Martin No 38
Overview & Key Facts
Martin No. 38 is a 91-unit freehold condominium at 38 Martin Road in the heart of District 9, completed in 2012 and developed by SC Global Developments — Singapore’s most acclaimed ultra-luxury residential developer, whose portfolio of bespoke low-density boutiques has consistently redefined the ceiling of what premium city living can mean on this island. Martin No. 38 was designed by Kerry Hill Architects, the late Australian master whose Singapore body of work includes the Aman at Four Seasons and several landmark Sentosa Cove villas — and the development’s design credentials are extraordinary: it was awarded the World’s Best Housing at the 2012 World Architecture Festival and the President’s Design Award 2012, Singapore’s highest design honour.
With only 91 apartments across a single block, Martin No. 38 is emphatically boutique. The development occupies a former warehouse site in the Robertson Quay–River Valley corridor — one of Singapore’s most coveted urban waterfront addresses — and its low-slung, warehouse-industrial exterior language pays deliberate homage to the site’s heritage. The result is a building that does not look like any other Singapore condominium: raw concrete, steel screens, deep shaded terraces, and carefully framed river views compose an architectural vocabulary that is at once muscular and refined. In a market crowded with look-alike towers, Martin No. 38’s identity is genuinely singular.
The data fundamentals validate what the design credentials signal. Average transacted PSF stands at $2,519 — comfortably above the D9 freehold median — and average rent of $7,804 per month positions the development firmly in the upper tier of the River Valley rental market. With 31 resale transactions on record and 151 rental transactions, Martin No. 38 exhibits the low liquidity and high demand characteristic of Singapore’s genuine luxury boutiques: units rarely come to market, and when they do, they typically attract serious buyers and established expatriate tenants rather than speculative flippers. The derived average unit size of approximately 1,341 sqft — with entry-level 1-bedrooms at 969 sqft and penthouses extending to 3,660 sqft — further underlines the development’s non-compromising approach to space.
For buyers evaluating freehold D9 luxury at the $2,500 PSF level, Martin No. 38 is one of the most architecturally and culturally significant addresses Singapore’s secondary market can offer. SC Global continues to manage the estate directly with the same concierge and security team that has served residents since completion — a continuity of service that is exceptionally rare in Singapore’s condominium landscape and speaks directly to the long-term residency mindset of the owner community here.
Location & Connectivity
Martin Road sits in the southern quadrant of District 9, threading between Robertson Quay to the southwest and the River Valley residential precinct to the northeast. The street runs parallel to the Singapore River, placing Martin No. 38 within walking distance of the waterfront restaurants, galleries, and bars of Robertson Quay — and a slightly longer walk from the entertainment hub of Clarke Quay to the southeast. Orchard Road’s retail corridor is approximately 1.5 kilometres away: reachable in 15–20 minutes on foot via River Valley Road, or a short taxi or bus ride.
MRT connectivity has been materially upgraded since the development’s completion by the arrival of the Thomson-East Coast Line. Havelock MRT (TE16) is approximately 850 metres from Martin No. 38 — a 10–12 minute walk along Martin Road. Great World MRT (TE15) offers an alternative TEL station slightly further north, linking residents to the Great World City retail complex. The TEL connects directly to Orchard, Gardens by the Bay, and the East Coast corridor without a transfer — a significant improvement over the bus-dependency that characterised life on Martin Road before the TEL opened. Fort Canning MRT (DT20) on the Downtown Line provides an additional option for Marina Bay, Bugis, and Buona Vista-corridor destinations.
Lifestyle infrastructure is the neighbourhood’s defining asset. Robertson Quay’s waterfront strip — Quayside Isle-equivalent dining, cocktail bars, weekend art markets — is essentially on the doorstep. Great World City provides anchor supermarket (Cold Storage) and full retail coverage within a 1.2 km radius. River Valley Road’s concentration of international restaurants, boutique gyms, yoga studios, and specialty grocers caters directly to the expatriate professional and affluent local lifestyle that this neighbourhood has attracted for two decades. Clarke Quay’s entertainment offering — bars, live music, riverside dining — adds a nightlife dimension approximately 1 km southeast.
For families with school-age children, the River Valley–Orchard corridor places Martin No. 38 within 2 km of River Valley Primary School (directly on River Valley Road), ISS International School (1.5 km), Chatsworth International School (2 km), and within a manageable commute of the Scotts Road international school cluster. The CBD is under 2 km to the east, making Martin No. 38 a logical choice for finance, legal, and professional sector residents who want a residential address that feels genuinely removed from the commercial core while remaining a short commute away.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Fairfield Methodist School (Primary) | primary | Within 1 km |
| Kheng Cheng School | primary | Within 1 km |
| Outram Secondary School | secondary | Within 1 km |
| Gan Eng Seng School | secondary | ~1.3 km |
| Gan Eng Seng Primary School | primary | ~1.4 km |
| Singapore Management University | tertiary | ~1.4 km |
| ACS (Junior) | primary | ~1.5 km |
| Cantonment Primary School | primary | ~1.7 km |
Facilities
Martin No. 38’s facilities philosophy reflects the development’s ultra-boutique nature: SC Global has prioritised quality and curation over headcount, delivering a facilities deck that is intimate, immaculately maintained, and calibrated to the expectations of an extremely discerning resident community. The core offering includes a lap pool, gymnasium, and 24-hour concierge and security — modest by the numerical inventory of a larger development, but executed to a standard that SC Global’s direct management model ensures remains at the quality level of the project’s original brief.
The most significant facilities differentiator is not in the shared amenities deck at all: it is in the penthouse units, four of which have private rooftop lap pools. This is not a common facility allocation in Singapore condominiums — private pools are typically reserved for villa-type bungalows and a handful of the most prestigious super-penthouses. Their presence at Martin No. 38 reflects SC Global’s mandate to deliver genuine house-level luxury in an apartment format.
“Probably the best apartment building in the Robertson Quay area. The management team, concierge, and security guards have been the same for years — proper concierge service. Rental is a little higher than most of the others, but you get a superior product and service offering.”
— Long-term resident review via 99.co
SC Global’s continued on-site management of Martin No. 38 — more than a decade after completion — is the single most notable facilities characteristic of the development. The same concierge and security team has been in place since the building was handed over, creating an institutional memory and personal service continuity that is simply unavailable in the typical MCST-run condominium where staff turnover is high and management standards are determined by the lowest-common-denominator voted budget. For residents and tenants accustomed to hotel-standard service, SC Global’s model is an unmistakable quality differentiator.
The architectural quality of the common areas themselves functions as an extended facility. Kerry Hill’s design vocabulary — raw board-formed concrete, curated water features, deep tropical screening, precise material junctions — means that the lobby, arrival sequence, and shared spaces are genuinely beautiful environments in which to live day-to-day, rather than merely functional connective tissue between the lift and the front door. For residents who have transitioned from generic mass-market condominiums, the quality of the daily sensory environment at Martin No. 38 is a sustained quality-of-life improvement that does not diminish over time.
Unit Sizes & Layout
Martin No. 38’s unit mix across 91 apartments is structured around three core types, with a prestige penthouse tier at the apex: 1-bedroom apartments (969 sqft), 2-bedroom apartments (1,076–1,130 sqft), 3-bedroom apartments and duplexes (1,335–3,660 sqft), and four penthouse units with private rooftop lap pools at the upper extremity of the range. These dimensions are generous by any standard, and exceptional by the compressed scale of Singapore’s 2015-and-onwards new-launch market. A 969 sqft one-bedroom is a full apartment by any international measure; the 1,076 sqft two-bedroom is a layout that no longer exists in D9 new launches at any price point.
Kerry Hill Architects’ interior language translates the exterior’s warehouse-industrial DNA into living spaces characterised by high ceilings, exposed concrete surfaces, large apertures framing river or garden views, and a material palette — stone, timber, burnished metal — that ages beautifully rather than dating. The spatial character is more akin to a converted industrial loft in London’s South Bank or New York’s Tribeca than to the typical Singapore new-launch interior, and this identity is genuinely sustained from the schematic renderings into the built outcome: a rare alignment in Singapore’s development market.
The 3-bedroom range at 1,335–3,660 sqft covers an unusually wide span. The lower end is a conventional family apartment with three comfortable bedrooms and a proper living-dining separation; the upper end encompasses duplex and penthouse configurations with a spatial scale more typically associated with landed housing than apartment living. The average transacted size across all units of approximately 1,341 sqft is consistent with the mid-range 3-bedroom cohort forming the core of the development’s transaction history.
The development’s low unit count means floor plate sizes are generous relative to the total footprint, and stack-to-stack interference is minimal. South and west-facing units benefit from Singapore River and city views; north and east-facing stacks overlook the lush River Valley residential greenery. Unlike higher-density towers where view corridors can be blocked by neighbouring developments, Martin No. 38’s low-rise format and the open waterfront geometry of Robertson Quay preserve long-range sightlines that would be progressively compromised in a taller, more densely packed development.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 26 | $2,541 | $2,832,423 |
| 4 BR | 2 | $2,794 | $4,150,000 |
| 5 BR | 3 | $2,138 | $7,572,936 |
Pricing & Market Position
Based on 31 recorded transactions, sale prices range from $2,180,000 to $9,218,808, averaging $3,376,187 (~$2,647 psf).
Rents range from $5,200 to $40,000 per month across 154 rental transactions. Current rental yield sits at approximately 3.2%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 7.9% (from $2,431 to $2,624 psf).
Neighbourhood Comparison
The Pier at Robertson (CDL, D9 freehold, 2005, 108 units) is a natural peer: also a boutique freehold D9 address on the Robertson Quay waterfront. The Pier trades at a meaningfully lower PSF — recent transactions in the $1,800–$2,100 range — reflecting both its older vintage and a more conventional architectural offering. For buyers who want the Robertson Quay waterfront address at a lower entry point and are comfortable with a 20-year-old building, The Pier is a rational alternative. Martin No. 38’s premium above The Pier is attributable to SC Global management, the Kerry Hill architecture, the award credentials, and the newer (2012) building specification: buyers must decide whether those qualitative premiums justify the PSF differential.
Starlight Suites (Fraser Property, River Valley Road, freehold, 2015, 366 units) represents a different segment: higher density, more conventional architecture, newer build, lower PSF (approximately $1,900–$2,200). The larger unit count means better liquidity — easier to buy and sell — but the boutique experience and SC Global management standard are not replicated at scale. Starlight Suites is the answer for D9 freehold buyers who prioritise liquidity and newer specification over exclusivity.
Martin Place Residences (Henderson Land, Martin Road, freehold, 2009, 302 units) occupies the same street as Martin No. 38, providing a true location apples-to-apples comparison. At 302 units it is a substantively larger development; recent PSF transactions are approximately $1,700–$1,950. The gap between Martin Place Residences and Martin No. 38 ($550–$800 PSF) is one of the largest street-level PSF premiums in Singapore’s secondary freehold market, and is almost entirely attributable to SC Global’s product differentiation. For buyers who understand that premium, it is a rational premium; for buyers who view the PSF gap as evidence of overpricing, Martin Place Residences is the logical alternative.
Within SC Global’s own portfolio, Martin No. 38 sits below The Marq on Paterson Hill (D10, $3,500–$4,500 PSF, the company’s flagship ultra-luxury tower) and Hilltops (D9, Cairnhill, $2,800–$3,500 PSF, sweeping city views). For buyers who appreciate SC Global’s management and design philosophy but are working within a $2,500 PSF ceiling, Martin No. 38 is effectively the most accessible entry point into the SC Global managed residential ecosystem in D9 — which is a meaningful positioning in itself.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| MARTIN NO 38 | Freehold | — | 88 | $2,647 |
| IRWELL HILL RESIDENCES | 99 yrs lease commencing from 2020 | 2021 | 540 | $2,728 |
| RIVER GREEN | 99 yrs lease commencing from 2024 | 2025 | 524 | $3,138 |
| RIVER MODERN | 99 years leasehold | — | — | $3,239 |
| THE AVENIR | Freehold | 2021 | 376 | $3,190 |
| KOPAR AT NEWTON | 99 yrs lease commencing from 2019 | 2021 | 378 | $2,511 |
ShiokNest Scores
Our proprietary scoring system evaluates MARTIN NO 38 across multiple dimensions.
What Residents Say
“Probably the best apartment building in the Robertson Quay area. Rental is a little higher than most of the others, but you get a superior product and service offering. SC Global still manages the property after 11 years with the same team — proper concierge service.”
— Long-term resident review via 99.co
“Award-winning architecture by Kerry Hill — the design holds up beautifully after more than a decade. The common areas feel like a boutique hotel, not a condo. Highly recommend for anyone wanting a D9 address with real character.”
— Owner review via PropertyGuru
“The Havelock TEL station opening made a big difference — you’re now genuinely well-connected without needing a car. Robertson Quay on the doorstep, Orchard accessible in under 20 minutes by MRT. Hard to beat for an expat lifestyle address.”
— Tenant review via EdgeProp
“Very exclusive — only 91 units, so the facilities are always yours. SC Global concierge team knows every resident by name. Not the right place if you’re on a tight budget, but for D9 luxury living this is the benchmark.”
— Resident comment via SRX
The resident profile at Martin No. 38 is distinctive: predominantly affluent expatriate professionals — finance, legal, luxury goods, regional HQ executives — alongside a smaller cohort of Singaporean owner-occupiers who have chosen the development specifically for its architectural quality and management standard rather than as a purely financial investment. Long tenancy durations are the norm: the same tenant base renewing at $7,800–$9,000 per month year after year is a pattern that speaks to the development’s ability to deliver a quality of life that is not available elsewhere at any comparable price in D9. The community is small and self-selecting — 91 units means you will see the same faces in the lift lobby and share the pool with the same neighbours week after week, which tends to create a residential community with a social fabric noticeably warmer and more personally invested than what is found in 300-unit anonymous towers.
Strengths & Weaknesses
- World’s Best Housing (World Architecture Festival 2012) — globally recognised architectural distinction that no new D9 launch can match
- President’s Design Award 2012 — Singapore’s highest design honour, rare in the residential sector
- Freehold tenure in prime D9 — permanent title, no lease decay, CPF usage always available
- SC Global direct management since completion — same concierge and security team for 11+ years, hotel-standard service
- Kerry Hill Architects design — board-formed concrete, high ceilings, industrial-loft spatial character that ages exceptionally well
- Ultra-boutique 91 units — shared facilities never crowded, genuine residential community, strong owner identity
- Four penthouses with private rooftop lap pools — villa-level specification in apartment format, unique in D9
- Robertson Quay waterfront access — premier dining, bar, and riverfront lifestyle on the doorstep
- Havelock TEL (TE16) ~850m — Thomson-East Coast Line connects to Orchard, Gardens by the Bay, east coast without transfer
- Strong rental demand at $7,804/mo average — affluent expat tenant base, long tenancy durations
- Extremely low liquidity — only 31 resale transactions on record; exit horizon for sellers can be 3–6 months or longer
- High entry quantum — average unit pricing in the $3.0M–$4.5M range narrows the qualified buyer pool significantly
- Gross yield ~2.8–3.2% — premium D9 freehold drives capital-appreciation thesis; not a yield-optimised investment
- MRT walk of 10–12 minutes to Havelock TEL (TE16) — not ideal for strict car-lite households commuting daily
- Small facilities footprint for non-penthouse residents — lap pool and gym only; no tennis court, clubhouse, or extensive leisure deck
- Premium maintenance fees — SC Global management and boutique scale mean per-unit costs are above D9 MCST average
- Limited resale comparables — thin transaction history makes independent market valuation and mortgage financing more complex
- Design-led premium commands significant PSF over Martin Road peers — buyers who do not value the design narrative will find $550–$800 PSF gap versus Martin Place Residences hard to justify
Verdict
Martin No. 38’s investment case is built on a set of structural advantages that collectively make it one of the most defensible luxury freehold propositions in District 9. First, the architectural and design credentials are irreplaceable: a World’s Best Housing award, a President’s Design Award, and a Kerry Hill Architects pedigree cannot be replicated in a newer development at any price. Second, SC Global’s continued direct management ensures that the quality of the living environment remains at its original standard indefinitely — a structural protection against the maintenance decline that affects most Singapore condos post-TOP. Third, the Robertson Quay address combines genuine waterfront lifestyle access with CBD adjacency and a now-improved TEL MRT connection that makes the location increasingly compelling for car-light professionals. Fourth, freehold tenure at 91 units means the MCST is small, cohesive, and entirely in control of the building’s future: no lease-decay anxiety, no government lease management to navigate.
The financial metrics are consistent with the luxury-boutique asset profile. At $2,519 average PSF, Martin No. 38 is not cheap — but it is priced within the range of freehold D9 luxury rather than at a speculative premium above it. Average rent of $7,804 per month implies a gross yield of approximately 2.8–3.2% depending on unit size — consistent with luxury freehold D9 assets where the investment thesis is capital preservation and long-run appreciation rather than cash flow generation. With only 31 resale transactions on record, liquidity is limited: Martin No. 38 is an asset for patient, conviction buyers, not for investors who may need to exit on a specific timeline.
The comparison set in D9 is narrow at this quality level. The Pier at Robertson (CDL freehold, D9) trades at lower PSF with a more conventional product offering. Starlight Suites (Fraser Property, River Valley) offers higher density at lower price points. Martin Place Residences (Henderson Land, freehold D9) targets a similar buyer profile but without the architectural distinction. Among all D9 freehold boutiques in the secondary market, Martin No. 38’s design provenance, SC Global management, private-pool penthouse tier, and award recognition collectively position it in a category of one — directly comparable only to SC Global’s own portfolio siblings (The Marq, Hilltops) rather than to conventional D9 boutiques.
Martin No. 38 is the right asset for buyers who view a Singapore condominium as a permanent lifestyle address rather than a liquidity instrument — buyers who place the highest value on architectural integrity, service continuity, and the irreplaceable quality of a genuinely world-class residential building in the heart of the city’s most liveable waterfront precinct.
The development’s principal limitation is liquidity. A $2,500 PSF entry point on a 1,341 sqft average unit implies transaction values typically in the $3.0M–$4.5M range — a buyer pool that is inherently narrow in Singapore’s market. This is not a development that will see a unit resold in 30 days at any price; it is one that rewards buyers who understand that rarity is a prerequisite of the premium, and that the wait for the right buyer at the right price is the structural cost of owning something genuinely singular.