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  • Singapore’s Rubber King Dynasty Sells Prime District Plot for $453M, Paving Way for Residential Development

    Singapore’s Rubber King Dynasty Sells Prime District Plot for $453M, Paving Way for Residential Development

    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.

  • Telkom Finalizes $4.8 Billion Spinoff of InfraNexia Network Assets, Paving Way for Enhanced Connectivity Services

    Telkom Finalizes $4.8 Billion Spinoff of InfraNexia Network Assets, Paving Way for Enhanced Connectivity Services

    Telkom Indonesia has disclosed the completion of its two-step division of network infrastructure assets into its operational subsidiary, InfraNexia. The entire transaction, amounting to IDR 85.7 trillion (equivalent to USD 4.8 billion), was first proposed in September 2025 and received shareholder approval in December of the same year.

    Phase Breakdown

    The initial stage of the spinoff was settled in January 2026. This entailed transferring over half of Telkom’s fiber network infrastructure, including elements contributing to access, aggregation, backbone, and other supporting segments, to lay the groundwork for InfraNexia’s operational activity. In the second stage, InfraNexia has taken over 90% of Telkom’s network infrastructure assets and business portfolio, thus expanding its operational capacity.

    Despite the division, Telkom will maintain a 99.9% share in InfraNexia, enabling it to operate as a wholly-owned subsidiary that offers neutral wholesale connectivity services. InfraNexia will now manage approximately 112,000 km of fiber-optic networks throughout Indonesia, of which 26,000 km are domestic subsea cables spread across the archipelago.

    Future Developments

    Lukman Hakim Abd. Rauf, President Director of InfraNexia, articulated that with the growing integration of assets, the company aims to enhance its primary services, including 5G backhaul, wholesale network, and FTTx, as well as passive infrastructure sharing. Lukman also anticipates that these advancements will set up InfraNexia to back the expansion of AI, cloud services, and data centers in Indonesia.

    Dian Siswarini, President Director of Telkom, emphasized that the InfraNexia spinoff is a significant move towards expediting Telkom Group’s business transformation as part of its TLKM 30 strategy. This strategy targets the monetization of high-value infrastructure assets like data centers, towers, and fiber networks to stimulate new growth possibilities for the future. She expressed confidence that the establishment of InfraNexia would enable the company to deliver faster, more reliable, and superior quality services to enhance customer experience.

    Questions & Answers

    What is the total transaction value of the spinoff?
    The total transaction value of the spinoff is IDR 85.7 trillion, which is approximately USD 4.8 billion.

    What will InfraNexia focus on enhancing post the spinoff?
    InfraNexia plans to strengthen its primary services, such as 5G backhaul, wholesale network, and FTTx, alongside passive infrastructure sharing.

    How will InfraNexia support the growth of AI, cloud services, and data centers in Indonesia?
    With an increasingly integrated asset base and a robust network infrastructure, InfraNexia is poised to provide the necessary connectivity and infrastructure support for the growth of AI, cloud services, and data centers in Indonesia.