Type

Units

Min Area

Price Range

2 BR

1335 sqft

S$10,000/mo

Property Highlights

Condo development with 1 unit currently available.
Prices currently start from S$10,000.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$2,000 on this acquisition.
Located 8 min (640 m) from TE15 Great World MRT Station.

Price Trends & Rental Yield

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Martin No 38: Contemporary Apartments in the Heart of a Prime Singapore Neighbourhood

Martin No 38 stands as a modern residential development strategically anchored at 38 Martin Road, a location that benefits from proximity to one of Singapore's most dynamic and well-connected commercial and leisure precincts. The development's position just eight minutes' walking distance from Great World MRT Station (TE15) places residents within easy reach of major employment nodes, educational institutions, and cultural attractions across the island. This accessibility to rapid transit infrastructure forms a cornerstone of the property's long-term appeal, both for owner-occupiers seeking convenience and investors evaluating yield potential.

The development comprises a thoughtfully planned collection of residential units designed to accommodate varying household compositions and lifestyle preferences. Floor plans across the available inventory range from intimate two-bedroom layouts to configurations that cater to families requiring additional space, with carefully proportioned living areas totalling upwards of 1,300 square feet in certain offerings. Each unit has been conceived with contemporary living standards in mind, incorporating efficient spatial design that maximises usable floor area and natural light penetration. The attention to functional layout reflects broader trends in Singapore's residential market, where purchasers increasingly prioritise adaptability and liveable proportions over raw size.

Location and Connectivity: A Gateway to Urban Convenience

The placement of Martin No 38 within the catchment of Great World MRT Station delivers significant logistical advantages. This Thomson-East Coast Line (TE15) station functions as a major transit interchange, connecting residents to diverse neighbourhoods spanning from the eastern corridors through to Marina Bay and beyond. For professionals working in the Central Business District, this station proximity translates to commute times typically under 20 minutes, a figure that commands premium valuation in the Singapore property market. The broader Great World precinct—encompassing retail, F&B, and entertainment venues—has undergone substantial rejuvenation, creating a self-contained ecosystem that reduces dependency on travel for recreational and shopping pursuits.

Beyond the immediate MRT advantage, Martin Road itself sits within an established residential quarter characterised by tree-lined streets, family-oriented amenities, and a stable community fabric. The neighbourhood's maturity—evident in the presence of established schools, healthcare facilities, and local dining options—appeals particularly to upgraders seeking to transition from younger precincts to areas with proven track records of value retention. Capital appreciation within this locality has historically aligned with broader market movements, with pockets of outperformance during economic expansions driven by strong demand from both domestic and foreign investor cohorts.

Investment Considerations and Rental Market Dynamics

For institutional and individual investors evaluating Martin No 38 as part of a diversified property portfolio, the development operates within a rental market segment characterised by consistent tenant demand. Units in this category typically attract professional renters, expatriate assignees, and corporate housing requests, creating a stable pool of potential lessees. Gross rental yields—calculated as annual rental receipts divided by property acquisition cost—generally range from three to four percent in this market segment, positioning the development competitively against other comparable offerings within the same MRT catchment. These yield metrics, whilst modest in absolute terms, reflect Singapore's overall residential rental market dynamics where capital appreciation has historically outpaced rental growth, favouring long-term holding strategies over income optimisation.

The rental market for properties in this location remains supported by the proximity to white-collar employment clusters, international schools, and expatriate-friendly neighbourhoods. This tenant profile typically exhibits lower turnover rates and demonstrates resilience during market downturns, providing investors with revenue stability. The development's position within a mature, established precinct suggests lower vacancy risk compared to newer, untested projects in emerging districts, a consideration that prudent investors weigh heavily when evaluating portfolio additions.

Pricing Dynamics and Market Positioning

Transaction evidence across comparable properties in the Martin Road vicinity and broader Great World MRT catchment suggests current market pricing for units of similar configuration hovers in the region of S$9,500 to S$10,500 per month for rental listings, with freehold equivalents commanding acquisition prices reflective of these yield metrics and prevailing interest rate environments. The per-square-foot pricing for recent transactions in this locality has ranged from approximately S$900 to S$1,100 depending on specific unit attributes, floor levels, and view orientation. These benchmarks position Martin No 38 competitively within its local market, neither commanding a notable premium nor trading at a discount relative to recently transacted comparable stock. Purchasers evaluating entry points into this market segment should expect pricing calibrated to recent transaction evidence whilst accounting for the development's architectural specifications and amenity offerings.

Financing and Buyer Eligibility Considerations

Prospective purchasers contemplating acquisition of units at Martin No 38 should familiarise themselves with financing frameworks applicable in Singapore's residential market. For Singapore Citizens acquiring a second residential property, the Additional Buyer's Stamp Duty (ABSD) framework mandates an additional levy of 20% on top of standard stamp duty, materially elevating acquisition costs. This consideration particularly affects investors and upgraders, necessitating careful financial modelling to ensure that total acquisition costs—inclusive of ABSD, legal fees, and valuation charges—align with investment return expectations. Total Debt Service Ratio (TDSR) requirements, which cap monthly mortgage obligations at 60% of gross household income for most borrowers, should be evaluated carefully, particularly for properties commanding valuations above S$750,000, where stricter stress-testing protocols apply.

First-time homebuyers purchasing under their own names, conversely, benefit from full ABSD exemption, materially improving their acquisition economics. Buyers utilising CPF funds should ensure that their accumulated balances, combined with available bank financing, provide sufficient liquidity to cover the full purchase price, legal costs, and stamp duty obligations without unnecessary strain on liquid reserves. Properties in this price band typically qualify for standard HDB loan schemes where applicable, or conventional bank mortgages offering loan-to-value ratios of up to 80%, depending on borrower profile and property characteristics.

Market Positioning Within the Broader District

The broader district encompassing Martin No 38 competes with several established residential precincts, each offering distinct value propositions. Properties within similar MRT accessibility to established mass transit nodes have demonstrated resilient value retention through multiple market cycles. The Great World precinct, in particular, benefits from ongoing regeneration efforts and infrastructure augmentation, factors that typically support demand elasticity during periods of economic expansion. Investors comparing Martin No 38 to competing developments in adjacent precincts should examine factors beyond headline pricing, including lease tenure (where applicable), maintenance charge trajectories, and historical appreciation patterns within specific micro-markets.

Unit Composition and Stack Considerations

Within the inventory available at Martin No 38, unit configurations span multiple floor levels, with certain stacks commanding premium pricing due to superior view corridors, enhanced natural ventilation, or proximity to community facilities. Mid-level units—typically floors three through eight—generally represent optimal value propositions, balancing accessibility via lift with reduction in premium pricing commanded by signature high-floor apartments. Lower-level units offer practical advantages including reduced service charges and simplified accessibility for buyers with mobility considerations. Prospective purchasers evaluating multiple available units should conduct floor-by-floor comparisons to identify configurations delivering optimal value relative to their specific usage requirements and investment timelines.

Future Market Supply and District Evolution

The pipeline of new residential supply within the Great World and nearby precincts remains moderate, with most new development activity clustered within transit-oriented nodes. This measured supply environment supports the value proposition of established residential projects like Martin No 38, reducing pressure from new competition and maintaining price stability. The ongoing maturation of the Great World precinct, coupled with potential infrastructure enhancements in surrounding areas, suggests positive medium-term demand dynamics. Buyers and investors should monitor district planning announcements and new project launches to maintain awareness of evolving competitive dynamics, though the established nature of this locality suggests relatively stable market positioning for mature residential stock.

Frequently Asked Questions

What rental yield can investors reasonably expect from purchasing a unit at Martin No 38?

Units at Martin No 38 typically generate gross rental yields ranging from three to four percent annually, calculated on current market rents and acquisition costs. This yield profile reflects Singapore's broader residential market dynamics, where capital appreciation has historically exceeded rental growth, favouring long-term ownership over income optimisation strategies. The consistent tenant demand generated by proximity to Great World MRT Station and the established residential character of the locale provides investors with revenue stability and relatively low vacancy risk compared to newer developments in emerging districts. Investors should model yields conservatively, accounting for maintenance charges, property tax, and potential periods of non-occupancy when evaluating overall investment returns.

How does the per-square-foot pricing at Martin No 38 compare to recent transactions in the Great World catchment?

Recent comparable transactions within the Great World MRT catchment and Martin Road vicinity suggest per-square-foot pricing ranging from approximately S$900 to S$1,100, depending on specific unit attributes, floor levels, and vista orientation. Martin No 38 positions itself competitively within this pricing band, neither commanding a notable premium nor trading at a significant discount relative to recently transacted comparable stock. Transaction evidence indicates that buyer demand in this locality remains price-sensitive but stable, with purchasers demonstrating willingness to pay modest premiums for enhanced finishes, superior floor levels, or improved view corridors. Prospective buyers should conduct granular per-square-foot comparisons across multiple comparable units to validate pricing alignment with current market evidence and identify any unit-specific value drivers or detractors.

What is the impact of Additional Buyer's Stamp Duty (ABSD) on a second-property purchase at Martin No 38?

Singapore Citizens acquiring a second residential property incur Additional Buyer's Stamp Duty (ABSD) at the rate of 20%, payable in addition to standard stamp duty on the purchase price. For a typical unit at Martin No 38, this translates to substantial additional acquisition costs—for example, a property purchased at S$500,000 would attract ABSD of S$100,000. This 20% levy materially increases the total cost of acquisition and must be incorporated into comprehensive financial modelling before purchase commitment. First-time homebuyers are entirely exempt from ABSD, making this consideration less relevant for that buyer cohort, whilst permanent residents and foreign nationals face even higher ABSD rates. Investors and upgraders should calculate all-in acquisition costs carefully to ensure that total outlay aligns with return expectations and does not compromise financing flexibility.

Does lease tenure at Martin No 38 present any long-term resale value or financing implications?

The lease tenure structure applicable to units at Martin No 38 will determine long-term financing accessibility and resale market positioning. Properties with longer lease terms (such as 999-year or freehold tenure) generally command superior financing terms and maintain stronger resale demand, particularly as units approach the later decades of their lease cycle. Banks typically maintain standardised loan-to-value ratios and tenure consideration frameworks, meaning that units with substantial remaining lease periods encounter fewer financing restrictions. Purchasers should confirm the specific tenure applicable to their target unit during due diligence and understand that leasehold properties typically experience gradual value erosion in their final decades as lease-shortening becomes material to valuation. This consideration is particularly relevant for investors with multi-decade holding horizons or purchasers nearing retirement, where lease longevity directly impacts wealth preservation.

How does proximity to Great World MRT Station (TE15) influence capital appreciation and buyer demand for Martin No 38?

Proximity to mass rapid transit represents one of the most potent drivers of residential property capital appreciation in Singapore, and Martin No 38's positioning just eight minutes' walking distance from Great World MRT Station (TE15) provides a substantial competitive advantage. This accessibility translates directly into valuation premiums, as purchasers and tenants both demonstrate strong willingness to pay for reduced commute times and enhanced connectivity to employment nodes, educational institutions, and leisure precincts. Historical evidence suggests that properties within 400-600 metres of MRT stations experience more resilient value retention through market cycles and typically outpace comparable properties in less well-connected locations during economic expansions. The Thomson-East Coast Line designation of Great World Station ensures that this connectivity advantage remains insulated from competitive pressure arising from new transit infrastructure development in adjacent precincts, supporting long-term demand stability. Purchasers evaluating Martin No 38 should recognise that this MRT accessibility constitutes a primary value driver and expect this benefit to remain reflected in the development's valuation for as long as the transit infrastructure remains current.

Which buyer profiles—first-timers, upgraders, high-net-worth individuals, or investors—would find Martin No 38 most suitable?

Martin No 38 accommodates diverse buyer motivations across multiple buyer cohorts. First-time homebuyers benefit from the location's established infrastructure, educational facilities, and community amenities, coupled with ABSD exemption that enhances acquisition economics relative to investor or upgrader scenarios. Upgraders transitioning from younger precincts or smaller housing types appreciate the neighbourhood's mature character, stable community fabric, and proximity to white-collar employment clusters. High-net-worth individuals seeking portfolio diversification find the development's pricing and yield profile suitable for relatively modest capital deployment alongside larger prime district acquisitions. Investor cohorts—both institutional and individual—are attracted to consistent rental demand, moderate tenant turnover rates, and historical capital appreciation track records within this established locale. The development's positioning thus appeals across a broad spectrum of buyer motivations, though each cohort will weight location, yield, and appreciation potential differently based on individual financial objectives and time horizons.

What financing headroom and TDSR implications should buyers at this price point anticipate?

Purchasers evaluating units at Martin No 38 should model Total Debt Service Ratio (TDSR) implications carefully, particularly for properties requiring acquisition financing exceeding S$500,000. TDSR caps limit monthly mortgage obligations to 60% of gross household income, meaning that a buyer earning S$10,000 monthly can support approximately S$6,000 in combined monthly debt servicing across all obligations. A typical mortgage on a S$600,000 property (at 80% loan-to-value with a 30-year tenure) would require monthly repayments of approximately S$2,400-S$2,800 depending on prevailing interest rates, leaving substantial headroom for other financial commitments. However, buyers should also account for maintenance charges (typically S$300-S$500 monthly for developments of this type) and property tax, which collectively reduce available TDSR allocation. Banks apply stricter stress-testing protocols to properties valued above S$750,000, requiring buyers to demonstrate that monthly obligations remain manageable even if interest rates increase by an additional percentage point. First-time homebuyers benefit from more favourable loan-to-value ratios and may access CPF funds to supplement cash downpayments, improving overall financing flexibility.

How does Martin No 38 compare to competing developments in adjacent precincts or with similar MRT accessibility?

Martin No 38 competes within a broader market encompassing developments across the Great World catchment and adjacent precincts including nearby established residential clusters. Competing projects generally occupy similar price bands and offer comparable floor plate sizes, amenity offerings, and rental market dynamics. Differentiation factors typically include heritage or architectural character of specific precincts, precise MRT walking distances (Martin No 38's eight-minute proximity represents a competitive advantage relative to developments positioned 12-15 minutes' walk from transit), maintenance charge trajectories, and historical capital appreciation within specific micro-markets. Investors and purchasers evaluating competing options should conduct granular comparisons across multiple variables including per-square-foot pricing, per-unit maintenance charges (both current and historical escalation trends), rental demand characteristics, and capital appreciation performance over preceding three-to-five-year periods. The established market position and infrastructure maturity of the locale supporting Martin No 38 generally provides more stable value dynamics than newer precincts still in development phases, though this stability may be reflected in more modest appreciation potential compared to emerging growth nodes.

Which floor levels and unit stacks within Martin No 38 offer optimal value propositions?

Mid-level units—typically floors three through eight—generally represent superior value propositions within residential developments of this type, balancing accessibility via lift service, view quality, and reduced premium pricing commanded by signature high-floor apartments. Lower-level units (ground through floor two) offer practical advantages including reduced service charges, simplified accessibility for elderly residents or those with mobility considerations, and elimination of lift dependency for daily routines. High-floor units typically command premiums of 10-15% relative to equivalent mid-level units, reflecting superior vista orientation and perceived prestige, though these premiums may not translate into equivalent capital appreciation over long holding periods. Units positioned on floors directly adjacent to community facilities or with potentially compromised privacy (such as those overlooking internal courtyards or adjacent to lift lobbies) may trade at slight discounts relative to comparable units on other floors. Prospective purchasers should conduct systematic floor-by-floor comparisons of available inventory, examining pricing gradients across floor levels to identify stacks delivering optimal value relative to their specific usage requirements and investment timelines.

What future supply dynamics and district evolution should buyers consider when evaluating Martin No 38?

The pipeline of new residential supply within the Great World precinct and adjacent areas remains moderate relative to overall district demand, with most new development activity concentrated around established transit-oriented nodes. This measured supply environment supports the valuation of established residential stock like Martin No 38, reducing competitive pressure from new projects and maintaining pricing stability. The ongoing maturation of the Great World precinct—evidenced by retail and F&B development, infrastructure augmentation, and lifestyle ecosystem expansion—creates positive medium-term demand dynamics for residential properties positioned within the catchment. District planning announcements and future infrastructure developments (such as potential transit enhancements or commercial cluster expansion) may further strengthen demand characteristics. However, the relatively mature nature of the immediate vicinity suggests limited large-scale redevelopment opportunities, meaning that future supply growth will likely concentrate within designated development nodes rather than within the immediate Martin Road environs. Purchasers should monitor longer-term district planning documentation to maintain awareness of evolving competitive dynamics, though the established character of this locality provides confidence in stable market positioning for residential stock in the medium term.

[For Rent] Apartment At Martin Road — From S$10,000