Last month, a five-room HDB flat at 118C Jalan Membina in Bukit Merah was sold for $1.1 million ($929 psf). Located on the 16th to 18th storeys, the subject flat measures 1,184 sq ft and has a remaining lease of around 76 years.

Despite its million-dollar price tag, the price paid for the subject flat is still significantly lower than the record high of $1.649 million achieved by another five-room flat in the same HDB town. This eye-watering price was paid for a 1,206 sq ft flat at 9A Boon Tiong Road last month.

We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of the flat along Jalan Membina secured a bargain.

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In the Tiong Bahru neighbourhood

The subject flat is within walking distance of Tiong Bahru MRT Station, Tiong Bahru Plaza and Tiong Bahru Market (see Map 1). Additionally, the Ayer Rajah Expressway and the Central Expressway are a short drive away.

Schools within a 1km radius include CHIJ (Kellock), Radin Mas Primary School, Zhangde Primary School, CHIJ St. Theresa’s Convent and Gan Eng Seng School (see Screenshot 1).

The subject flat’s central location, coupled with a wide variety of nearby amenities, could have mitigated the impact of its shorter remaining lease of 76 years.

Our tool also indicated that the subject flat was sold at a price lower than that of several nearby projects (see Screenshot 2). This is unsurprising, given that the transacted price of $1.1 million for the subject flat is significantly below the record high of $1.649 million for five-room flats in Bukit Merah.

Source: EdgeProp Is it a Good Deal (as at 2 April 2026)

More than half of the five-room flats in Bukit Merah fetched at least $1 million this year

According to data from HDB, 44 five-room flats in Bukit Merah have been sold so far this year at prices ranging from $690,000 to $1.649 million. Among them, 27 fetched at least $1 million.

However, only five of the sold flats are along Jalan Membina. Notably, all changed hands for more than $1 million (see Table 1). Apart from the subject flat, another five-room flat at 118C Jalan Membina was sold this year, albeit at a lower price of $1.08 million ($912 psf).

Read also: Is it a Good Deal?: A condo in Tanjong Pagar sold at a loss of $516,000

Among the flats along Jalan Membina, a flat at 19 Jalan Membina fetched the highest price of $1.358 million ($1,147 psf). Similar to the subject flat, the property at Block 19 also measures 1,184 sq ft and has a remaining lease of 76 years. One reason for its higher price could be its closer proximity to Tiong Bahru MRT Station and Tiong Bahru Plaza (see Map 2).

Five-room flats in Bukit Merah chalk up strongest price growth

The average resale price of four-room flats ($888 psf) in Bukit Merah has consistently trended above that of their three-room ($714 psf) and five-room ($874 psf) counterparts (see Chart 1). However, four-room flats (34.1%) chalked up the weakest price growth since 2020 compared to three-room (34.5%) and five-room (45.7%) flats.

The average resale price of five-room flats in Bukit Merah ($920 psf), aged 21 to 30 years, trends closely with that of similar flats in the Central Region ($845 psf). Notably, the transacted price of $929 psf for the subject flat is only marginally above the Bukit Merah average. Meanwhile, the average resale prices for both Bukit Merah and the Central Region are significantly higher than the islandwide average ($576 psf) (see Chart 2).

Only two 99-year leasehold condos within a 500m radius

There are nine condos, representing around 1,400 units, within a 500m radius of the subject flat. However, only Central Green Condominium and Highline Residences are 99-year leasehold developments.

Both condos are adjacent to each other and are also a stone’s throw from Tiong Bahru MRT Station and Tiong Bahru Plaza (see Map 3). Both are located in District 3. Like the subject flat, Central Green Condominium is along Jalan Membina, while Highline Residences is along Kim Tian Road.

So far this year, no resale transactions have been recorded for Highline Residences, but it achieved an average resale price of $2,409 psf last year, significantly higher than that of Central Green Condominium ($1,675 psf) and 99-year leasehold condos in District 3 ($2,189 psf) (see Chart 3).

Read also: Is it a Good Deal?: $845,000 for a five-room flat along Woodlands Street 13

At the time of writing, only one unit at Central Green Condominium has been sold this year ($1,815 psf), lower than the average resale price for 99-year leasehold condos in District 3 ($2,226 psf).

The significant price disparity between the two condos could be due to their age difference. Central Green Condominium obtained its temporary occupation permit (TOP) in 1995, while Highline Residences received its TOP in 2018. Furthermore, the land lease for Central Green Condominium commenced in 1992, leaving it with a remaining lease of 65 years. In contrast, Highline Residences has a longer remaining lease of 86 years, as its land lease commenced in 2013.

Conclusion

Flats in Bukit Merah tend to be in strong demand due to the town’s central location and numerous amenities. Among the 44 five-room flats sold in Bukit Merah so far this year, more than half have fetched at least $1 million.

The $1.1 million paid for the subject flat at 118C Jalan Membina is significantly below the record-high price of $1.649 million for five-room flats in Bukit Merah. However, the $929 psf paid for the subject flat is slightly above the average resale price of $920 psf for five-room flats in Bukit Merah that are of a similar age.

To learn more about the transaction for the subject flat, and whether it is a good deal, click here.

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