A new condominium development situated in Kovan will consists of mainly dual key units. This is well suited for owners who are looking to avoid stamp duty as well as families that consist of several generations.
The 222 units at Trilive will offer 94 three and four bedroom units that feature separate entrances as well as 88 out of the 124 two bedroom units having the same. The project is unique in that no other development hosts such a high number of dual key apartments. Looking at last year’s figures, 7.5% was the national average.
Trilive development to consist of 80% dual key units
Roxy Pacific Holdings are the developers of Trilive and have stated that the focus of this vast number of dual key apartments is on “multi-generational living”. They believe this fills a special niche in the market at this time.
Roxy Pacific’s chief executive, Teo Hong Lim, stated that with Singapore’s higher cost of living and an accelerated ageing population, we are seeing a trend towards larger families forming which is expected. It is because of this that Trilive is in the right moment for meeting the future’s housing needs.
Under the Additional Buyer’s Stamp Duty, or ABSD, Singapore citizens that own a property already will be charged an additional 7% of the property price if they choose to purchase a second property. Those who own over two homes are charged an extra 10%.
Developer sees Dual Key Units Popular
The beauty of a dual key apartment means that a buyer is able to rent out the sub unit while residing in the main unit. This means they won’t have to buy two separate homes if they wish to receive income from a rental.
It is likely that more developers will be expected to build dual key apartments. Due to the convenience of location and rent that is affordable, expatriates are notably keen to buy these units.
These Trilive units will be launched next month and will range from one bedroom units of 463 per square foot, to four bedroom units at 1,195 per square foot. Of the dual key apartments, the smallest will be two bedrooms at 614 to 689 square feet. The expected completion of this project is set within 3 to 4 years.
Prices have not yet been confirmed for Trilive but Mr. Tel has said that the pricing would be similar, or just below, The Tembusu, a Wing Tai Holdings project that is close by. The Tembusu sold almost 2/3 of its apartments on its first day of sales. Its launch last August recorded prices at this 337 unit freehold ranging between $1,400 and $1,500 psf.