Sustained Land Buys Thomson Lane Plot for S$578 Million, Plans Condo Project on Prime Site

According to a caveat lodged on 11 August, 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 203,000 square feet and is currently zoned for hotel use with a gross plot ratio of 2.1 under URA’s 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, the site could yield about 781,800 sq ft of GFA, and potentially more than 770 residential units.

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.

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

The site at 8 Thomson Lane, formerly 418 Thomson Road, overlooks the Kallang River and has a storied history. A historic country bungalow dating back to at least the 1940s, the grand colonial-style building served as an early base for Redemptorist priests before becoming Chequers Hotel, which 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. In 2014, EtonHouse International School opened a campus at the site, 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 with 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.

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 is expected to yield about 6,000 public housing units across four Build-To-Order projects.