Historic National Aerated Water Building on sale for S$18.9m
THE National Aerated Water Building, which is a partially conserved historic building, has been relaunched for sale at an indicative price of S$18.9 million, said its marketing agent CBRE on Tuesday (April 5).
The sale of the former bottling factory at 1177 Serangoon Road will be conducted through an expression of interest exercise, which started from Tuesday and will close on May 11, this year, at 3 pm.
The 2-storey freehold property comprises 3 strata-titled units with a total strata area of about 6,555 sq ft.
The ground floor retail unit has been approved for use as a restaurant, while the second-floor unit has been fully tenanted to a student care operator.
The property was first put up for sale last August, also via an expression of interest exercise, but it was not successful.
The indicative guide price for the National Aerated Water Building of S$18.9 million works out to about S$2,883 per sq ft on the total strata area.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
The National Aerated Water Building is fully integrated with a residential development called Jui Residences, which had been fully sold last year after its launch in 2018.
The whole site, spanning 31,705 sq ft, was bought by Malaysian developer Selangor Dredging in December 2016 for S$47 million.
Given its conservation status, the new owner of the National Aerated Water Building will have to retain its 2-storey main building that is in an L-shape, its signage tower, a balcony with brick parapets, Art Deco timber transom panels and a concrete sun shading ledge that spirals out of a circular window.
It has since been restored by Selangor Dredging after the building was bought as part of the larger mixed-development site.
In 1954, National Aerated Water Co moved into this building that cost S$500,000 at the time, and started producing 48,000 bottles of aerated water a day.
The building sat dilapidated after operations ceased in the 1990s.
CBRE cites the property's freehold tenure and its location between Bendemeer and Potong Pasir MRT stations and along Kallang River as its key selling points.
CBRE's executive director of capital markets in Singapore, Clemence Lee, said that the owner did receive a handful of bids in its last sales exercise in August but none were up to expectations.
However, Lee said that the owner believes that the recent easing of Covid-19 restrictions will hasten the recovery of the retail and tourism sectors and have a positive impact on the property.
"As such, this has given the owner the confidence and view that it is timely to relaunch the property for sale and give the market the opportunity to reconsider this asset," said Lee.
READ MORE:
Copyright SPH Media. All rights reserved.
