Yahoo Finance [UPDATE ] National Aerated Water Building on the market for $18.9 mil
The front of the two-storey National Aerated Water Building, which has been conserved. It has a 30m frontage (Credit: CBRE)
SINGAPORE (EDGEPROP) - The two-storey National Aerated Water Building has been restored and given a new lease of life by Malaysian property developer Selangor Dredging. It is integrated with the new 18-storey Jui Residences. Launched for sale in Sept 2018, the 117-unit Jui Residences was fully sold three years later at an average price of $1,756 psf. The development was originally scheduled for completion in 2022 but was said to have obtained its Temporary Occupation Permit (TOP) last October.
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The heritage two-storey building has a 30m frontage along Serangoon Road and direct access to the park connectors along Kallang River. Its riverside location means it has stunning waterfront views. The standalone building was fully refurbished and renovated, obtaining its TOP in September 2021.
Built in 1954, the Art Deco-style building is a landmark along Serangoon Road. Formerly the bottling factory for soft drinks such as Sinalco, Kickapoo Joy Juice and Royal Crown Cola, it is one of the last few remaining structures along the stretch of Kallang River that reflect the area’s rich industrial past, and contribute to the heritage of the Kallang River, according to URA.
The 117-unit, freehold Jui Residences and the conserved two-storey National Aerated Water Building is located next to the Kallang River (Credit: CBRE)
The statutory board had announced that the building would be gazetted for conservation in December 2017. This was a year after Selangor Dredging purchased the 31,705 sq ft, freehold site and the building from the National Aerated Water Co. in December 2016 for $47 million.
While the rest of the factory had been demolished, the two-storey, L-shaped main building of the National Aerated Water Co. was retained. Architectural details that have been conserved include its signage, flagstaff, fair-faced brickwork parapets and Art Deco timber transom panels. Selangor Dredging has also restored the old petrol pump which is prominently displayed in the outdoor area. The outdoor floor tiles at the porch have also been inspired by mosaic floor tiles from the 1950s on the old factory floor.
Even the architectural design and façade of Jui Residences, which is a new development, pays homage to the conserved building. The design architect for Jui Residences is London-based architectural firm CarverHaggard.
Even the architectural design of Jui Residences, which is a new development, pays homage to the conserved building (Credit: CBRE)
With Jui Residences fully sold and the project completed, Selangor Dredging has now decided to put the National Aerated Water Building on the market for sale at a price tag of $18.9 million. Based on the total strata area of 6,555 sq ft, the price works out to $2,883 psf. The property was last put up for sale by expression of interest (EOI) last August, with CBRE as the marketing agent. “While there were a handful of offers, they did not meet the owner’s expectation and the decision was made to withdraw the property to be relaunched later,” says Clemence Lee, CBRE senior director of capital markets who is handling the sale of the National Aerated Water Building.
The building will be relaunched later this month at the same indicative price. The building has three separate units - two of which are on the first level and another on the second level. However, all three units are under one strata title and will be sold as a whole, says Lee.
The first level of the has a 2,454 sq ft unit that has been approved for use as a restaurant. According to Lee, the space is ideal for a café or a bistro. The front porch of the buildng can be used as an outdoor refreshment area, although approval by the MCST (management corporation strata title) board and the relevant authorities is needed. The rooftop communal area can be used by the F&B operator as a bar or a cafe as well, subject to approval from the MCST and authorities.
The first level of the building has two strata-titled units, the front unit of 2,454 sq ft has been approved for use as a restaurant, and the back unit of 689 sq ft has been zoned for use as a shop (Credit: CBRE)
The second level, which is column-free, is designated for use as an office and has an open floor plate of 3,412 sq ft as well as a ceiling height of 3.5m. Those who are looking for office space in the city fringe will find it convenient as the property is located within 650m of the Potong Pasir MRT station and 850m of the Boon Keng MRT station, both of which are on the Northeast Line.
The F&B units will benefit from a ready catchment of residents from the 117-unit Jui Residences that is fully sold and about 4,900 residential units near Potong Pasir, notes CBRE’s Lee. It is also within the Bendemeer planning subzone, which has a population of about 37,590 as of June 2020, according to URA.
“The location, freehold tenure, F&B approval on the ground floor and proximity to two MRT stations will ensure that the successful buyer of the two-storey building enjoys strong capital appreciation in the mid- to long-term,” says Lee.
Source: EdgeProp Land Lens
As a commercial building, foreigners are eligible to purchase and the transaction will not be subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). “The National Aerated Water Building presents an excellent opportunity for investors or owner-occupiers to acquire one of Singapore’s most iconic landmarks along the Kallang River,” says Lee. (Find Singapore commercial properties with our commercial directory)
“With limited future supply of strata commercial units, the new owner can buy the whole building and sell the individual strata units at a later stage,” he adds.
Check out the latest listings near Jui Residences, Serangoon Road, Potong Pasir MRT station, Boon Keng MRT station
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