The guide price for National Aerated Water Building works out to about S$2,883 per sq ft on the strata area
CBRE is announced on 16 August that it is offering for sale The National Aerated Water Building – a conserved freehold two-storey commercial building located at 1177 Serangoon Road.
The sale of the National Aerated Water Building will be conducted through an Expression of Interest exercise which closes on 21 September 2021 at 3pm.
Strategically located along Serangoon Road, the building enjoys excellent visibility with prominent main road frontage of about 30 metres and unobstructed access to the park connectors along Kallang River. It has a total strata area of approximately 6,555 sq ft and features a communal roof terrace (not part of the strata area), offering excellent views of the Kallang River.
The National Aerated Water Building has an indicative guide price of S$18.9 million that works out to about S$2,883 per sq ft on the strata area. As this is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the transaction.
The former National Aerated Water Factory was built in 1954 and remains a national heritage landmark along the Kallang River and Serangoon Road. Home to the National Aerated Water Co. Ltd then, the factory manufactured popular soft drinks in the 1950s such as Sinalco, Kickapoo and Royal Crown Cola.
The main building was gazetted for conservation by the URA in 2017 and has since been refurbished and integrated with JUI Residences – Selangor Dredging Berhad’s 117-unit condominium development which has been fully sold. Presently, the Property is fully approved for “Restaurant” use on the ground floor and “Office” use on the second floor.
Mr Clemence Lee, Senior Director, Capital Markets, Singapore at CBRE, said, “Matured estates such as Potong Pasir continue to be underpinned by waves of rejuvenation activities, given their strategic location at the city fringe. Bidadari New Town will add another 11,000 new homes and a new integrated retail mall – The Woodleigh Mall, which will further enhance the vibrancy and amenities that are available in the neighbourhood.”
Mr Lee continued, “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. Subject to approval from the relevant authorities, the successful buyer can explore multiple value-add opportunities to unlock further value of the asset.”
“Some options include utilizing the sizeable porch as an Outdoor Refreshment Area (ORA), or converting the roof terrace into a rooftop café, which will appeal to the ready catchment of about 4,900 residential units in the immediate vicinity. Coupled with the property’s strong attributes such as its prime location, freehold tenure, rare F&B approvals on the ground floor, and proximity to two MRT stations, the successful buyer can expect to enjoy strong capital appreciation in the mid to long term.”
Mr Lee
The National Aerated Water Building is conveniently located within 650 metres to Potong Pasir MRT station and 850 metres to Boon Keng MRT station. It is also easily accessible to other parts of Singapore via the Central Expressway and Pan-Island Expressway.
Mr Paul Ho, chief officer at iCompareLoan, said: “the site of the National Aerated Water Building is strategically located and will appeal to the right buyer.”
Located along Serangoon Road and the Kallang River, this charming Art Deco building – also fondly known as The Kickapoo Building or The Sinalco Building – is a familiar sight to many Singaporeans.
The main building of the former National Aerated Water Factory at 1177 Serangoon Road was gazetted for conservation by the Urban Redevelopment Authority (URA) in December 2017.
Recognising the building’s heritage value, its role as a landmark in the area and the social memories it holds for the community, the building owner, Selangor Dredging Berhad (SDB) supported the conservation efforts and is worked closely with URA to keep the building as part of Singapore’s national history.
Ms Teh Lip Kim, Managing Director of SDB said of the conservation, “As the building owner and a responsible community stakeholder, Selangor Dredging Berhad is pleased to support the conservation effort on the former National Aerated Water Factory, a well-known heritage landmark in the Serangoon area. We are glad to partner URA on this conservation journey to retain the building and integrate it as part of the new development. The building will be transformed into a unique and lively commercial area located next to a park connector, adjacent to the Kallang River. We are keen to contribute to sustainable projects where we can, and will put in our best effort to make these projects distinctive.”
Contributing to the heritage of Kallang River
Completed in 1954, this Art Deco Style building is a well-known local landmark along Serangoon Road. It was the bottling factory that produced popular soft drinks such as Sinalco, Kickapoo Joy Juice and Royal Crown Cola. It is also 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.
Mr Lim Eng Hwee, Chief Executive Officer of URA said of the conservation, “This building is not only historically significant as a familiar landmark along the Kallang River, it also holds fond memories for Singaporeans for the popular soft drinks it produced from 1950s to 1990s. We are heartened that Selangor Dredging Berhad sees the significance of the building and supports its conservation. The conservation of this heritage-rich building would not have been possible without the support from the owner and recognition of the building’s significance from the community.”
Conserved features of the building
The two-storey L-shaped main building facing Serangoon Road will be conserved. This includes the signage tower, a representative feature that many will be familiar with. Other significant features are the balcony with fair faced brick parapets, the Art Deco timber transom panels and the concrete sun shading ledge that spirals out of a circular window.
URA said retaining heritage while meeting Singapore’s development needs in land-scarce Singapore requires a delicate balance, and that the conserved building will be integrated into a new residential development, allowing the story of the building to be brought to life through adaptive re-use. The conserved building will be kept fenceless along the main road and the river, giving the public a chance to get up close and personal with this heritage gem from Singapore’s past.
URA said in 2017 that to facilitate adaptive re-use of the conserved building and allow vehicular access to the rear of the site, reconstruction of a corner of the building and the internal floors will be required, and that it will work closely with the building owner to guide the reconstruction when the residential development is completed.
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