Sustained Land buys Thomson Lane plot for S$578 million, plans condo project on prime site
The acquisition signals developer confidence in prime residential demand and could add substantial condominium supply, subject to conversion from the site’s current hotel zoning.
A Sustained Land-led joint venture is acquiring the 203,000 sq ft site at 8 Thomson Lane for S$578 million, with plans for a large condominium project.
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[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.