What You Need To Know About Dual Key Condo
Are you looking for a home with office space, a studio unit, a kitchen, multiple bedrooms, along with several facilities and mind-blowing views? In that case, you must study the property market and look for a dual key condo in Singapore. Initiated by Fraser Centrepoint Homes, these condos permit 2 to 3 families to stay. A dual key unit type is the go-to solution for property buyers looking for a large property with a common foyer.
Even better, these dual-key units have common entrances and the number of tenants would hardly prove discomforting for either of the families. These living spaces are a comparatively new launch in the Singapore property market. These houses have enough area to install more than one toilet, bedroom, kitchen, including an additional kitchenette.
Above all, the investment returns for such dual-key units can be reaped in the form of greater privacy, multi-family residences, and soaring high monetary returns for future sales.
The size, space, and option to accommodate multiple families is the prime reason for interest in such a type of condo. Dual key apartments are a classic example of properties that have divided living spaces, with the trusted property developers providing the best home features.
What Is A Dual Key Condominium?
A dual key condominium is when two to three bedrooms, each with their own bathroom and privacy arrangements, literally the size of a home, share a common foyer. These apartments offer versatile space usage and can be easily segregated into space for parents, grandparents, and even kids. The elegant makeover and ample household features also pave the path for a greater rental yield.
The presence of a studio unit, office space, and extra bedrooms proves to provide multiple top-notch perks for a buyer. Such a dual key condo unit can fit king-size beds in each bedroom. More than two family generations can live with enough privacy and space that now old-school residences lack.
Benefits Of Owning a Dual Key Unit
The benefits of owning a dual key unit are equivalent to one of the best property investment you can make in your life. Look for a dual key apartment project that comes with a view and provides precise information as to each room’s specifics.
Here are some noteworthy benefits of such condo units:
- Despite having multiple bedrooms, kitchens, bathrooms, and a luxurious living area, which is basically the same as owning two properties, the government would count it as 1 property.
- Updates in Singapore property rules over the past fast years now call for a 12% stamp duty on property buyers purchasing their second home. This is termed as the Additional Buyers Stamp Duty (ABSD). Although dual-key units provide a foyer that holds two properties, on paper, it is displayed as 1. This significantly cuts down the money to be spent on two ABSD (stamp duty) charges.
- The studio section can be converted into an additional workspace. Besides, it can also be given on rent for work purposes or as a bedroom for a single occupant.
- Parents get to share their residences with their entire family and with the least compromises made on privacy. The layout of these homes is a unit-wise design with strategic placement of the loo, kitchen, hall, and bedroom.
- The rental yield is much higher and effective than making an investment in a new property altogether. Investing in condo dual-key units of this sort turns out to a long-term asset for the buyer involved.
- Small business owners can choose such dual-key units that focus on enhancing studio-like functionality. This could also be a major advantage for self-employed individuals.
- There is enough space to allow several tenants to stay. Buyers can weigh the pros and cons as per the current market rates and make profitable rent-plans.
- The maintenance price is lower due to reduced elements in the list of usable services. Water rates are also considered as one for both the houses. Irrespective of the layout, a dual key condo unit in Singapore generally doesn’t have outdoor areas. Thus there is also zero lawn maintenance.
Additionally, privacy and overall maintenance costs are much lower. Even students and elderly people citizens could consider this a good idea. The former can share the living room and adapt to a low-cost lifestyle whereas the latter can lead a less burdening and worrisome lifestyle along with their younger relatives.
Disadvantages Of A Dual Key Unit
The cons of owning dual-key units are few and definitely cannot be as influential and impactful as the pros. Besides, making stringent rules and crafting out crystal-clear agreements will help neutralize the following cons:
- The studio unit of the apartment is generally small. Accommodating more than 1 occupant in this bedroom could lead to a cramped vibe. Make sure you account for this factor while stating the price for renting out the studio unit of your apartment.
- Splitting the price for utility and maintenance bills could be a hassle. Based on the number of people paying rent and utilizing the resources and various features of the condos, there may be fluctuations in each individual’s monetary contribution. Curating a list of utility-usage guidelines can help reduce the intensity of this probable issue.
- Residences and apartments as such cannot be used as a workplace for businesses that have a large workforce. Although each bedroom and the studio can be split based on departments, expect not more than 4 people in each of these areas. If it is a 3 bedroom dual key unit including a studio unit, a maximum of 12 to 15 employees can fit comfortably.
- If you plan to buy dual key units with an intention to sell either of the units in the future, this may not be a good idea. An apartment of this kind cannot be sold as two separate sales. These entire condo units are considered as a whole unit. As the ABSD charges are considered as one, the sale of the property also has to be made as a whole.
Should You Get A Dual Key Condominium?
Purchasing a dual key condominium is always a great option. People get 2 homes for themselves along with an additional bedroom or studio layout to rent out. This leads to a premium accommodation lifestyle while also acquiring an added source of income. Likewise, the presence of more than 1 kitchen proves to bring extra comfort when it comes to cooking your food separately.
One can even look for dual-key units with a layout that allows 2 entrances. In fact, a one-time investment could lead to multiple generations of the same family living under the same roof. Whether its a couple and their children or the same combination along with elderly parents and their siblings.
One of the major pros of dual key units is that people can save up on plenty of travel time by converting an extra bedroom within these residences to an office/studio-like place.
The Singapore market continues to launch condo units that come with low stamp duty charges an option for exclusive living conditions under a roof. The idea is to go for a project that plans to launch in the near future. The later it gets, the more costly it is.
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List of Dual Key Condominiums in Singapore
There are several quality condo units on sale such as Coco Palms and Kallang Riverside in the Eastern region, and The Crest in the City Fringe region. Ever since its origination by Fraser Centrepoint Homes, there have been several launches in the market.
Here are some top condos with dual key options, a kitchen, 3-bedroom architecture, and more than 1 toilet – basically, all of the elegant quality.
Each project comes with a view that would call for a colonial-like vibe. Each dual key condo for sale comes with access to the Island Pool and Heritage Hall along with Smart home features like motorized blind systems and digital locks. Find out more about Park Colonial with our review.
- This dual key residences in Woodleigh could cost you about $800k to $1.3million for a dual bedroom condo
This is a posh Singapore property and lies by the Bedok Reservoir. Occupants can leverage the private chef and housekeeping services while also getting access to the Hydrotherapy Pool. Find out more about The Tapestry with our review.
- This project charges occupants a price of up to $1.7million for a to 4 to 5 bedroom unit
This 24-storey and 9 blocks property is within close proximity to the MRT station and is also in the middle of 2 commercial hotspots in Singapore. There are three 50 lap pools, 2 jacuzzi alcoves, and several luxury pavilions too. Find out more about Parc Clematis with our review.
- The price of residences is between $1.3million to $2.5 million for a 3 to 5 bedroom unit
Having a total of 162 units, this property comes with a well-connected neighbourhood. There are plenty of esteemed educational institutes and famous commercial locations in the vicinity. Find out more about The Verticus with our review.
- The price for 1 to 3 bedroom condos can range from $800k to $2.7million. Keep in mind, this project is in a developmental phase
RV altitude suits renters and buyers alike. The insides are decorated with fancy cascading waterfalls and a lush green landscape to induce a feeling of living amidst nature. Find out more about RV Altitude with our review.
- A 2 bedroom roof here starts from $1.7million
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