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Shrouded with secrets and mysteries, a run-down shophouse in Singapore draws attention to banker Chi Ling who returns from Hong Kong to claim its inheritance. As she discovers the drudgeries and intrigues of her great-grandmother's world - in a brothel set in early 1940s Singapore - she is pushed to decide the fate of the building and to reconcile with her roots and history.

A young entitled client ruffles things up at the House of Phoenix, inflicting injury on one of the girls at the House of Phoenix. Will the Madame, Fung Lan, let go of this outrageous treatment towards her girls? In present times, an injury in the form of Chi Ling's foot has physically inhibited her from returning to Hong Kong.

A new and astute chief inspector is in town and he is determined to get behind the murders in the district - including two cold-blooded murders that seem to land Fung Lan and the House of Phoenix under intense spotlight.

The House of Phoenix is a flurry of activities in the mornings, showing the other side of things to activities at the house - including Fung Lan's other side, who is away most of the time. Inspector Mak is intrigued to find where the Madame hides herself. What's more, when the house's young maid disappears, Inspector Mak curiously discovers a different side to the Madame.

Chi Ling's past is further unveiled through a series of discovered stories as a certain character appears to know more about her past than she does. The link is surprising, and the mystery leads Chi Ling and Guo Wen on a hunt for lost journals and missing pieces to Chi Ling's past. Meanwhile, love is in the air at the House of Phoenix as Siu Lan is swept off her feet by a young gentleman...her client.

Fung Lan with the help of Inspector Mak locate a distraught Siu Lan... What will this mean for Siu Lan, who is angered by the situation and the cold-hearted Madame? More stories of Fung Lan and the girls including Siu Lan's plight are found by Chi Ling and Guo Wen. In their continuous search to complete the story, Chi Ling gets to know Guo Wen and his selfless acts for the community. Is she... falling for him?

Inspector Mak toils away to dig up more dirt on the Madame and his relentless search appears to bear fruit. The link to the murders seems too easy. Yet Fung Lan holds her gait even as she appears to hide some unresolved hurt. For how long, time can only tell. Perhaps it might emerge from someone from Fung Lan's past, who returns and recognises her.

Just as Inspector Mak begins to amass intimate information from - and equally intimate contact with - the Madame, trouble afflicts the House and someone is hurt. The murder case is plagued by more savage schemes and Inspector Mak is outraged by the unnecessary distraction. He is almost certain who is behind this.

It is discovered that there is a spy. Inspector Mak sources all information and arrives at the House of Phoenix. Trusting Fung Lan, they seek to pick out the mole that has been hiding all these while. Business affairs aside however, there seems to be other affairs between the two that require immediate attention.

Shock abounds as the identity of the spy is sniffed out - but Fung Lan is in two minds about it and can't find it within her to make the right decision just yet. What's worse, an impatient Lou Seh is seething and ready to pounce to get his true revenge. Chi Ling listens more to Fung Lan's story and her real past through Inspector Mak's old voice recordings.

Uncertainty stains the air as Fung Lan has to make the right decision now that the search for the spy intensifies. It seems obvious yet Fung Lan finds herself in conflict. Will Fung Lan follow her heart or her mind? More resolutions emerge as Chi Ling finds herself coming to terms with her emotions and confronts Harry with the truth. Fung Lan and Chi Ling get their answers but the painful realities are still hard to swallow.

Now that the murders have been resolved, war is looming and it seems like a happy ending is nigh. Yet Fung Lan is pained over the demise of her companion - and possibly, her future... Will there be a happy ending for Fung Lan? The future of the House of Phoenix in present times is also put in question as a transformed Chi Ling is now intent on saving her shophouse from demolition. Her effort appears a lost cause but only time will tell.