Is it a Good Deal?: $440,000 for a three-room flat near Bugis MRT Station
This year, eight three-room flats in Central Area have been sold for $550,000 or less. (Photo: Samuel Issac Chua/EdgeProp Singapore)
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A three-room flat at 271 Queen Street was sold for $440,000 ($681 psf) earlier this month. The 646-sq ft flat is located on the eighth storey and has a remaining lease of approximately 53 years.
We used our analytics tool, Is it a Good Deal?, to examine the transaction and determine whether the buyer of this three-room flat secured a bargain.
In the heart of Bugis
Residents of 271 Queen Street can enjoy the convenience of living in the heart of bustling Bugis (see Map 1). The HDB block is a short walk from the dual-line Bugis MRT Station, Rochor MRT Station, Tekka Place, Sim Lim Square, Fu Lu Shou Complex, Sunshine Plaza, Bugis Village, Bugis+, Bugis Junction, Bras Basah Complex, Duo Galleria, Guoco Midtown, and the National Library. The block is also adjacent to Albert Centre Market and Food Centre, which is closed for renovations until May.
Schools within a 1km radius include St. Margaret’s School (Primary), School of the Arts, Nanyang Academy of Fine Arts, and Singapore Management University. The current campus of St. Margaret’s School (Primary), located along Sophia Road, underwent renovations before the school moved back in December last year.
Source: EdgeProp LandLens (as at 26 February 2025)
Despite the flat’s excellent location, some potential buyers might be deterred by its age. Its lease began in 1979, giving the 46-year-old flat a remaining lease of 53 years (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 26 February 2025)
Our tool also highlighted that the transacted price of the three-room flat on Queen Street is below the average prices for the district and several nearby projects (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 26 February 2025)
This year’s second lowest transacted price
The three-room flat on Queen Street is deemed to be located within the Central Area HDB town. So far, only eight three-room flats in the town have been sold this year at prices ranging from $400,000 to $550,000.
The limited number of transactions could be attributed to the small inventory of HDB flats in the town. According to the latest HDB annual report, there are only 4,205 three-room flats in the Central Area, representing just 1.7% of the total stock of three-room flats in Singapore.
The transacted price of $440,000 for the three-room flat at 271 Queen Street is the second-lowest among the eight transactions of three-room flats in Central Area.
The lowest price of $400,000 ($641 psf) was paid in January for another three-room flat at 9 Selegie Road. The 624-sq ft flat is located on the fourth to sixth storey. Like the aforementioned flat along Queen Street, the flat along Selegie Road is an older flat with a lease that started in 1974, leaving it with a remaining lease of approximately 48 years.
The flat at 9 Selegie Road is also within walking distance of 271 Queen Street. Amenities within walking distance include Rochor MRT Station, the dual-line Little India MRT Station, Sim Lim Square, Sunshine Plaza, Tekka Market, School of the Arts, Nanyang Academy of Fine Arts, and Mount Emily Park (see Map 2).
Source: EdgeProp LandLens (as at 26 February 2025)
Interestingly, another three-room flat at 9 Selegie Road was sold for $470,000 ($780 psf) earlier this month. The higher price could be due to the 603-sq ft flat being located on a higher storey (16th to 18th storey). Thus far this year, there has been only one transaction for three-room flats along Queen Street.
The highest transacted price of $550,000 ($852 psf) was for a 646-sq ft flat at 263 Waterloo Street. The three-room flat, located on the 16th to 18th storey, was sold last month. Its lease began in 1978, giving it a remaining lease of approximately 52 years.
Like the aforementioned flats at 9 Selegie Road, the flat at 263 Waterloo Street is also within walking distance of 271 Queen Street (see Map 3).
The higher price paid for the flat along Waterloo Street could be due to its proximity to three MRT stations, namely Bugis, Bencoolen, and Bras Basah. The three MRT stations provide residents at 263 Waterloo Street with easy access to the East-West, Downtown, and Circle Lines. Other amenities within walking distance include Albert Centre Market and Food Centre, Bugis Village, Bugis+, Bugis Junction, Fu Lu Shou Complex, Sunshine Plaza, Fortune Centre, Bras Basah Complex, the National Library, LaSalle College of the Arts, Nanyang Academy of Fine Arts, and Singapore Management University.
Source: EdgeProp LandLens (as at 26 February 2025)
Price given a boost by limited number of flats
The average resale price for five-room flats ($1,359 psf) in the Central Area has consistently trended above that of three-room ($701 psf) and four-room flats ($933 psf) in the same town (see Chart 1). Notably, the average resale price for five-room flats surged by 32.3% y-o-y this year. In contrast, the average resale prices for three-room and four-room flats dipped by 2.2% y-o-y and 3% y-o-y, respectively.
The higher prices and stronger price growth for five-room flats could be due to the limited number of such flats in Central Area. According to the latest HDB annual report, there are only 904 five-room flats in Central Area, significantly fewer than the 4,205 three-room flats and 3,424 four-room flats in the same town.
Source: EdgeProp Market Trends (as at 26 February 2025)
Three-room flats in Central Area command higher price than Central Region and islandwide
The average resale price for three-room flats that are 41 to 50 years old in Central Area ($703 psf) has consistently trended above its counterparts in the Central Region ($623 psf) and islandwide ($581 psf) (see Chart 2). Notably, the average resale price of $703 psf is higher than the transacted price of $681 psf for the flat at 271 Queen Street.
However, the price growth since 2020 for these older flats in the Central Area (16.6%) has been significantly weaker than that of similar flats in the Central Region (31.7%) and islandwide (43.5%).
Source: EdgeProp Market Trends (as at 26 February 2025)
Within walking distance of three old leasehold condos
There are 11 condos within walking distance of 271 Queen Street, including the upcoming Midtown Modern and The Collective at One Sophia. Of these 11 condos, seven developments, including the two upcoming projects, have 99-year leasehold tenures.
Midtown Modern was launched in March 2021 and is fully sold. Since its launch in November last year, The Collective at One Sophia has achieved a cumulative take-up rate of approximately 20%.
Notably, three of the seven leasehold condos are over 20 years old. Burlington Square obtained its temporary occupation permit (TOP) in 1998, while The Bencoolen obtained its TOP a year later. Among the trio, Sunshine Plaza is the youngest, having obtained its TOP in 2001. In contrast, Duo Residences (TOP in 2017) and The M (TOP in 2023) are significantly newer. All three older condos are located just a stone’s throw away from 271 Queen Street (see Map 4).
Source: EdgeProp LandLens (as at 26 February 2025)
Last year, the average resale price for Burlington Square ($1,568 psf) was lower than that of The Bencoolen ($1,631 psf) and Sunshine Plaza ($1,597 psf) (see Chart 3). So far, there have been no sale transactions for The Bencoolen and Sunshine Plaza this year. However, Sunshine Plaza (22.2%) recorded the weakest price growth from 2020 to 2024, compared to The Bencoolen (23.7%) and Burlington Square (28.7%).
Source: EdgeProp Market Trends (as at 26 February 2025)
Conclusion
The HDB flats along Queen Street offer buyers an opportunity to live in the heart of Bugis at a more affordable price. The eight transactions for three-room flats in the neighbouring area have been well under $600,000. Additionally, the transacted price of $440,000 for the subject flat along Queen Street is the second-lowest among this year’s transactions for three-room flats in the Central Area HDB town.
While it is undeniable that the subject flat along Queen Street is extremely well-located, some prospective buyers may have concerns about the age of the flat and its remaining lease of 53 years. However, three of the five completed leasehold condos in the vicinity are also older developments that are over 20 years old. Furthermore, these three older condos have average resale prices that exceed $1,500 psf, while the average resale price for HDB flats in the same neighbourhood is still well under that threshold.
To learn more about this transaction, and whether it is a good deal, click here.
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