» What is a Dual Key Unit?
What is a Dual Key Unit?
What is dual key condo?
Dual key condo is quite similar to owning two units sharing a common foyer yet on a single title deed – one whole apartment that is divided into two separate apartments within a single unit. Both apartments have their own separate set of keys and equipped with their own kitchen/pantry and toilets. The layout usually comprises of one bigger apartment (with 2/3/4 bedrooms) and a smaller studio unit (with 1/2 bedrooms).
Why is it appealing to buy a dual key unit?
It appeals to many property buyers and investors for various reasons:
- Convenience with privacy: Multi-generation living together under one roof yet enjoy own privacy when needed. Under one roof and separated door design facilitates this. You are able to keep a close watch while enjoying your own personal space separately.
- Dual Rental Potential without the need for additional buyer stamp duty: The dual key unit is registered as a single apartment under one strata title, so to the authorities, the studio apartment is regarded as a room and not a unit by itself. As this dual key unit is under one strata title, this is also counted as one property count instead of the usual two count. Hence you may be able to avoid the second count of ABSD! It provides an alternative to generate passive income for homeowners, using the rental to service mortgage or maintenance fee yet both owners and tenant enjoys privacy and other possible security issues compared to a usual room rental.
- Room for flexibility over the years with versatile configuration: Appealing to young couples as they have the option to rent out the studio unit for the initial years as they do not require the space for the initial year and use the funds to pay off part of the loan but when the family size increases, they can bring down the adjoining walls and transform into a huge multi-generation layout without having to sell their initial unit.
- Possibility to convert the studio apartment into small office/home office and work close to home!
- For investor buying into private condominium with dual keys, instead of purchasing a big unit , for example a 4-bedder condo, you can get a dual key unit with (1 studio + 2 bedroom unit) and rent both sides of the units. Flexibility to either rent out the unit as a whole or rent out separate sides of the units hence increasing your reach to tenants.
- Possibility of paying cheaper maintenance fee (in terms of share value) for a dual key unit with one title deed as compared to owning two separate title deeds.
Projects with dual key unit mix:
The Glades at Tanah Merah – 2 mins walk to Tanah Merah MRT
The Santorini – Condo with Quarry View
The Crest at Prince Charles Crescent – Luxurious Condo within landed enclave
Kingsford Waterbay – Condo near Sungei Serangoon
Seaside Residences – Seafront Homes at Siglap MRT
Park Places Residences – Integrated Development at Paya Lebar MRT