Sustained Land buys Thomson Lane plot for S$578 million, plans condo project on prime site

[SINGAPORE] A joint venture led by developer Sustained Land is buying a sprawling site in Thomson Lane for S$578 million from an entity linked to OCBC’s Lee family, with plans to build a large residential project on the prime plot.

According to a caveat lodged on Aug 11, the seller is Chequers Properties, a company linked to the family of late rubber magnate and philanthropist Lee Kong Chian, regarded as the founding father of OCBC.

The site at 8 Thomson Lane spans a 203,000 square feet (sq ft) and is currently zoned for hotel use with a gross plot ratio of 2.1 under the Urban Redevelopment Authority’s (URA) Master Plan 2025.

Chequers Properties is understood to have received in-principle approval from URA for the site to be redeveloped for residential use at a gross plot ratio of up to 3.5.

With the higher plot ratio and a 10 per cent bonus gross floor area (GFA), the site could yield about 781,800 sq ft of GFA and potentially more than 770 residential units, according to industry players.

A land betterment charge payable for the redevelopment, estimated at S$436 million, would take the total land cost to more than S$1 billion, or close to S$1,293 per square foot per plot ratio.

The S$578 million site is understood to have been sold with a 105-year leasehold tenure carved out of the freehold title on the land.

Market watchers said the longer tenure is not uncommon for a site of this size, as it gives the developer more time to complete the project while allowing the eventual residential units to be sold with around 99 years or more remaining on their leases.

Founded and owned by low-profile tycoon Douglas Ong, Sustained Land is a Singapore-based property developer specialising in residential developments.

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To date, it has 17 assets in its portfolio, including One Meyer in Marine Parade, Sky Everton near Tanjong Pagar, and The Sen, a 347-unit condominium in Upper Bukit Timah that was launched in late 2025.

Sustained Land is undertaking the Thomson Lane acquisition with construction group Kay Lim Realty, and holds the majority stake in the joint venture.

History of the site

A historic country bungalow dating back to at least the 1940s once stood at 8 Thomson Lane, formerly 418 Thomson Road, overlooking the Kallang River.

The grand colonial-style building served as an early base for Redemptorist priests, before becoming Chequers Hotel that enjoyed its heyday in the 1950s and 1960s and eventually closed in April 1985.

It was subsequently transformed into Europa Country Club Resort, which closed in March 2006.

Another club, the Celebrities Resort Club, was later planned for the site. Started by former MediaCorp actor Lin Yisheng and two partners, the ambitious venture was billed as a hot spot for local celebrities, but never took off.

In 2014, EtonHouse International School opened a campus at 8 Thomson Lane, where it operated for about nine years until its closure in 2023.

Chequers Properties subsequently obtained permission in 2024 to demolish the existing buildings and swimming pool on the site.

In 2025, plans were submitted for a commercial development comprising a four-storey office podium and a 28-storey office tower/medical suites.

However, URA rejected the proposal, as the proposed commercial use at a gross plot ratio of 3.0 was not in line with the planning intention for the area, which is predominantly residential.

Up-and-coming precinct

Located in prime District 11, the site is tucked between Novena and Toa Payoh.

It is close to Singapore Polo Club, retail amenities at United Square and the Novena area medical cluster, as well as schools including St Joseph’s Institution International and CHIJ Secondary (Toa Payoh).

The site is also within walking distance to the future Mount Pleasant MRT station and Toa Payoh MRT station.

Nearby, the upcoming Mount Pleasant housing estate is being developed on the former site of the Old Police Academy. The 33-hectare estate in the Core Central Region of Singapore is expected to yield about 6,000 public housing units across four Build-To-Order projects.