Penthouse at Martin No. 38 up for sale at $8.38 mil

SINGAPORE (EDGEPROP) - A freehold duplex penthouse at Martin No. 38, a condominium located along Martin Road in prime District 9, will be put up for auction on April 27 with a guide price of $8.38 million, or $2,290 psf. It is an owner’s sale, according to Edmund Tie’s head of auction and sales Joy Tan, who is handling the auction.

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

The unit was acquired in November 2016 for $8.05 million, or $2,200 psf.

Martin No. 38 is located in the River Valley residential enclave, close to Robertson Quay and Clarke Quay. Developed by SC Global Developments, the 88-unit condominium was completed in 2012. The 15-storey building was designed by Kerry Hill Architects and features New York-style warehouse loft apartments.

The unit being put up for auction is a three-bedder spanning 3,660 sq ft. It is one of the development’s two penthouses. Located on the 15th floor of the building, the unit has views of Robertson Quay. It features a private swimming pool located on a roof terrace.

The design style of the interiors is “Scandinavian industrial”, which Tan says is “ideal for a chic, young family”. It is also well-maintained, which means the new owners do not have to do extensive renovations, she adds.

In addition to three en suite bedrooms, there are two household shelters that can double as storage rooms and a utility room. The unit is spacious and well-lit as there are windows all around. These windows also come with built-in shading and privacy screens.

There have been two units transacted at Martin No. 38 so far this year, based on caveats lodged with URA. The most recent transaction was for a 1,130 sq ft unit on the 10th floor, which was sold for $2.75 million ($2,433 psf) on March 11. Meanwhile, a 969 sq ft unit on the sixth floor changed hands for $2.4 million ($2,477 psf) on Feb 14.

Given that the development’s location is popular among expatriates, Tan believes potential buyers may also include investors seeking to rent out the property. Nine units at Martin No. 38 have been leased out year to date. These include the second, larger four-bedroom penthouse at the development, which was leased out for $15,000 per month, translating to about $3.42 psf per month (pm). Other units leased out were one-, two- and three-bedders with monthly rents ranging from $6,300 ($5.48 psf pm) to $8,900 ($7.74 psf pm).

Martin No. 38 is located just across the road from the F&B and entertainment strip along Robertson Quay, fronting the Singapore River. The Orchard Road shopping belt and CBD are within a five-minute drive from the development.

It is also within 10-minute walking distance from the upcoming Great World MRT Station on the Thomson-East Coast Line, which is located next to Great World City shopping mall. Fort Canning MRT Station on the Downtown Line is also a 15-minute walk away, while Clarke Quay, Fort Canning Park and the Somerset area of Orchard Road are also within walking distance or a short driving distance.