Most people don’t really understand the concept of an apartment with two keys. It means that you bought a property that shares a front door and a hallway. However, the main 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 condo in Upper Serangoon. Even small developments find the idea attractive enough for local and foreign families.
Best for extended families
This concept is best for extended families who want to live close to each other. With children around and going to school within the neighborhood, having a front door is the right thing to do so they can play outside the house but not inside each apartment because they have separate entrances. This is very safe and parents can go to work knowing that their children can bond with each other without really making a mess in the house. This is what we call living together but apart due to the concept of a front door but with separate entrances.
The prices are affordable
If you intend to buy because you need to keep the kids close to school, then yes, the prices for these dual-key apartments are affordable even if you have a second home. The maximum rent you can get is approximately $ 1,000. The unit price for three bedrooms is only $ 837,000. First-time buyers in Singapore are entitled to a $ 30,000 CPF housing allowance. If you think you are eligible, you better get one.
Elderly parents
The units can be good for couples and elderly parents who need their respective intimacies but want to live closer to each other. This idea is very new and many people are still trying to figure out how much profit they are getting from it.
Office
For executives and entrepreneurs who need a separate office or home office, the dual key would be a great idea. However, there is one thing you may not like. If you ask your colleagues to discuss important matters in your office, they will know where you live. With the kind of affordable price and convenience you get, you may want to reconsider this option.
Pre-sale discounts
During the pre-sale, you get a discount with the option to resell.
What you need to know and watch out for with double key apartments
You should know that you may not be able to rent the unit as high as you want. Sometimes the prices fluctuate. Based on market availability, you can only get up to $ 1,000 if you rent it. During construction, the market may drop, so don’t expect too much about how much rent you can get.
Common areas
Some dual key properties may have a shared kitchen and lounge. You may want to ask the seller about this before making your down payment. Other units share only a main entrance door and a hallway. The rest is separated. If this suits you, clarify first about the shared space.