Amalgamated four-bedroom unit at Martin No. 38 selling for $6.7 mil

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Even though it was completed a decade ago, the loft-inspired, 88-unit Martin No. 38 developed by SC Global and designed by Kerry Hill Architects continues to attract the well-heeled as well as professionals in the banking, tech and creative industries.
On the market is a jumbo-sized four-bedroom unit on the 13th floor at Martin No. 38 that is going for $6.7 million. An amalgamation of two adjacent units, it is the only one of its kind in the condominium. The guide price for the 2,648 sq ft unit translates to $2,530 psf.

A collector’s home

The owner is an avid art collector who used his home to showcase his collection, says William Tan, associate at Singapore Realtors Inc (SRI), and the marketing agent for the unit.
The original light fixtures provided by the developer are paired with the dark wooden floor to give the unit a modern aesthetic. The focal point of the home is the spacious living room, which used to feature the owner’s art collection.
Martin No. 38 is a freehold development that was completed in 2011. (Picture: Samuel Isaac Chua/The Edge Singapore)
The balcony adjoining the living room is provided with louvres that can be controlled remotely. It is effective as both a shading and privacy screen.
“The bare white walls served as the backdrop for paintings which were hung from tracks mounted to the ceiling,” says Tan.
The owner had purchased two adjacent units in September 2008: a 1,485 sq ft, three-bedder for $3.63 million ($2,441 psf), and the adjacent 1,130 sq ft, two-bedder for $2.44 million ($2,155 psf). He then proceeded to amalgamate and customise the space for his own use.
“One of the advantages of this configuration is the separation of space. For example, if there are guests coming over, you could separate the common areas, like the living room and kitchen, from the private space, such as the bedrooms,” Tan explains.
The en suite bathroom of the master bedroom has been decked out with a spacious his-and-her vanity wash basin, and behind that is a shower area for two. Alternatively, the space could also be converted to fit a bathtub.
The master bedroom can comfortably fit in a king-sized bed; the attached balcony leads to a private open-air jacuzzi.

Premium rents

The owner moved to a different apartment a few years ago and the unit had been leased in since then. The last tenant had leased the unit at $14,500 a month, but moved out in September. While the rental market was soft in 4Q2020, activity has picked up in 1Q2021, notes Tan.
He reckons the apartment could be leased out at a monthly rental rate of about $13,000 to $14,000 today — which is almost on a par with the previous rental rate.
living room and the dry kitchen - EDGEPROP SINGAPORE
The spacious living room and the dry kitchen of the jumbo four-bedroom unit. (Picture: William Tan/SRI)
For homeowners, the unit would be suitable for singles, couples or young families. With four bedrooms, including a spacious junior master bedroom, there is space for parents and children as well as work and study areas, he adds.
The unit has been very well-kept for the past few years and is in good move-in condition. “The owner was meticulous in maintaining the unit when he lived there. As a result, most of the fixtures in the unit are still in good condition, including some of the original features provided by the developer,” says Tan.

Priced to sell

Located on Martin Road in River Valley in the prime District 9, Martin No. 38 has 88 apartments, with typical units of two- and three-bedders, sized from 969 to 1,485 sq ft. There are just two penthouses on the 15th floor of the project. The smaller of the two, which is 3,660 sq ft, was sold for $8.05 million ($2,200 psf) in 2016. The larger one, of 4,392 sq ft, was sold for $9.2 million ($2,095 psf) just last September, according to caveats lodged with URA Realis.
The Martin Road-Martin Place area has attracted the attention of property buyers, given its proximity to the lifestyle offerings at Robertson Quay, which is just across the road, and proximity to the CBD and Orchard Road. The latest project in the area is the 450-unit Martin Modern by GuocoLand. The 99-year leasehold high-end condo is scheduled for completion sometime in 2Q2021.
Recent sales at Martin Modern have seen units transacted at prices ranging from $2,600 to $2,909 psf. Recent transactions include a 1,733 sq ft unit sold for $4.64 million ($2,682 psf), based on a caveat lodged at the end of March; and in early February, when an 850 sq ft unit was sold for $2.47 million ($2,909 psf).
At Martin No. 38, recent transactions included the sale of a two-bedroom, 969 sq ft unit on the fourth floor that changed hands for $2.3 million ($2,374 psf) in February. A three-bedroom unit of 1,485 sq ft on the 14th floor was sold for $3.8 million ($2,558 psf), also in February, based on a caveat lodged.
“Buyers who are looking for a completed luxury development in the area would be familiar with the quality of homes built by SC Global, and they would appreciate a home that reflects the lifestyle elements the developer is famous for,” says Tan.
SC Global is renowned as a luxury developer, having developed the likes of The Marq at Paterson Hill, The Ladyhill and Sculptura Ardmore.
There are some high-net-worth home buyers who continue to place a premium on freehold property in the prime districts, notes SRI’s Tan. And Martin No. 38 is freehold, and is located in prime District 9.
The four-bedroom unit on the 13th floor that Tan is marketing has attracted buying interest since it was listed for sale last November. Tan expects the unique qualities of the jumbo-sized unit and the lifestyle elements of the development to be significant pull factors for potential buyers.

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