What Is a Dual Key Condo in Singapore?
A dual key condo Singapore is perfect for multi-generational families living in one unit that has separate entrances and separate living spaces between families. One nuclear family of a married couple and their children live on one side of the dual key condo. Meanwhile, another nuclear family related to the first family lives on the other side. The second nuclear family could be the elderly parents of the man or woman in the first nuclear family, or it could be a sibling of one of the other family members along with a spouse and children.
The idea behind dual key condos in Singapore is to give two families privacy within the condo while sharing some portions of the space. A kitchen or a foyer are examples of the common areas between the two families. However, other areas might exist behind a lock-and-key, hence the designation “dual key” condo.
History of Dual Key Condos in Singapore
The first dual key properties in Singapore started as HDB flats in 1986. Demand fell sharply as the demographics didn’t measure up to the introduction of these units. The first private property dual key condos in Singapore built in 2009 as developers of Caspian included 15 such units to test the market for people buying property in Singapore. At the time developers constructed Caspian, as many as 12 percent of households living under one roof had at least two family nuclei.
Since Caspian’s successful launch, more and more condo developers have included dual key condos as part of their layouts. These units comprise one of the newest and rarest condo designs in all of Singapore, 28 condos and 17 executive condos contain some dual key condos. In 2011, around 3.4 percent of the space in new developments contained dual key condos, but that number increased to 7.5 percent by 2013.
From 2011 to the February 2014, developers added 1,976 dual key condos in Singapore, with 931 in private condos and 1,045 in executive condo buildings. Since the initial upswing of dual key condos, more and more developers decided to offer some very nice amenities inside some of the units.
Dual Key Condos in Singapore Today
Dual Key condos act as one unit instead of two. Two units combined into one represents a few advantages for both families and investors. A dual key condo saves money when two nuclear families move into the same space, and there could be multiple incomes supporting the property loan. To investors, there is no additional buyer stamp duty to pay, and a landlord can rent some of the space out to a tenant to make some extra income.
Developers cater to families and investors by building some posh dual key units. For example, dual key condos in Bijoux serve as a duplex. The master bedroom has an attic large enough for a bed, a TV area or even a few sofas. The Crest, an unfinished property currently in development, has three-bedroom dual key units with owners turning the extra room into a guest suite or a small kitchen. Renters can replace a wardrobe with a tiny kitchenette to create a standalone studio apartment in The Crest.
Sizes of dual key condos in Singapore vary depending on the number of bedrooms in each unit. They are larger than a shoebox apartment in Singapore since the smallest dual key condos are two bedrooms. A typical strata size for dual key condos in Singapore is between 880 to 1,160 square feet and then from 1,370 to 1,550 square feet. Three-bedroom and four-bedroom configurations are very popular with developers.
Are Dual Key Condos in Singapore Right For Your Family?
One distinct selling point of dual key condos in Singapore involves young, career-minded families who want to live near their parents. Dual Key condos offer a great way for both families to have privacy while quickly letting Mom and Dad give the kids to the grandparents. The elder generation has an opportunity to get to know the grandchildren while Mom and Dad work. Dual-key units also give hard-working people a chance to work from home if the properties have a home office as an amenity.
Such unit may not be the right thing for you. If you find a renter that’s unscrupulous or who messes up your property, you have to live with the consequences of that decision. Sharing your space with a roommate who lives an entirely different lifestyle may also present problems.
The pros and cons of dual key condos in Singapore are why you need an expert opinion on whether this housing arrangement is right for you. Different families have different needs, and a professional real estate salesperson who understands your needs can locate a living situation customised for you.
Find Someone Who Knows the Private Property Market
With so many options for dual key condos all over Singapore, it may take some research to find the right price, the perfect square footage and the amenities you need to make this type of private property work for you. Dylan Tan helps you navigate the up-and-coming dual key condo market by assessing your situation and suggesting which properties would potentially help to multiply your wealth. Talk to Dylan today as he guides your journey towards the ideal dual key condo in Singapore. Contact him through email or by calling 9456-7022.