We Analysed Dual-Key Condo Units Across 2, 3 and 4 Bedders — And One Clear Pattern Emerged
Dual-key units have been an interesting property type to watch recently. Previously, we noted that dual-key units appeared to move more slowly at new launches, as of 2025. However, it’s challenging to draw a sweeping conclusion as to why: dual-key units have very different layouts and sizes, and not to mention, the transactions are low. To that end, we’ve taken a second look at dual-key units, in particular the resale projects, as we near the end of this year. Let’s see if the performance of dual-key units has shifted in any meaningful way this year.
The performance of dual-key two-bedders versus regular two-bedders
For the following, we looked at the resale performance of two-bedders (dual-key and regular) purchased in 2014 and after, and sold between 2024 to June 2025:
2-bedroom dual key units
| Project | Average ROI | No. of transactions |
| LIV ON WILKIE | -10.14% | 1 |
| TRILIVE | 0.91% | 7 |
| 120 GRANGE | 1.78% | 1 |
| THE RISE @ OXLEY – RESIDENCES | 4.15% | 2 |
| RV ALTITUDE | 6.10% | 4 |
| CASSIA EDGE | 7.53% | 1 |
| SOPHIA HILLS | 7.84% | 16 |
| LOFT 33 | 9.61% | 3 |
| THE ORIENT | 10.45% | 1 |
| GEM RESIDENCES | 11.73% | 3 |
| CITY GATE | 11.78% | 23 |
| FULCRUM | 11.93% | 4 |
| THE HILLFORD | 12.16% | 9 |
| FLAMINGO VALLEY | 14.02% | 1 |
| PARK COLONIAL | 15.53% | 2 |
| PARK PLACE RESIDENCES AT PLQ | 15.63% | 13 |
| URBAN VISTA | 15.97% | 2 |
| THE CITRON RESIDENCES | 16.95% | 3 |
| ONE DUCHESS | 20.51% | 1 |
| Q BAY RESIDENCES | 21.70% | 1 |
| PARC CLEMATIS | 24.00% | 8 |
| WATERFRONT @ FABER | 24.05% | 6 |
| PRINCIPAL GARDEN | 25.21% | 8 |
| THE SANTORINI | 25.43% | 11 |
| SIMS URBAN OASIS | 26.21% | 7 |
| SEASIDE RESIDENCES | 31.97% | 2 |
| BOTANIQUE AT BARTLEY | 37.57% | 44 |
2-bedroom dual key vs regular units
| Project | Average ROI of dual key units | Average ROI of regular units | Difference |
| LIV ON WILKIE | -10.14% | – | – |
| THE RISE @ OXLEY – RESIDENCES | 4.15% | – | – |
| CASSIA EDGE | 7.53% | – | – |
| LOFT 33 | 9.61% | – | – |
| PARK COLONIAL | 15.53% | – | – |
| ONE DUCHESS | 20.51% | – | – |
| GEM RESIDENCES | 11.73% | 29.78% | 18.05% |
| THE HILLFORD | 12.16% | 24.92% | 12.77% |
| Q BAY RESIDENCES | 21.70% | 31.29% | 9.59% |
| TRILIVE | 0.91% | 9.75% | 8.84% |
| FLAMINGO VALLEY | 14.02% | 22.12% | 8.10% |
| THE SANTORINI | 25.43% | 30.73% | 5.30% |
| SIMS URBAN OASIS | 26.21% | 31.44% | 5.23% |
| BOTANIQUE AT BARTLEY | 37.57% | 41.93% | 4.37% |
| PRINCIPAL GARDEN | 25.21% | 28.71% | 3.49% |
| SEASIDE RESIDENCES | 31.97% | 33.32% | 1.35% |
| FULCRUM | 11.93% | 12.43% | 0.50% |
| URBAN VISTA | 15.97% | 16.26% | 0.29% |
| PARC CLEMATIS | 24.00% | 23.83% | -0.16% |
| RV ALTITUDE | 6.10% | 5.38% | -0.72% |
| CITY GATE | 11.78% | 10.04% | -1.75% |
| PARK PLACE RESIDENCES AT PLQ | 15.63% | 13.38% | -2.25% |
| THE CITRON RESIDENCES | 16.95% | 12.74% | -4.21% |
| SOPHIA HILLS | 7.84% | 2.02% | -5.81% |
| 120 GRANGE | 1.78% | -5.67% | -7.45% |
| THE ORIENT | 10.45% | 2.01% | -8.44% |
| WATERFRONT @ FABER | 24.05% | 14.46% | -9.59% |
One issue with comparisons is that dual-key units are more scarce than conventional units, so transaction volumes are lower. Most projects above only showed one or two dual-key transactions. As such, we should take this with the proverbial grain of salt, but it could provide an episodic glimpse of which way the dual-key demand might be tilting.
But let’s work with what we have. In total, we have 11 projects with more than five dual-key transactions. Six projects saw regular two-bedders achieving a higher ROI, whilst in the remaining five, the dual-key units performed better.
Overall, regular two-bedders tended to deliver stronger resale performance on average, but a six-to-five win rate hardly makes that decisive.
There are also benefits to the dual-key that aren’t reflected in ROI alone.
Because the dual-key layout makes rental easier (each one is effectively two separate studios), they can sometimes fetch higher combined rent than a conventional two-bedder. As this is a rental issue, it’s not reflected in the ROI.
In addition, note that dual-key units count as a single unit for tax purposes, thus avoiding ABSD. A landlord can find substantial savings in renting out the sub-unit of their dual key, as opposed to buying a whole other unit for rental.
Now let’s take a look at dual-key three-bedders, versus their regular counterparts
3-bedroom dual key units
| Project | Average ROI | No. of transactions |
| SUNNYVALE RESIDENCES | -8.27% | 2 |
| THE RISE @ OXLEY – RESIDENCES | -5.64% | 2 |
| JADE RESIDENCES | -0.34% | 1 |
| THE CREST | 4.07% | 9 |
| HILLS TWOONE | 4.96% | 5 |
| CITY GATE | 5.66% | 3 |
| KALLANG RIVERSIDE | 7.60% | 3 |
| ARENA RESIDENCES | 9.15% | 1 |
| SIXTEEN35 RESIDENCES | 9.69% | 2 |
| TRILIVE | 16.71% | 5 |
| KINGSFORD WATERBAY | 17.14% | 5 |
| BOATHOUSE RESIDENCES | 17.94% | 3 |
| HIGHLINE RESIDENCES | 18.41% | 3 |
| GEM RESIDENCES | 20.28% | 3 |
| URBAN VISTA | 22.71% | 2 |
| EIGHT RIVERSUITES | 22.72% | 3 |
| RIVERBANK @ FERNVALE | 23.19% | 22 |
| DAINTREE RESIDENCE | 23.27% | 2 |
| Q BAY RESIDENCES | 24.42% | 2 |
| FLAMINGO VALLEY | 24.93% | 1 |
| COCO PALMS | 25.72% | 4 |
| SIMS URBAN OASIS | 26.08% | 25 |
| 8@WOODLEIGH | 27.14% | 3 |
| PARC CLEMATIS | 29.16% | 10 |
| RIVERSOUND RESIDENCE | 29.73% | 1 |
| WATERBANK AT DAKOTA | 29.78% | 2 |
| 1 CANBERRA | 32.50% | 5 |
| BLOSSOM RESIDENCES | 33.20% | 1 |
| RIVERTREES RESIDENCES | 33.42% | 14 |
| THE INFLORA | 34.41% | 1 |
| SEA ESTA | 35.00% | 1 |
| THE SANTORINI | 36.19% | 5 |
| PRINCIPAL GARDEN | 37.26% | 5 |
| BOTANIQUE AT BARTLEY | 38.02% | 11 |
| FORESTVILLE | 38.54% | 7 |
| WHISTLER GRAND | 39.65% | 3 |
| TWIN FOUNTAINS | 41.82% | 9 |
| HERON BAY | 45.76% | 3 |
| TWIN WATERFALLS | 46.72% | 1 |
| RIVERPARC RESIDENCE | 49.40% | 2 |
3-bedroom dual key vs regular units
| Project | Average ROI of dual key units | Average ROI of regular units | Difference |
| SUNNYVALE RESIDENCES | -8.27% | – | – |
| HILLS TWOONE | 4.96% | – | – |
| CITY GATE | 5.66% | – | – |
| SIXTEEN35 RESIDENCES | 9.69% | – | – |
| TRILIVE | 16.71% | – | – |
| COCO PALMS | 25.72% | 53.07% | 27.35% |
| BOATHOUSE RESIDENCES | 17.94% | 44.70% | 26.76% |
| 8@WOODLEIGH | 27.14% | 48.88% | 21.74% |
| JADE RESIDENCES | -0.34% | 15.58% | 15.92% |
| GEM RESIDENCES | 20.28% | 33.97% | 13.69% |
| RIVERBANK @ FERNVALE | 23.19% | 35.45% | 12.26% |
| EIGHT RIVERSUITES | 22.72% | 33.27% | 10.56% |
| RIVERTREES RESIDENCES | 33.42% | 42.88% | 9.46% |
| FORESTVILLE | 38.54% | 47.89% | 9.34% |
| Q BAY RESIDENCES | 24.42% | 33.34% | 8.92% |
| SIMS URBAN OASIS | 26.08% | 34.61% | 8.53% |
| BOTANIQUE AT BARTLEY | 38.02% | 46.52% | 8.50% |
| HIGHLINE RESIDENCES | 18.41% | 26.22% | 7.80% |
| TWIN FOUNTAINS | 41.82% | 49.44% | 7.62% |
| 1 CANBERRA | 32.50% | 39.94% | 7.44% |
| WATERBANK AT DAKOTA | 29.78% | 36.63% | 6.85% |
| BLOSSOM RESIDENCES | 33.20% | 39.67% | 6.47% |
| PARC CLEMATIS | 29.16% | 35.45% | 6.29% |
| RIVERPARC RESIDENCE | 49.40% | 55.19% | 5.79% |
| WHISTLER GRAND | 39.65% | 45.25% | 5.59% |
| TWIN WATERFALLS | 46.72% | 50.78% | 4.06% |
| FLAMINGO VALLEY | 24.93% | 28.81% | 3.88% |
| ARENA RESIDENCES | 9.15% | 12.49% | 3.34% |
| PRINCIPAL GARDEN | 37.26% | 40.18% | 2.93% |
| THE RISE @ OXLEY – RESIDENCES | -5.64% | -2.98% | 2.66% |
| RIVERSOUND RESIDENCE | 29.73% | 31.81% | 2.08% |
| DAINTREE RESIDENCE | 23.27% | 24.28% | 1.01% |
| THE SANTORINI | 36.19% | 35.32% | -0.88% |
| THE CREST | 4.07% | 3.10% | -0.97% |
| URBAN VISTA | 22.71% | 21.44% | -1.27% |
| THE INFLORA | 34.41% | 32.53% | -1.88% |
| SEA ESTA | 35.00% | 33.10% | -1.90% |
| KINGSFORD WATERBAY | 17.14% | 13.65% | -3.49% |
| HERON BAY | 45.76% | 40.20% | -5.56% |
| KALLANG RIVERSIDE | 7.60% | 1.15% | -6.45% |
Among three-bedders, the regular units tended to outperform dual-key counterparts as well. That said, some projects still saw respectable results for dual-key layouts. As with two-bedders though, this ignores the rental element.
As an aside, note that the spread for the dual-key ROIs (from -8 per cent to 46 per cent) is much wider than for regular units (20 to 50 per cent), so the dual-key three-bedders seem to be much more volatile.
Now, let’s take a look at four-bedder dual key units
4-bedroom dual key units
| Project | Average ROI | No. of transactions |
| THE CREST | -9.08% | 2 |
| JADE RESIDENCES | -1.73% | 1 |
| URBAN VISTA | 4.96% | 5 |
| THE GLADES | 8.23% | 2 |
| WHITEHAVEN | 9.81% | 1 |
| TRILIVE | 14.77% | 3 |
| TRE RESIDENCES | 15.28% | 19 |
| VUE 8 RESIDENCE | 22.39% | 8 |
| BARTLEY RIDGE | 22.66% | 3 |
| THE NAUTICAL | 25.93% | 2 |
| EIGHT RIVERSUITES | 27.05% | 3 |
| THE SANTORINI | 27.39% | 5 |
| THE INFLORA | 28.68% | 1 |
| TWIN FOUNTAINS | 28.71% | 1 |
| FORESTVILLE | 31.08% | 12 |
| LA FIESTA | 33.04% | 6 |
| LAKEVILLE | 33.21% | 3 |
| HERON BAY | 33.71% | 4 |
| MY MANHATTAN | 35.76% | 3 |
| WHISTLER GRAND | 36.21% | 3 |
| HIGH PARK RESIDENCES | 36.47% | 1 |
| PARC OLYMPIA | 36.93% | 2 |
| THE TAPESTRY | 41.11% | 3 |
| JEWEL @ BUANGKOK | 41.67% | 1 |
| RIVER ISLES | 42.17% | 2 |
| WATERBANK AT DAKOTA | 46.32% | 1 |
| WATERCOLOURS | 55.34% | 1 |
| THE PALETTE | 56.72% | 1 |
| COCO PALMS | 59.88% | 4 |
4-bedroom dual key vs regular units
| Project | Average ROI of dual key units | Average ROI of regular units | Difference |
| JADE RESIDENCES | -1.73% | – | – |
| URBAN VISTA | 4.96% | – | – |
| WHITEHAVEN | 9.81% | – | – |
| TRILIVE | 14.77% | – | – |
| TRE RESIDENCES | 15.28% | – | – |
| EIGHT RIVERSUITES | 27.05% | – | – |
| MY MANHATTAN | 35.76% | – | – |
| PARC OLYMPIA | 36.93% | – | – |
| JEWEL @ BUANGKOK | 41.67% | – | – |
| WATERBANK AT DAKOTA | 46.32% | – | – |
| HIGH PARK RESIDENCES | 36.47% | 77.99% | 41.51% |
| VUE 8 RESIDENCE | 22.39% | 46.14% | 23.74% |
| TWIN FOUNTAINS | 28.71% | 51.71% | 23.00% |
| THE GLADES | 8.23% | 30.96% | 22.74% |
| LA FIESTA | 33.04% | 50.59% | 17.55% |
| FORESTVILLE | 31.08% | 48.21% | 17.13% |
| BARTLEY RIDGE | 22.66% | 38.22% | 15.56% |
| THE NAUTICAL | 25.93% | 35.84% | 9.91% |
| THE SANTORINI | 27.39% | 36.96% | 9.57% |
| HERON BAY | 33.71% | 42.36% | 8.65% |
| THE INFLORA | 28.68% | 36.06% | 7.38% |
| THE CREST | -9.08% | -3.23% | 5.85% |
| LAKEVILLE | 33.21% | 38.69% | 5.49% |
| THE TAPESTRY | 41.11% | 44.04% | 2.93% |
| RIVER ISLES | 42.17% | 44.47% | 2.30% |
| WHISTLER GRAND | 36.21% | 37.55% | 1.34% |
| THE PALETTE | 56.72% | 43.41% | -13.31% |
| WATERCOLOURS | 55.34% | 37.80% | -17.54% |
| COCO PALMS | 59.88% | 26.84% | -33.04% |
Just like in the two- and three-bedder segments, regular four-bedders consistently achieved higher average ROI than their dual-key equivalents. Among projects with more than five dual-key transactions – such as High Park Residences, Forestville, La Fiesta, and Vue 8 Residence – every one saw regular units outperform.
The difference can be quite substantial. In High Park Residences, regular four-bedders averaged roughly 42 per cent higher ROI, while Vue 8 Residence and Twin Fountains showed gaps of 23 per cent and 22 per cent, respectively.
This is not entirely unexpected though, as large dual-key units are something of a niche product. Landlords will typically aim for smaller units, to avoid the high quantum of a four-bedder; so these units tend to be bought for other reasons, such as intergenerational living while maintaining privacy.
Conclusion:
Data is limited, unfortunately; so it’s hard to draw definite conclusions still. From what we can see, however, our end-of-year update suggests regular units are still a safer bet for now; and also that the ROI gap was smallest for two-bedder units.
Plausibly, the dual-key layout works better for more compact units; perhaps not surprising, since its layout is angled at rental. Landlords tend to prefer smaller units with a lower quantum; and there’s a rentability edge versus one-bedders, in that unrelated roommates still maintain their privacy.
We can also see that, as of late 2025, dual-key four-bedders are still the struggling segment. Across every project with meaningful sales volume (High Park Residences, La Fiesta, Forestville, Vue 8 Residence, and Twin Fountains), the regular four-bedders consistently achieved far higher ROIs.
This is also somewhat consistent with recent trends, where buyers have focused on a lower quantum for more accessible properties. We’ve also seen this translate in the new launch market, where for certain projects, the four-bedder dual-key units have been slow to move. As such, some developers have taken steps to reconfigure them to regular four-bedder units. In short, you might consider a dual-key unit if renting out is a big part of your plan; but not so much for resale gains. In addition, keeping to a smaller unit might help with the eventual exit strategy.
Do keep in mind, however, that this is based on a small number of transactions to date – and that trends can change quickly in a dynamic market.
For more on the property market, and reviews of new and resale projects alike, follow us on Stacked. If you’d like to get in touch for a more in-depth consultation, you can do so here.
