Most people don’t really understand the concept of a double-key apartment. This means that you have purchased a property that shares one main door and foyer. However, separate entrances were created for the base unit and adjacent studio. In Singapore, this concept is being adapted by some developers such as the Heron Bay executive condominium in Upper Serangoon. Even small businesses 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 the kids and going to school within the neighbourhood, having one main door is just right so they can play without inside the house but not inside each flat as they have separate entrances. This is very safe and parents can go to work knowing that their kids can bond with each other without really messing up the house. This is what we call living together but separate because of the main door concept but with separate entrances.
Prices are reasonable
If you intend to buy because you need to keep the kids close to the school, then yes these turnkey apartments are reasonably priced even if you have a second home. The maximum rent you can get is around $1,000. The price for a three-bedroom unit is only about $837,000. First time buyers in Singapore are eligible for a CPF Housing Grant of $30,000. If you think you qualify, you better get one.
Units may be suitable for elderly couples and parents who need their privacy but want to live close to each other. This idea is very new and many people are still trying to figure out how much benefit they will get from it.
For executives and business people who need a separate office or home office, a double switch 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.
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 flats
You should know that you may not be able to rent the unit at the height you want. Sometimes prices fluctuate. Depending on market readiness, you can get up to $1000 only if you rent it. During construction, the market may decline, so don’t expect much about the amount of rent it can fetch.
Some Double Key properties may have a shared kitchen and lounge. You may want to ask the seller about this before making the down payment. Other units share the front entrance door and hallway. The rest is separate. If this works for you, clarify the shared space first.