Dual-key units in executive condominiums (ECs) are rising in demand among home-seekers.
Developer MCC Land said its executive condominium project One Canberra sold out its 95 dual-key apartments within a month, from when the project was launched in April.
The developer is now confident that its new project, the EC Forestville, will also do well. The number of dual-key apartments there is twice that of such units in a usual EC development.
Located in Woodlands, the project has 653 units, 201 of which are dual-key apartments with three to five bedrooms. Sizes range from 1240 to 2150 square feet.
Analysts said that developers of such ECs take on more risk, as the floor area of each unit is larger and they might earn less per square foot.
But developers feel that dual-key apartments give homeowners more flexibility as it is suitable for multi-generation families.
Mr Michael Tan from Ho Lee Group, the developer of Heron Bay, said: “With dual-key (apartments), (homeowners) are given the room to grow so initially when they don’t need (the space), they can rent it out to somebody for rental income. When the need arises, they can take back the extra space they need to allow them to have a bigger and better environment.”
Source : Today – 8 Dec 2012