Four-room Tiong Bahru flat with 45 years left on lease sold for record S$1.53 million

A four-room HDB resale flat in Tiong Bahru has set a new national benchmark after changing hands for S$1.53 million in May 2026, despite having only about 45 years remaining on its lease.

The record-setting transaction involved an adjoined jumbo flat at Block 50 Moh Guan Terrace in Bukit Merah.

The sale has overtaken previous four-room resale records and renewed attention on ageing flats in mature estates commanding premium prices.

The latest transaction comes only weeks after another Bukit Merah flat made headlines earlier this month when a five-room unit at City Vue@Henderson along Henderson Road was sold for S$1.728 million.

Property market observers said the latest Moh Guan Terrace deal reflects sustained demand for rare, spacious homes in centrally located heritage estates, even when lease decay remains a concern.

Record price despite ageing lease

According to resale data, the Moh Guan Terrace unit is located between the first and third floors of Block 50 and has around 45 years and nine months remaining on its lease.

The project’s lease began in 1973 under the former Singapore Improvement Trust (SIT), the predecessor to the Housing and Development Board (HDB).

While million-dollar HDB resale deals have become increasingly common in mature estates, the latest sale stood out because of the flat’s comparatively short remaining lease.

The transacted price of S$1.53 million works out to around S$947 per square foot, lower than many newer million-dollar HDB flats. However, the unusually large floor area pushed the total transaction value to a new national record for four-room flats.

The adjoined unit spans about 1,615 sq ft, or approximately 150 sq m, making it significantly larger than most contemporary four-room HDB flats.

The project itself is only about four storeys high, adding to the estate’s distinct low-rise character.

Second record-breaking deal in same block

This is not the first time Block 50 Moh Guan Terrace has drawn national attention for record-setting resale prices.

In June 2023, another adjoined four-room flat in the same block, measuring about 176 sq m, was sold for S$1.5 million.

At the time, the transaction also set a national resale record for four-room HDB flats.

Later, in December 2024, a three-room unit in the same development fetched S$750,000, establishing another benchmark for older HDB units in the area.

Although subsequent transactions elsewhere later surpassed those records, the repeated high-value sales at Moh Guan Terrace have continued to underline the development’s strong buyer appeal.

The current national HDB resale record remains a S$1.73 million unit at SkyOasis @ Dawson, sold in June 2024.

Strong demand for rare jumbo flats

According to property portal 99.co, demand remains strong for rare homes in mature estates, particularly units offering larger layouts, heritage character and city-fringe convenience.

The portal noted that jumbo flats in central locations such as Tiong Bahru are extremely limited in supply, making them highly sought after despite shorter remaining leases.

Many older HDB flats were built with significantly larger floor areas compared with newer developments, attracting buyers who prioritise interior space and unique layouts.

Moh Guan Terrace, located within the Tiong Bahru estate, is also known for its pre-war architecture, independent cafés, traditional eateries and strong community atmosphere, factors that continue appealing to both owner-occupiers and affluent buyers.

The development enjoys strong connectivity, with Tiong Bahru MRT station about six minutes away on foot and Havelock MRT station also within walking distance.

Residents also have easy access to Tiong Bahru Plaza, Great World, VivoCity, nearby childcare centres and lifestyle destinations including Yong Siak Street and Tiong Bahru Park.

Million-dollar deals continue to rise

Despite a slight decline in overall HDB prices, high-value transactions have continued to increase.

HDB resale prices fell by 0.1 per cent quarter-on-quarter in the first quarter of 2026. However, the number of million-dollar deals rose during the same period.

Data from PropNex showed that at least 412 resale flats were sold for S$1 million or more in Q1 2026.

This marked an increase of nearly 18 per cent compared with the 350 such transactions recorded in the previous quarter.

The transactions included 190 four-room flats, 143 five-room flats, 78 executive flats and one multi-generation unit.

Approximately 15 per cent of these sales involved flats with a remaining lease of 94 years or more. This suggests that many of these units had only recently met the five-year minimum occupation period requirement.

Such flats were located in developments including Northshore StraitsView in Punggol, SkyParc @ Dawson and projects in the Bidadari estate.

Chee Hong Tat: Around 6% of HDB resale flats crossed S$1m in 2025

During the Parliamentary sitting on 7 April, National Development Minister Chee Hong Tat said about 6 per cent of HDB resale flats were transacted at above S$1 million in 2025, in response to query filed by Workers’ Party MP Abdul Muhaimin Abdul Malik.

Abdul Muhaimin asked whether the Ministry is concerned that million-dollar resale flat transactions surged by 54.7% to 1,594 units in 2025, even as overall price growth moderated to 2.9%, and what measures the Government is considering to moderate such transactions and safeguard public confidence in public housing affordability.

Chee emphasised that resale flat prices are determined by market forces, based on agreements between buyers and sellers and influenced by location and flat attributes.

He added that despite the rise in million-dollar transactions, the resale market continues to offer a wide range of options catering to different budgets and needs.