近期，双钥匙单位一直是值得关注的一类产品。此前我们在2025年的新盘市场中留意到，双钥匙单位的去化似乎较为缓慢。不过要概括性解释原因并不容易：双钥匙单位的户型与面积差异很大，更何况成交量本就偏低。基于此，在年末之际我们再次检视双钥匙单位，尤其聚焦于转售项目。让我们看看今年双钥匙单位的表现是否出现了有意义的变化。
很多读者来信，是因为不确定下一步该怎么做，也不知道该相信谁。
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双钥匙两房单位与常规两房单位的表现
以下分析覆盖自2014年及以后购入、并于2024年至2025年6月之间售出的两房单位（含双钥匙与常规）：
2房双钥匙单位
| 项目 | 平均ROI | 交易数量 |
| 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房双钥匙 vs 常规单位
| 项目 | 双钥匙单位平均ROI | 常规单位平均ROI | 差异 |
| 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% |
比较中的一个问题在于，双钥匙单位较常规单位更为稀缺，因而成交量更低。上表多数项目仅出现一两宗双钥匙成交。因此，读者应持保留态度解读这些结果，但它仍可提供对双钥匙需求可能走向的一个阶段性观察。
就现有样本而言，共有11个项目的双钥匙成交超过5宗。其中6个项目中常规两房的ROI更高，而余下5个项目则由双钥匙单位胜出。
整体来看，常规两房在转售表现上倾向更强，但6比5的胜负差距并不足以下定论。
仅看ROI并未完全体现双钥匙的优势。
由于双钥匙布局更易出租（实质上是两个独立的开间），其合计租金有时会高于常规两房。由于这是租赁层面的收益，因此并不会在ROI中直接反映。
此外，需注意双钥匙单位在税务上被视为单一单位，可避免触发ABSD。与其再购置一套整单位用于出租，不少业主通过出租双钥匙的副钥匙空间，便能显著节省成本。
现在来看三房双钥匙，与其常规对应户型的比较
3房双钥匙单位
| 项目 | 平均ROI | 交易数量 |
| 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房双钥匙 vs 常规单位
| 项目 | 双钥匙单位平均ROI | 常规单位平均ROI | 差异 |
| 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% |
在三房层面，常规户型同样倾向优于双钥匙。不过，亦有部分项目的双钥匙表现不俗。与两房的分析相同，这里并未计入租赁因素。
顺带一提，三房双钥匙的ROI分布区间（-8%至46%）明显宽于常规单位（20%至50%），显示双钥匙三房的波动性更高。
再来看4房双钥匙单位
4房双钥匙单位
| 项目 | 平均ROI | 交易数量 |
| 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房双钥匙 vs 常规单位
| 项目 | 双钥匙单位平均ROI | 常规单位平均ROI | 差异 |
| 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% |
与两房、三房相似，常规四房的平均ROI持续高于同类双钥匙。在双钥匙成交超过5宗的项目中——如 High Park Residences、Forestville、La Fiesta、Vue 8 Residence——无一例外均由常规单位胜出。
差距亦相当可观。在 High Park Residences 中，常规四房的平均ROI大约高出42个百分点；而 Vue 8 Residence 与 Twin Fountains 的差距则分别为23与22个百分点。
这并非意外，较大的双钥匙属相对小众产品。为回避四房的高总价，房东通常更青睐小面积单位；因此，大四房双钥匙多为其他用途所购，例如在保持私密性的前提下实现跨代同住。
结论：
受限于样本规模，目前仍难以下绝对结论。但从我们年末的更新来看，常规单位当下仍相对更稳健；同时，2房的双钥匙与常规之间的ROI差距最小。
合理的解释是，双钥匙更适用于更为紧凑的户型；这并不意外，毕竟其设计初衷即面向出租。房东往往偏好总价更低的小户型；相较1房，双钥匙还能让互不相关的室友各自保持私密性，租赁竞争力更强。
截至2025年末，4房双钥匙仍是相对吃力的板块。在所有成交量具代表性的项目（High Park Residences、La Fiesta、Forestville、Vue 8 Residence、Twin Fountains）中，常规四房的ROI均显著更高。
这也与近来的趋势相吻合——买方更关注总价更可承受的产品。我们在新盘市场亦见到类似现象：部分项目的四房双钥匙去化较慢，因而有开发商已着手将其调整为常规四房。简而言之，若出租是你计划中的重要一环，双钥匙可考虑；若主要追求转售增值，则未必合适。此外，选择更小的单位，往往更有利于未来的退出策略。
但请记住，以上基于迄今较少的成交样本；在动态市场中，趋势亦可能迅速变化。
在 Stacked，我们更喜欢跳出新闻标题和表面的数字，关注这些趋势在现实生活中是如何真正发生与发展的。
如果你想讨论这些情况如何适用于你自己的购房或投资计划，可以在这里预约 一对一咨询。
如果你只是有个问题，或想分享你的想法，也欢迎写信给我们：stories@stackedhomes.com —— 我们会阅读每一封来信。
本文由生成式人工智能翻译。点击此处阅读英文原文。
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