In the recent years, developers has ingeniously came up with the concept of Dualkey units. What is dualkey? For those who are more familiar with HDB’s Multi-generation (3Gen Flats), the concept is quite similar. In a Dualkey Condo, you have 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. On the contrary, 3Gen Flats do not have the common foyer, but they have the same concept of having 2 families staying under one roof.
Why is it appealing to own a Dual Key unit?
- Convenience with privacy: Multi-generation living together under one roof yet enjoying their own privacy when needed.
- Dual Rental Potential without the need for additional buyer stamp duty: The Dualkey unit is registered as a single apartment under one strata title, meaning you literally own “2 properties” under one record. This is crucial because you will be able to avoid the second count of Additional Buyer’s Stamp Duty. It provides an opportunity 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 the younger crowd as they have the option to rent out the studio unit for the initial years when they do not require the space, and use the funds to pay off part of their loan. 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 a small home office: Appealing to the home-based property owners who wants to have the convenience of working from home, and yet have a separation between the work-life and the personal-life.
- 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.
If you wish to check out the different layout in an EC or Condo, do feel free to contact Irene Tan at 9846 9648 for a non-obligation discussion.