Martin No 38
Martin Road · District 09 · Core Central Region (CCR) · Freehold
Martin No 38 is an apartment development in District 09 (CCR). Based on 30 URA-recorded transactions from 2021–2026, its median price is $2,825,000, with prices moving about 0.2%/yr and a gross rental yield near 3.4%.
The verdict · for an investor
Martin No 38 · Apartment · District 09 · Freehold
Martin No 38 is a mixed picture — a real case, with real caveats.
There's a genuine case here, but weigh the caveats below before you commit — the fundamentals and the record don't all point the same way.
Why it's pushing up
What matters most for you
- Convenient — MRT about 9 min on foot; 10 supermarkets, 7 food & retail spots nearby.
- Rentable — ~3.4% gross yield; transport and schools nearby keep tenants coming.
And what makes it better
- Every unit type has risen — 4-bed +4.3%, 3-bed +1.0% since 2021.
- A Primary-1 priority school within 1km — a real family draw.
- Steady ~3.4% gross rental yield.
What's holding it back
- The market's near the top of its cycle — mind your entry price.
- Larger units — entry starts around $3.65M, not an easy first step.
Should I buy?
There's a case — weigh the caveats first.
Rental yield
gross, on this project
Priced vs nearby
mid-priced for the immediate area.
Independent research, not advice. A fair price still isn’t automatically a good buy — the call is always yours.
Pick your exact unit — then check your price
Your unit’s exact size
Every real size that has sold here (URA caveats). Pick yours — or the closest.
What 969 sqft (3-bed) units go for here
The price they’re asking
Type the price they’re quoting — we’ll judge it against what this exact size really sold for. No opinion until you do.
Recent 969 sqft sales
What it rents for — and if that works
The rent you’d get
The price to fight for — and the endgame
No agent, no listing, no one paying us — so we’ll say it plainly, whichever side of the table you’re on, for the size you picked.
If you’re buying
≤ $2.43M
Aim at the middle or below. A patient buyer has been getting closer to $2.35M.
If you’re selling
~$2.54M
List at the top of fair; realistic close is $2.43M–$2.46M unless it’s a high floor.
Why no rush either way: Seller’s Stamp Duty means a buyer can’t sell penalty-free for ~4 years — so you’re holding regardless. That’s your leverage to negotiate down now, not overpay.
The reality check — does the gain even make sense?
Our blunt read: ~$49k over 10 years at this project’s own pace. It works — but forward from a cycle top, treat it as a maybe, not a promise. This is our own POV, not a forecast — the pace is the project’s own (~0.2%/yr), and past pace never promises the future.
Built from URA transactions for Martin No 38 — an opinion to decide and negotiate with, never a valuation and never financial advice.
If you’re buying — the outlook
Martin No 38
Core Central Region (CCR) · District 09 · ~$2,517 psf · 3.4% yield
Prices are near the top of the cycle, and the government is still cooling it — but cheap loans and steady immigration are holding them up. For Martin No 38, its own prices have been flat lately. Over a 4-year hold, expect sideways-to-modest — not a big jump.
On balance, the wind is roughly even.
What it means for you: At ~$2,517 psf, Martin No 38 is priced below similar new projects nearby — good value against its peers. But its own prices have gone flat (~0.2%/yr over ~5 years). At this prime end foreign buyers are taxed out, so demand is thin — the seller may be more stuck than you are. So — push hard on price — this is a buyer's situation. If the seller won't move, walk; there's no rush.
The signals behind it
Dots show how much weight each one carries.
Holds prices back
Prices are near the top — up 33% in 5 years, well above the 4.6%/year long-run pace. Less room left to climb.
Holds prices back
Martin No 38's own prices have softened — about -5% in the latest year.
Supports prices
The prime districts (CCR) lagged the others since 2004 — more room to catch up.
Holds prices back
The government is still cooling the market — the latest was SSD back to 4 years at 16/12/8/4% (2025). That caps how fast prices can run.
Supports prices
Loan rates are cheap right now (~1.08%) and falling. Easy to carry — which supports prices, but also means more buyers competing with you.
Supports prices
Against salaries, prices aren't expensive by past standards — people can still afford to buy.
Supports prices
Lots of new people keep moving to Singapore (non-residents up ~16% over 5 years) — steady demand for homes and rentals.
About neutral
A moderate amount of new supply is coming to this district (~1,998 units).
Supports prices
New launches in this district are selling well — 8 recent ones are around 100% sold, so buyer demand here is healthy right now.
Holds prices back · small effect
The government keeps releasing a lot of new land (~9,200 units this half-year) — more future supply that can weigh on prices years down the road.
Holds prices back
Foreign buying has collapsed since the 60% tax — only ~1.4% of buyers now. For the prime market you're looking at, that's a real missing piece of demand.
About neutral
Rents across Singapore have flattened out lately.
Supports prices · small effect
There's more CPF money sitting ready to put toward a home than a few years back — a small support in the background.
Supports prices · small effect
The economy is growing (5% last year) and jobs are steady (1.9% unemployment) — no alarm bells.
Supports prices · small effect
Building costs are high (up ~39% since 2010) and still creeping up — developers can't build cheap, which puts a floor under new-launch prices.
Built from real public data (URA price index back to 1975, plus rates, immigration, rents, the economy). It prepares you — it never promises a price.
How far could it go — and when?
Is the price high? ~$2,517 psf is ~26% below similar nearby projects (~$3,396). good value
(The whole prime average is ~$2,284 psf — but that lumps in older stock, so we compare like with like, not against that.)
What’s realistic here? Its own record and its real neighbours — not the market.
Martin No 38 has grown ~0.2%/yr over ~5 years. Similar nearby: River Green 13.7%, The Avenir 2%, Irwell Hill Residences 1.7%, Kopar At Newton 3.1%, The Robertson Opus 5.6% — a 1.7–13.7%/yr spread (most around 3.1%).
You can’t sell for ~4 years without a penalty. Seller’s Stamp Duty is 16/12/8/4% in years 1–4, then 0% — so the honest question is what happens from year 4 on.
What price per sqft are you hoping to sell at one day?
Our own read, not financial advice. We don’t predict a price — we show what your target would need, and when, against what this project and its real neighbours have actually done.
Median price
$2,825,000
2021–2026 (URA)
Appreciation
0.2%/yr
median trend
Gross yield
3.4%
~$7.23/psf rent
Lease
Freehold
Martin No 38 median price per sqft, by year
Median PSF of actual URA transactions each year, with year-on-year change.
Does Martin No 38 fit your budget?
GrowKaki models the real take-home — net of stamp duty, agent fee, mortgage interest and CPF — for the exact unit your budget reaches, then hands you to an agent when you’re ready.
Plan your purchase →Units for sale at Martin No 38
Questions people ask about Martin No 38
Is Martin No 38 freehold or leasehold?
Martin No 38 is a freehold development in District 09 (Core Central Region (CCR)). Freehold means there is no lease running down.
How much does Martin No 38 cost per square foot?
Recent transactions at Martin No 38 are around $2,517 psf. Across its record, transacted prices range from $2,180,000 to $9,218,808.
Which primary schools are near Martin No 38?
Within 1 km (top Primary 1 priority): River Valley Primary School (0.32 km). Within 1–2 km: Alexandra Primary School, St. Margaret's School (primary), Zhangde Primary School. Distances are straight-line — the basis MOE uses for P1 priority.
Which MRT station is nearest Martin No 38?
The nearest MRT is Great World MRT, about 600 m away (straight-line).
Has Martin No 38 gone up in value?
Across 30 URA-recorded transactions (2021–2026), prices at Martin No 38 have moved about 0.2% a year on average, with a gross rental yield near 3.4%. That is a past record, not a forecast.
What condos are comparable to Martin No 38?
Within a short walk: Martin Modern, Rivergate, The Avenir, Riviere, Aspen Heights. These are the honest yardstick for its price and growth — closer and more alike than any whole-market average.
Is Martin No 38 a good buy?
Martin No 38 sits in Core Central Region (CCR). Whether it is right for you depends on your budget, purpose and holding period — GrowKaki models the net take-home after stamp duty, agent fee and CPF. This is independent research, not advice, and a fair price is not automatically a good buy.