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

2-bedroom dual key vs regular units

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

3-bedroom dual key vs regular units

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

4-bedroom dual key vs regular units

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.