About Dual Key Condominium | This development first became popular with the establishment of Caspian having been developed by Frasers Centrepoint Homes in 2009. Ever since Caspian was launched, developers have shown interest in launching several developments across Singapore that are characterized by dual-key units. Other units featuring dual-key units include Piccadilly Grand, Parc Clematis, and La Mariposa.
Therefore, having a dual-key unit means that you have 2 self-contained living spaces, which share an address and a single foyer? The bigger units in this development are configured to serve as the smaller unit and the main unit commonly referred to as a studio, serves as a sub-unit. Generally, a dual-key condo is primarily three to five percent larger in terms of floor area than a normal condominium with the same number of bedrooms.
However, this condo comes with its pros and cons. To understand how the development works, here are the top advantages of this unit. First, there is no ABSD payable. This means that even though dual-key units are primarily 2 apartments side-by-side, it is essentially a single property. Therefore, buyers do not suffer any ABSD, known as Additional Buyer’s Stamp Duty for the additional sub-unit.
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Also, you’ll get to live in and rent without sacrificing privacy compared to renting out a room in a regular condo unit. Generally, tenants will be using different keys, toilets, living spaces, and kitchen kinds of stuff. These units also come with a lot of privacy compared to other standalone studio units. Another condo that offers dual-key units is the Riverbank @ Fernvale. Another example is a rental studio located at D’leedon.
On the other hand, these units are expensive, one of the disadvantages associated with these units. Different developers come with different pricing when it comes to these units. At Kingsford Waterbay, its development priced these units at a 20 to 25% price premium. Nonetheless, The Orient failed to price its six dual-key, two-bedroom units.
Additionally, it can be very hard to sell these units. Some might be looking for office space in dual-key units. Unfortunately, these rooms are not convenient to serve as a home office. Thus, according to URA, you’ll be compelled to apply for a license through the Home Office Scheme.
Other projects that feature the dual-key units include the following; Infini at East Coast, Forett @ Bukit Timah, Jervois Treasures, Parksuites, Verticus, Neu at Novena. Also, some of the resale condos featuring dual-key units include 120 Grange, Highline Residences, Kallang Riverside, Seaside Residences, Park Place Residences, and City Gate.