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With a total strata area of about 6,555 sq ft, the 2-storey freehold building was gazetted by the URA for conservation and has a guide price of $18.9 million or about $2,883 per sq ft (psf). Photo: CBRE
The National Aerated Water Building, a conserved two-storey commercial building at 1177 Serangoon Road, has been put up for sale via expression of interest (EOI) with a guide price of $18.9 million or about $2,883 per sq ft (psf) on the strata area, revealed marketing agent CBRE.
With a total strata area of about 6,555 sq ft, the freehold building enjoys prominent road frontage of around 30 m as well as unobstructed access to park connectors along the Kallang River.
It was built in 1954 and housed the National Aerated Water Co. Ltd, which manufactured popular soft drinks Kickapoo, Royal Crown Cola and Sinalco.
In 2017, the main building was gazetted by the URA for conservation and has since been revamped and integrated with JUI Residences, a 117-unit development of Selangor Dredging Berhad that has been fully sold.
The building’s ground floor is currently approved for “Restaurant” use, while the second floor is approved for “Office” use.
Since it is a commercial property, foreigners can purchase it with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
Clemence Lee, Senior Director, Capital Markets, Singapore at CBRE, said the property offers investors or owner-occupiers an excellent opportunity to acquire one of Singapore’s most iconic landmarks.
“Subject to approval from the relevant authorities, the successful buyer can explore multiple value-add opportunities to unlock the 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,” he said.
“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.”
The National Aerated Water Building is 650 m to Potong Pasir MRT station, while the Boon Keng MRT station is 850 m away. Moreover, it is easily accessible to other parts of Singapore via the Pan-Island Expressway and Central Expressway.
The EOI exercise for the building closes on 21 September.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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