the campus of EtonHouse International School, which shut its doors in 2023.
Late ‘Rubber King’ and his Legacy
The late Lee Kong Chian, famously known as the “rubber king,” founded Lee Rubber Company, a small rubber smokehouse that he developed into a multi-million dollar empire. His pursuits later expanded into the banking sector, where he led the merger of three banks, forming OCBC Bank in 1932, which now stands as Southeast Asia’s second-largest bank in terms of assets.
Earlier this year, one of Lee’s grandsons reportedly purchased a bungalow on Barker Road for S$43.2 million. Another grandson bought two vertically stacked units at the Seven Palms Sentosa Cove condominium, totaling S$23.9 million, not long before that. The Lee family was listed as the 11th richest family in Singapore, with an estimated net worth of US$7.75 billion, by Forbes in September of last year.
Questions & Answers
What is the significance of the site sold?
The site sold by the Lee family, located at 8 Thomson Lane, is of great historical significance as it housed a historic country bungalow that was later transformed into a hotel and resort before becoming an international school campus.
Who are the buyers of the property?
The land was purchased by a joint venture led by Singapore-based residential developer Sustained Land, owned by business tycoon Douglas Ong, and also includes construction firm Kay Lim Realty.
What was Lee Kong Chian known for?
Lee Kong Chian was known as the “rubber king” for founding the Lee Rubber Company, which turned into a multi-million dollar business. He later expanded his business into the banking sector and led the merger forming OCBC Bank.