Race Course 138
Overview & Key Facts
Race Course 138 is a compact freehold boutique development of just 24 residential units sitting above a ground-floor retail podium at 138 Race Course Road, in the heart of District 8’s Farrer Park enclave. Completed in 2004 by Chiu Teng Realty Pte Ltd — the residential arm of Chiu Teng Group, a multi-generational Singapore developer with a track record spanning industrial, commercial, and strata residential projects since the late 1990s — the development occupies a culturally rich stretch of road that once fronted Singapore’s colonial-era race course grounds, now reimagined as one of the city’s most walkable inner-city precincts.
At just 24 units, Race Course 138 sits firmly in boutique territory. Its mixed-use profile — residential floors above street-level retail shops — reflects the urban fabric of Race Course Road itself: a street of shophouses, medical centres, and independent businesses threading between Little India and Farrer Park. The unit mix runs from compact 1-bedroom layouts (420–646 sqft) through 2-bedroom configurations (969–1,206 sqft) to larger 3-bedroom formats (969–1,572 sqft), offering genuine size diversity in a small community where residents tend to know their neighbours by name.
Transaction data from EdgeProp shows Race Course 138 averaging approximately S$1,063 psf over the last 12 months, with a median unit price around S$1,300,000. The freehold tenure — rare and increasingly prized in Singapore’s land-scarce central region — anchors the investment case alongside proximity to not one but two MRT lines within 500 metres.
Location & Connectivity
Location is where Race Course 138 builds its strongest argument. Farrer Park MRT (North East Line) is 360 metres away — a comfortable five-minute flat walk — while Little India MRT (North East Line / Downtown Line interchange) sits just 500 metres away, giving residents a two-line interchange within easy reach. From Farrer Park, Dhoby Ghaut is two stops (around eight minutes), Orchard four stops, and HarbourFront eleven. The DTL at Little India adds a direct route to Bugis, Promenade, and Expo without changing trains. For inner-city commuters, this dual-line access profile is exceptional — on par with condos that command a 40–60% PSF premium in Districts 1–4.
Driving connectivity is equally strong. The Central Expressway (CTE) is accessible within minutes via Balestier Road or Jalan Besar, linking drivers to the CBD in under 15 minutes off-peak and to the Pan-Island Expressway (PIE) for east-west movement. Race Course Road itself flows into Serangoon Road and Bukit Timah Road, giving car owners flexible routing across central Singapore.
The neighbourhood amenities within walking distance are outstanding by any measure. City Square Mall (Don Don Donki, Daiso, NTUC FairPrice, cinema) is 650 metres away. The legendary Mustafa Centre — Singapore’s 24-hour, full-floor shopping institution on Syed Alwi Road — is a 10-minute walk. Tekka Market/Centre on Buffalo Road offers fresh produce, zi char stalls, and Indian cuisine at hawker prices. The Berseh Food Centre on Jalan Besar (famed cockle laksa) and the heritage café strip along Tyrwhitt and Petain Roads round out a daily-use amenity profile that most D8 residents genuinely prize.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| LASALLE College of the Arts | tertiary | Within 1 km |
| Farrer Park Primary School | primary | Within 1 km |
| St. Andrew's Secondary School | secondary | Within 1 km |
| St. Andrew's Junior College | jc | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| St. Andrew's Junior School | primary | Within 1 km |
| St. Margaret's Primary School | primary | ~1.0 km |
| CHIJ Our Lady Queen of Peace | primary | ~1.1 km |
Facilities
There is no soft-pedalling Race Course 138’s on-site amenity offering: it consists of car parking and ground-floor retail shops. There is no swimming pool, no gym, no BBQ pits, no clubhouse, no tennis court. Buyers drawn to resort-style condominium living — the infinity pool, the lap lane, the fully-equipped function room — will not find it here. At just 24 units spread across a single block, the development does not have the critical mass to support or financially sustain such facilities, and the mix-use retail podium takes the place of any conventional facilities deck.
What replaces the facilities footprint is the neighbourhood itself. The ground-floor retail component brings a convenience-store-style buffer for residents; City Square Mall’s cinema, gym chains, enrichment centres and food court function as the effective “clubhouse” for this part of D8; and Farrer Park’s network of heritage shophouses, cafés, and hawker centres serves the social and recreational needs that residents of larger condos expect from a clubhouse. Maintenance fees at Race Course 138 are correspondingly lean, which is a meaningful tailwind for net yield calculations — landlords keeping a sharper eye on running costs will notice this.
“The condo itself has no pool or gym, but honestly I use the gym at City Square and the hawker centres more than I’d use any condo clubhouse. The MRT and Mustafa make up for everything.”
— Resident review via PropertyGuru, 2024
Unit Sizes & Layout
Race Course 138’s unit mix is meaningfully varied for a 24-unit development. The 1-bedroom formats (420–646 sqft) are compact but workable for singles and young couples — sized to early-2000s norms when Singapore developers still built studios and 1-bedrooms with dedicated kitchens and proper bedroom walls rather than the pseudo-convertible micro-layouts of recent launches. The 2-bedroom units (969–1,206 sqft) sit at a size point that current new launches rarely reach for the same configuration — buyers upgrading from HDB 3-room flats will find the floor-area transition less jarring than expected. The 3-bedroom formats (969–1,572 sqft) at the larger end deliver the kind of room sizes that feel genuinely liveable for families with school-age children.
Stack orientation and floor level carry more weight than usual at Race Course 138. Units facing Race Course Road itself carry road-traffic noise and, on weekends, the ambient hum of Little India foot traffic (Sunday is particularly animated as the migrant worker community gathers in the area). Upper floors materially improve the acoustic environment and deliver city fringe rooftop views over the low-rise conservation shophouse belt. Units with rear or side-street orientations are notably quieter. Interior specifications are vintage-2004 in un-renovated units — expect to budget S$40,000–70,000 for a mid-range refresh depending on unit size; many resale units have already been modernised, and listing prices tend to bifurcate accordingly.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 1 | $1,572 | $660,000 |
| 1 BR | 1 | $1,104 | $630,000 |
| 3 BR | 5 | $1,070 | $1,198,000 |
| 4 BR | 3 | $1,072 | $1,616,669 |
Pricing & Market Position
Based on 10 recorded transactions, sale prices range from $630,000 to $1,725,000, averaging $1,213,001 (~$1,063 psf).
Rents range from $1,800 to $6,200 per month across 47 rental transactions. Current rental yield sits at approximately 3.0%.
Price Appreciation
From 2022 to 2026, the average PSF has appreciated by -0% (from $1,052 to $1,052 psf).
Neighbourhood Comparison
District 8’s competitor set spans a wide price and quality range. Piccadilly Grand (99-year leasehold from 2021) commands S$2,164 psf — a 103% premium to Race Course 138 — and delivers resort-scale facilities and new-build specifications, but comes with lease decay and no freehold premium. City Square Residences (freehold, 910 units, S$1,889 psf) offers comparable freehold tenure with a full facilities package and larger community, at a 78% PSF premium. Sturdee Residences (99-year from 2015, S$1,999 psf) splits the difference on facilities and newness.
Kerrisdale at S$1,395 psf (99-year from 1998, 481 units) is the closest PSF peer, but with only 28 years of lease remaining, full CPF use and standard bank financing are increasingly constrained. Race Course 138’s value proposition sharpens on freehold comparison: among the freehold cohort in D8, its S$1,063 psf represents a structural discount that reflects modest facilities rather than any location or tenure weakness. For buyers who want freehold centrality and can live without the pool, the gap to City Square Residences is a genuine argument — especially if renovation budget is redeployed into the unit itself.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| RACE COURSE 138 | Freehold | 2004 | 24 | $1,063 |
| PICCADILLY GRAND | 99 yrs lease commencing from 2021 | 2022 | 407 | $2,164 |
| CITYLIGHTS | 99 yrs lease commencing from 2004 | 2007 | 600 | $1,759 |
| CITY SQUARE RESIDENCES | Freehold | 2009 | 910 | $1,889 |
| STURDEE RESIDENCES | 99 yrs lease commencing from 2015 | — | 305 | $1,999 |
| KERRISDALE | 99 yrs lease commencing from 1998 | 2006 | 481 | $1,395 |
ShiokNest Scores
Our proprietary scoring system evaluates RACE COURSE 138 across multiple dimensions.
What Residents Say
“We’ve lived here two years and love the access — Farrer Park MRT in five minutes, Mustafa for late-night runs, hawker food within walking distance in every direction. The Sunday Little India energy took some getting used to, but now we wouldn’t trade it.”
— Resident review via PropertyGuru, 2025
“Small development, zero facilities except parking. But two MRT lines within 500m, City Square Mall, Tekka market — the neighbourhood does the work the clubhouse doesn’t. Works for us, won’t work for everyone.”
— Resident review via EdgeProp, 2025
“Decent-sized bedrooms for Singapore — my 2-bedder is genuinely two proper bedrooms, not converted study rooms. Road-facing units get some noise on weekends. Upper floors are much better.”
— Resident review via 99.co, 2024
Across review platforms, a consistent picture emerges: residents who chose Race Course 138 knowingly — for the freehold tenure, the central location, and the neighbourhood texture — tend to be satisfied and stay. Those who expected conventional condo amenities tend to leave earlier. Tenant retention is strong, particularly among medical and healthcare workers from the Farrer Park Hospital cluster, and expat professionals who prioritise transit access over resort-style living.
Strengths & Weaknesses
- Freehold tenure — no lease decay, no CPF/loan restrictions over time
- Farrer Park MRT (NE) 360m away — under 5 minutes on foot
- Little India MRT interchange (NE/DT) 500m away — two-line access
- 24-hour Mustafa Centre, City Square Mall, Tekka Market all within walking distance
- Entry PSF (~$1,063) far below freehold peers City Square Residences ($1,889) and new-launch D8 ($2,164+)
- Genuine bedroom sizes vs new-launch comparables — 2BRs from 969 sqft
- Low maintenance fees — compact facilities footprint keeps running costs lean
- Strong tenant demand from Farrer Park Hospital cluster and city-fringe professionals
- Heritage café scene (Tyrwhitt Rd, Petain Rd) and hawker diversity right at doorstep
- 23/24 tracked buy-sell pairs were profitable — resilient capital preservation record
- No swimming pool, no gym, no clubhouse — parking and retail shops only
- Sunday Little India crowd brings significant foot-traffic noise near the development
- Road-facing stacks exposed to Race Course Road traffic noise, especially evenings
- Very low liquidity — only 10–24 units means infrequent resale opportunities
- Vintage 2004 specifications in un-renovated units — budget $40–70k for a refresh
- Mixed-use retail podium reduces private residential seclusion
- Very small community (24 units) — limited MCST resources for major upgrades
- Gross yield of 2.95% modest vs boutique peers with stronger facilities pull
Verdict
Race Course 138 is a development that will either match a buyer’s needs almost perfectly or miss them entirely. It is not a lifestyle condo in the resort-pool sense. It is a freehold, dual-MRT-access, mixed-use urban apartment in one of Singapore’s most characterful inner-city neighbourhoods — and for a specific buyer profile, that combination is close to irreplaceable at the S$1,063 psf it currently clears. SquareFoot Research data shows 23 out of 24 tracked buy-sell pairs generating a profit, with annualised returns running from 0.3% to 8.7% across varied holding periods — a resilience record that freehold tenure and urban centrality tend to produce even in thin-volume boutique projects.
For investors, the gross yield of approximately 2.95% (based on median rent S$3,200 and median price S$1,300,000) sits in line with D8 peers, but the freehold status eliminates the lease-decay headwind that pressures 99-year leasehold neighbours like Kerrisdale (28 years remaining on a 1998 lease) and CityLights. For tenants — typically young professionals, expats, and medical-corridor workers (Farrer Park Hospital is 0.7 km away) — the transport access and 24-hour convenience profile commands steady demand that rarely leaves units vacant for long.
The honest caution is that facilities buyers will struggle here: no pool, no gym, no resort deck. And the Sunday Little India crowd is a lifestyle reality that genuinely suits some residents (a raucous, food-rich, cultural weekend experience right at the doorstep) and genuinely does not suit others. Buy Race Course 138 for its freehold land, its extraordinary walkability, and its dual-MRT positioning — not for its amenities or its tranquillity.