Most people do not really understand the concept of a dual key apartment. It means that you bought a property that shares one main door and foyer. However, the primary unit and the adjoining studio were created separate entrances. In Singapore, this concept is being adapted by some developers such as the Heron Bay executive condominium at the Upper Serangoon. Even the small developments find the idea attractive enough to local and foreign families.
Best for extended families
This concept is best for extended families who want to live close to each other. With kids around and going to school within the neighborhood, having one main door is just right so they can play without inside the house but not inside each apartment because they have separate entrances. This is very safe and parents can go to work knowing their kids can bond with each other without messing the house really. This is what we call living together yet apart because of the main door concept but with separate entrances.
Prices are affordable
If you intend to buy because you need to keep the children near the school, then yes, the prices of these dual key apartments are affordable even if you have a second home. The maximum rent you can fetch is about $1,000. The three bedroom unit price is only about $837,000. First time buyers in Singapore are entitled to a $30,000 CPF housing grants. If you think you are eligible, then better get one.
The units may be good for couples and elderly parents who need their respective privacies but want to live closer to each other. This idea is very new and many people are still trying to figure out how much benefit they get out of it.
For the executives and business entrepreneurs needing a separate office or home office, the dual key would be a great idea. However, there is one thing you might not like. If you ask colleagues to discuss important matters in your office, then they will know where you live. With the kind of affordable pricing and convenience that you get, you may want to reconsider this option.
During presale, you get a discount with an option to resell.
What you need to know and watch out about dual key apartments
You need to know that you may not be able to rent the unit as high as you like. Sometimes, prices fluctuate. Based on the readiness of the market, you can only fetch to as high as $1,000 if you rent it out. During the construction, the market may drop, so don’t expect much about rent amount it can fetch.
Some dual key properties may have shared kitchen and lounge. You may want to ask the seller about this before you give the downpayment. Other units share only one front entrance door and hallway. The rest is separate. If this suits you, then clarify about the shared space first.