When the time comes for you to upgrade to a condo, you might face a dilemma: should you make it your home or rent it out? Dual-key condos offer a great solution to this conundrum, and are a great option for multi-generational families that value their privacy.
Here’s a 411 on all you need to know about dual-key condos, including their investment potential, how they help with multi-gen living, and the potential downsides of this property type.
What is a dual-key condo?
Lentor Hills Residences is an upcoming condo with dual-key units.
Image credit: Lentor Hills Residences
As its name suggests, dual-key condos are condominium units that have 2 separate living spaces within a single apartment. This concept was first introduced in the Caspian development by Frasers Centrepoint Limited back in 2009, a few years before the Additional Buyer’s Stamp Duty (ABSD) was introduced.
A 4-bedroom dual-key layout in The Tapestry.
Image credit: The Tapestry
When the pesky ABSD tax came into play in 2011, the number of dual-key condos skyrocketed. In 2013, dual-key condos made up a whopping 1 in 13 units launched, according to research done by Knight Frank. The hype has since died down, but that still leaves thousands of dual-key condos around the island.
Most of these condos have one main entrance and 2 doors that split into the main unit and a smaller secondary unit that’s usually a studio. While the main unit has all the usual features of a condo—a living room, kitchen, dining space, and bedrooms—the secondary unit might only have a bedroom, bathroom, and sometimes a kitchenette.
Why dual-key condos are ideal for multi-gen living
The wildly popular Parc Clematis development has 2- and 3-bedroom dual-key units.
Image credit: Parc Clematis
Singaporeans are no strangers to multi-generational living, with many families preferring to stay close to each other to care for ageing parents, provide support for young children, or just maintain strong familial ties. This is what dual-key condos were originally designed for: to let larger families live under one roof without stepping on each other’s toes.
A peek inside the sub-unit in The Minton.
Image credit: Home Guide
The primary homeowners and breadwinners can occupy the main unit, while the secondary unit can house the ageing parents who require care but still want some independence of their own. Newlywed couples can also live in the secondary units while saving for their homes, or waiting for their BTOs to be ready.
No matter the configuration, shared spaces mean that family dinners and get-togethers can be easily arranged and had, with the only transport consideration being the few steps it takes to walk from the studio unit to the dining room.
Plus, with the way property prices are always on the rise, dual-key condos present an alternative for families looking to future-proof their housing arrangements, without needing to buy 2 properties and pay the 20% ABSD.
Investment & rental potentials of dual-key condos
Beyond multi-generational living, dual-key condos also appeal to homeowners looking to maximise their property investment, either through capital appreciation or rental income.
The sub-unit of the dual-key units at Verticus has a full living room, which might be a draw for potential renters.
Image credit: Verticus
From an investor’s point of view, dual-key condos might be able to fetch higher resale values as compared to standard condos, thanks to their versatility. But that’s a double-edged sword, as dual-key condos typically command a higher price per square foot than standard units with the same number of bedrooms. If you’re looking to buy a dual-key condo to invest in, it’ll be best to do a lot of due diligence to make sure your purchase is worth the spend.
Another revenue stream that can come from dual-key condos is through renting it out. There are a few ways to do this:
- Live in the main unit and rent out the sub-unit.
- Rent out the entire unit as a dual-key flat, or as 2 separate units.
The first option is best for homebuyers who don’t have a large family but want to effectively own “2” properties for the price of one—and to avoid paying a hefty 20% ABSD. In most dual-key condos, the secondary units are pretty private, with only the foyer being the shared space, so that should assuage any privacy concerns. It can also help offset the mortgage.
The second option will be for investors who want to maximise their purchase of a dual-key condo and rent out 2 units, without having to buy 2 separate properties and pay 20% ABSD on one of them. Maintaining the property is also less tedious, requiring a trip to only one address instead of 2.
In short, buying a dual-key condo is effectively a buy-one-get-one deal. And we might sound like a broken record here, but not having to pay the ABSD for a “second” property is a win.
Potential downsides of buying a dual-key condo
Forrett at Bukit Timah is a new condo with dual-key 3-bedroom units.
Image credit: Forrett at Bukit Timah
With all that said, there are a few drawbacks to buying a dual-key condo if the intention is for it to be a money maker. The biggest downside is its cost. Most developers price dual-key condos at a premium, sometimes up to 25% in the case of Kingsford Waterbay. Investors have to ask themselves if the mark-up is worth it in the long run.
The unorthodox layout with a foyer and smaller living spaces might also turn away many other resale buyers, especially if they aren’t looking to use or rent out the secondary unit. After all, dual-key condos are a niche type of apartment, and the pool of potential buyers and renters can be smaller than those looking for standard condo units.
Popular dual-key condo developments in Singapore
Some of the popular dual-key condo developments in Singapore include:
The Tapestry
- 99-year leasehold condo in Tampines
- Completed in 2021
- Has 4- and 5-bedroom dual-key units
- One 5-bedroom dual key and study unit is on the market for $3.5m
Arena Residences
- Freehold condo in Geylang
- Completed in 2023
- Has 3-bedroom dual-key units
- 2 units are on the market for $1.8m
The Minton
- 99-year leasehold condo in Hougang
- Completed in 2014
- 3-bedroom dual-key units available
- 2 units are on the market for $2.3m-$2.4m
Parc Olympia
- 99-year leasehold condo in Changi
- Completed in 2015
- Has 4-bedroom dual-key units, including units on the ground floor
- 3 units are on the market for $2.1m-$2.3m
Verticus
- Freehold condo in Balestier
- Completed in 2024
- Has 2+1 bedroom dual-key units, where the sub-unit has a living room
- One unit is on the market for $2.8m
Piccadilly Grand
- 99-year leasehold condo in Serangoon
- To be completed in Q3 2025
- Has 4-bedroom dual-key units
- 2 units are on the market for $3.7m-$3.9m
Parc Colonial
- 99-year leasehold condo in Woodleigh
- Completed in 2022
- Has 2-bedroom dual-key units, including balcony access for the sub-unit
- 2 units are on the market for $1.8m
Dual-key condos in Singapore
Dual-key condos are a versatile housing option that caters to multi-generational families and savvy homeowners looking to generate rental income. Within a single property, they provide flexibility, privacy, and investment potential.
However, like any other major property purchase, it’s important to evaluate your long-term goals before jumping the gun. If you value multi-generational living or want to make extra income by being a landlord, a dual-key condo might be the perfect upgrade. But if resale value and upfront costs are a cause for concern, you might want to think twice.
For more home content:
- Cost of renovating a 5-room BTO in 2025
- Superstitious beliefs Singaporeans consider when buying a home
- Unique condos in SG
Cover image adapted from: Lentor Hills Residences
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