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.