Analysis Are Dual Key Condos Profitable? Here Are The Results From All 193 Transactions So Far

  • April 25, 2020
  • 10 min read
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Sean

Sean has a writing experience of 3 years and is currently with Stacked Homes focused on general property research, helping to pen articles focused on condos. In his free time, he enjoys photography and coffee tasting.

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shi hui
shi hui

heyy great read. shocking to see the dual key units lost more than regular. but like you mentioned at the end , maybe investors didn’t mind selling lower because of the rental income they’ve made. but why sell lower though? would this mean naturally dual key units have a lower PSF than others?

Stacked Homes
Stacked Homes

Hey Shi Hui, investors who primarily focus on rental yields are more willing to let go of a property. It could just be that they have found a better deal elsewhere to better deploy capital. There are also not as many dual-key units available out there, so as a result of lower transactions, the ability to command an average (or higher) PSF is not there too due to a smaller pool of buyers being aware of such a unit.

Samuel Tan
Samuel Tan

Thanks for explaining! I recognize that profitability (percent gain from developer price) is lower as described in the article. What is unclear is did the final Dual-key PSF price fall below Regular units.
Using this simple example below, is it more of outcome (1) or (2)?

At New Launch:
————————
Regular: $1,000 psf
Dualkey: $1,200 psf

At Resale:
————————
Outcome (1): DK Reg PSF
Regular: $1,300 psf (+30% gain)
Dualkey: $1,350 psf (+13% gain)

Retrofit Insulation Auckland
Retrofit Insulation Auckland

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Samuel Tan
Samuel Tan

Hi Stacked Homes team, Thanks for the great read! I’d like to ask further – are the dual key units mostly less profitable because: (A) the dual key PSF price ended up lower than regular units PSF price OR (B) the dual keys units were less profitable during resale as they were bought at higher price from developers during launch? As mentioned earlier in your article, developers typically launch dual key units at higher price, I’ll imagine that will have very significant effect of profitability, likely resulting scenario (B). Are you able to compare the PSF price of dual key… Read more »

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