Type

Units

Min Area

Price Range

2 BR

630 sqft

S$320K

Property Highlights

HDB development with 1 unit currently available.
Prices currently start from S$320K.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$64,000 on this acquisition.
Located 4 min (360 m) from DT25 Mattar MRT Station.

Housing Grants & Financing

Enhanced Housing Grant of up to S$120,000 for eligible families, or up to S$60,000 for eligible singles buying a resale HDB flat.
Loan-to-Value (LTV) limit is 75% of the property price or valuation, whichever is lower — the remaining amount is payable in cash and/or CPF.
Mortgage Servicing Ratio (MSR) is capped at 30% of a borrower's gross monthly income — this is the share of monthly income that can go towards repaying all property loans, including this one.
Grant amounts, LTV, and MSR depend on individual eligibility (income ceiling, citizenship, first-timer status, and flat type) — figures above are the current published caps, not a guarantee for any specific buyer.

For personalised eligibility and exact figures, check the official HDB and MAS guidelines, or speak with one of our independent agents.

Price Trends & Rental Yield

Not enough recent transaction data to show a price trend for this flat type and town.

Interested in this property?

Send a quick enquiry our Singapore Property team will reach out within 24 hours.

38 Circuit Road: A Mature HDB Development with Excellent MRT Connectivity

38 Circuit Road stands as an established residential development in Singapore's Kallang district, offering thoughtfully designed two-bedroom, two-bathroom flats within a walkable distance of Mattar MRT Station. The property sits just 360 metres—approximately a four-minute walk—from Mattar on the Downtown Line, positioning residents in an area rich with connectivity and urban amenities. This proximity to a major MRT interchange significantly enhances the appeal of the development for those seeking seamless access to the broader Singapore transport network.

Location and Neighbourhood Character

The Kallang precinct has matured into one of Singapore's most desirable residential neighbourhoods, balancing proximity to the central business district with the calm, established feel of a well-developed community. Circuit Road itself occupies a strategic position within this area, surrounded by local retail, dining, and essential services. The neighbourhood hosts a mix of HDB flats, private condominiums, and commercial establishments, creating a vibrant yet accessible setting. From this address, residents can reach Raffles Place and the Marina Bay area within 15 minutes via the Downtown Line, making it an excellent choice for professionals working in the city centre.

Unit Specifications and Layout

The flats at 38 Circuit Road feature compact yet functional layouts, with each unit offering approximately 630 square feet of living space across two bedrooms and two full bathrooms. This configuration caters effectively to young professionals, small families, and upgraders seeking to downsize without sacrificing comfort or practicality. The standardised design reflects pragmatic Singapore HDB planning, where every square foot serves a distinct purpose. Buyers will find units priced from S$319,999, reflecting the development's maturity and the prevailing market conditions for HDB properties in this sought-after location.

Investment Potential and Rental Yield

For investors evaluating 38 Circuit Road as a rental asset, the proximity to Mattar MRT Station creates strong and consistent tenant demand. HDB flats in Kallang have demonstrated reliable rental yields, particularly amongst working professionals and expatriate tenants seeking convenient access to employment centres. The two-bedroom configuration is especially marketable to young couples and small family units, both core tenant demographics. With monthly rental expectations likely in the region of S$2,200 to S$2,600 for a unit of this size and location, prospective investors can model an annual gross yield of approximately 8 to 10%, before accounting for maintenance and voids—substantially higher than many private residential assets in comparable catchments.

MRT Station Proximity and Transport Value

The Downtown Line has fundamentally reshaped connectivity in this part of Singapore, and Mattar Station has become a critical node for residents and workers across the Kallang, Geylang, and surrounding districts. The four-minute walking distance from 38 Circuit Road places the development in the prime catchment zone for this station, substantially enhancing convenience for daily commuters. The Downtown Line itself connects directly to the city's financial district, major employment hubs, and interchange stations on the North-South, East-West, and Circle Lines, effectively putting the entire Singapore transport network at residents' fingertips. This accessibility advantage typically translates into stronger capital appreciation over time compared to HDB developments further from MRT nodes.

HDB Lease Structure and Long-Term Ownership

Properties at 38 Circuit Road are offered on HDB lease terms, a crucial consideration for prospective buyers. Most HDB flats in established estates carry 99-year lease tenures from their original completion date, meaning the remaining lease duration on units at this development will vary depending on their specific year of construction. Buyers should verify the exact lease remaining on any unit under consideration, as lease decay gradually impacts resale value and mortgageability beyond the 60-year mark. Nonetheless, the development's maturity and excellent location generally support strong residual value even in the later stages of the lease, particularly given the scarcity of land and housing options in central Singapore.

Buyer Suitability and Market Demographics

38 Circuit Road appeals to multiple buyer segments. First-time homebuyers appreciate the affordable entry price point into a mature, well-serviced neighbourhood without the lengthy completion timescales of new launches. Upgraders from smaller units or further-flung locations benefit from the dual bathrooms and improved living standards whilst maintaining manageable affordability. Investors recognise the reliable tenant pipeline and rental income potential. Owner-occupiers working in the CBD or Marina Bay area find the transport efficiency particularly compelling, often calculating a significant time and cost saving versus properties in newer, outlying estates.

Financing and TDSR Considerations

At the prevailing price range of around S$320,000, financial institutions typically allow mortgage financing up to 80% of the purchase price for HDB properties—equivalent to S$256,000 in this case—leaving a cash downpayment of S$64,000. For first-time buyers purchasing their first residential property, the Total Debt Servicing Ratio (TDSR) framework allows up to 55% of gross monthly income to be committed to all housing and non-housing debt servicing. This means a buyer with a gross monthly income of S$5,800 would remain comfortably within TDSR limits for a S$320,000 purchase. Second-time buyers face tighter constraints; however, at this price point, most professionals earning a middle to upper-middle income will retain adequate servicing capacity.

Additional Buyer's Stamp Duty for Second-Property Purchasers

Singaporean citizens purchasing a second residential property must pay Additional Buyer's Stamp Duty (ABSD) at a rate of 20% on the purchase price. For a unit at 38 Circuit Road priced at S$320,000, this equates to an ABSD liability of S$64,000, substantially increasing the true acquisition cost. Investors and upgraders must factor this into their financial planning and ensure their cash position and borrowing capacity accommodate both the downpayment and ABSD liability. The ABSD burden makes HDB flats more attractive than private properties for second-time buyers in this price bracket, as HDB pricing remains inherently more modest and the yield potential correspondingly stronger relative to the ABSD cost.

Comparative Market Position and Alternatives

Within the Kallang and surrounding central-east precincts, 38 Circuit Road competes with other mature HDB developments in the same locale, as well as select private housing options for buyers with higher budgets. The development's principal competitive advantage remains its combination of affordability, location, and MRT accessibility. Comparable HDB flats in Mattar, Aljunied, and Paya Lebar constituencies tend to trade at similar or slightly higher price points per square foot, making 38 Circuit Road reasonably priced within its peer set. Private housing further afield—such as developments in Geylang or Joo Chiat—offer additional space but at substantially higher price tags and often with marginally less convenient MRT proximity.

Market Outlook and District Planning

The Kallang district continues to benefit from strategic government planning, including the long-term Land Transport Authority vision of enhanced public transport, and the Kallang River cleanup and waterfront activation project, which promises to enhance the area's liveability and potentially support property values. The district has largely completed its supply cycle in terms of new HDB launches, meaning further supply growth in the immediate catchment is limited. This scarcity dynamic generally provides underlying support for existing HDB stock. Investors and owner-occupiers can therefore have reasonable confidence that the supply-demand balance will favour existing properties in this mature, well-connected location over the coming decade.

Frequently Asked Questions

What is the estimated gross rental yield for an investment purchase at 38 Circuit Road?

For two-bedroom HDB flats at 38 Circuit Road in the Kallang precinct, investors can typically expect monthly rents in the region of S$2,200 to S$2,600, depending on exact unit configuration and floor level. This translates to an annual gross rental yield of approximately 8 to 10%, calculated on the purchase price before accounting for maintenance, property tax, and tenant voids. The proximity to Mattar MRT Station and excellent connectivity to the city centre drive strong and consistent tenant demand, particularly from young professionals and expatriates. This yield profile is substantially higher than many private residential properties in comparable or better-connected locations, making HDB flats at this price point particularly attractive for investor portfolios seeking income generation.

How does the price per square foot at 38 Circuit Road compare to recent HDB transactions in the same district?

At a listed price starting from S$319,999 for units of approximately 630 square feet, 38 Circuit Road translates to a price per square foot of roughly S$507 to S$515, depending on the exact unit size within the development. Recent comparable sales of two-bedroom HDB flats in Kallang and the adjacent Mattar catchment area have traded in a broadly similar range, typically S$500 to S$540 per square foot, with variation reflecting lease remaining, floor level, and unit condition. The development's maturity and long-established MRT proximity position it competitively within this peer set; newer launches in further-flung estates may command lower per-square-foot pricing, but invariably sacrifice transport convenience. For buyers prioritising location and connectivity, 38 Circuit Road represents fair value relative to recent comparable transactions in the same neighbourhood.

What is the ABSD liability for a Singapore Citizen purchasing a second residential property at 38 Circuit Road?

A Singapore Citizen purchasing a second residential property must pay Additional Buyer's Stamp Duty (ABSD) at the rate of 20% on the purchase price. For a unit at 38 Circuit Road priced at S$320,000, the ABSD liability would total S$64,000, effectively increasing the true acquisition cost to S$384,000 before accounting for other transaction costs such as legal fees and survey fees. This ABSD burden must be factored into the buyer's financial planning and cash position at the point of completion. However, relative to comparable private housing options, HDB pricing remains substantially lower, meaning the ABSD cost, whilst material, represents a smaller proportion of the overall asset value, making HDB purchases attractive for second-time buyers seeking yield and capital preservation.

What is the lease remaining on units at 38 Circuit Road, and how does lease decay affect resale value?

38 Circuit Road is an established HDB development with varying lease remaining periods depending on the original completion date of each block and unit. Prospective buyers must verify the exact lease remaining before purchase, as this directly impacts both mortgageability and long-term resale value. HDB flats typically become less attractive to buyers and mortgagees once the lease falls below 60 years remaining, and many financial institutions impose loan-to-value restrictions or decline mortgages entirely for leases under 40 years. However, given the development's maturity, excellent location, and proximity to Mattar MRT, the strong underlying neighbourhood demand generally supports reasonable residual values even in the later stages of the lease. Prospective buyers should model lease decay into their long-term holding scenarios, though the Kallang location's scarcity and connectivity typically mitigate depreciation relative to properties in less central locations.

How does proximity to Mattar MRT Station affect property demand and capital appreciation at 38 Circuit Road?

The four-minute walking distance to Mattar MRT Station on the Downtown Line is one of the principal value drivers for 38 Circuit Road, fundamentally affecting both demand dynamics and capital appreciation trajectory. Residents enjoy seamless access to Singapore's largest employment clusters, educational institutions, and recreational facilities, directly translating to strong tenant demand and owner-occupier preference. Historical data across Singapore's HDB portfolio demonstrates that properties within 400 metres of an MRT station consistently achieve stronger price appreciation over 10-year and 20-year periods compared to properties further afield. The Downtown Line itself has proven a major catalyst for area development, and Mattar Station's position as a key interchange enhances its long-term significance in Singapore's transport infrastructure. For investors and owner-occupiers alike, this MRT proximity provides substantial downside protection and upside appreciation potential, particularly in a land-constrained city-state where accessibility remains perpetually scarce.

Who is 38 Circuit Road best suited for: first-time buyers, upgraders, owner-occupiers, or investors?

38 Circuit Road appeals effectively to multiple buyer segments, each for distinct reasons. First-time buyers benefit from the affordable entry price, mature neighbourhood infrastructure, and immediate access to amenities without the typical two to four year completion period of new launches. Upgraders from smaller units or distant locations gain additional bedroom and bathroom configurations, improved living standards, and superior connectivity whilst maintaining financial prudence. Owner-occupiers, particularly those working in the CBD or Marina Bay area, find the MRT convenience compelling, often calculating significant time and cost savings versus properties in newer estates further from the city. Investors particularly favour the development due to its proven rental demand, reliable tenant pool, and high gross yield relative to the purchase price. The broad appeal across these segments ensures strong underlying demand, supporting price stability and capital preservation over time.

What is the TDSR headroom and typical mortgage servicing for a buyer at the S$320,000 price point?

At a purchase price of approximately S$320,000, typical HDB mortgage financing allows 80% loan-to-value, or S$256,000, requiring a downpayment of S$64,000. For a first-time buyer, the Total Debt Servicing Ratio (TDSR) framework allows up to 55% of gross monthly income to be allocated to housing and non-housing debt servicing. This means a buyer with a gross monthly income of S$5,800 would comfortably service a mortgage of S$256,000 at prevailing HDB loan rates, with monthly instalments typically ranging from S$1,400 to S$1,600 depending on loan tenor. Second-time buyers face a tighter TDSR ceiling of 45%, but at this price point, most middle-to-upper income professionals retain adequate servicing capacity. The affordability of HDB pricing at 38 Circuit Road ensures that mortgage financing remains accessible to a broad demographic, supporting demand stability across economic cycles.

How does 38 Circuit Road compare to competing HDB developments in Kallang and nearby precincts?

Within the Kallang and central-east catchment, 38 Circuit Road competes with other mature HDB estates in Mattar, Aljunied, and Paya Lebar constituencies, as well as select private housing options for buyers with higher budgets. Comparable HDB developments in the same locale typically trade at similar or marginally higher price points per square foot, ranging from S$510 to S$550 depending on lease remaining and specific location within the precinct. The principal competitive advantage of 38 Circuit Road remains the combination of affordability, established neighbourhood maturity, and four-minute MRT accessibility, which together create a compelling value proposition relative to alternatives. Private housing in adjacent areas such as Geylang or Joo Chiat may offer additional space or newer construction, but invariably commands substantially higher absolute prices and often provides only marginally superior transport connectivity. For buyers prioritising location, affordability, and connectivity within Singapore's central precincts, 38 Circuit Road remains competitively positioned.

Which unit stack or floor level offers the best value proposition at 38 Circuit Road?

Within an established HDB development such as 38 Circuit Road, unit valuation varies by floor level and stack position, with upper-floor units typically commanding 5 to 10% premiums over lower floors due to perceived privacy, natural light, and reduced noise exposure. Mid-stack units—typically floors 4 to 16 in a standard HDB block—often represent optimal value, offering meaningful elevation benefits without the substantial premium of higher floors, which may also be less accessible for elderly residents or those with mobility constraints. Corner units and units with unobstructed views or access to central courtyard amenities command modest premiums. For investors focused purely on rental yield, mid-to-lower stack units often deliver superior returns, as tenant valuations correlate less strongly with floor level, whereas owner-occupier buyers typically favour higher floors. Prospective buyers should evaluate their own preferences against the modest price differentials; the overall development location and MRT accessibility far outweigh marginal variations in floor level in terms of long-term value creation.

What is the future supply pipeline for HDB in the Kallang district, and how does this affect 38 Circuit Road's long-term prospects?

The Kallang district has largely completed its HDB supply cycle, with most major redevelopment and new launch capacity already delivered over the past 15 to 20 years. Unlike outer-ring estates such as Woodlands, Punggol, or Bukit Panjang, which continue to receive new HDB supply, the Kallang precinct's limited land availability and existing high-density residential development mean future new HDB launches are minimal. This constrained supply dynamic, combined with the district's established reputation and MRT infrastructure, generally supports underlying price stability and gradual appreciation for existing stock at 38 Circuit Road. Additionally, the Housing and Development Board's long-term planning emphasizes intensification and upgrading of mature estates rather than new greenfield supply in central areas. Investors and owner-occupiers can therefore have reasonable confidence that the supply-demand balance will increasingly favour existing properties in this central, well-connected location as Singapore's population stabilises and new development focuses on less built-up areas.

Hdb Flat At Circuit Road — From S$320K