National Aerated Water building relaunched for sale at $18.9 million

The guide price of $18.9 million works out to $2,883 per sq ft on the total strata area. PHOTO: LIANHE ZAOBAO

SINGAPORE - The National Aerated Water building, a conserved freehold commercial building in Serangoon Road, has been relaunched for sale at $18.9 million, the same guide price as that in its first attempt last year.

The sale of the two-storey art deco-styled former bottling factory, which is owned by Malaysian developer Selangor Dredging Berhad (SDB), will be conducted through an expression of interest exercise that closes on May 11 at 3pm.

This comes after the last marketing exercise ended in September 2021 with the property withdrawn from the market.

Mr Clemence Lee, CBRE's executive director of capital markets in Singapore, said the building was first launched for sale in August 2021.

"While the owner did receive a handful of bids, none was up to expectations. As such, the property was subsequently withdrawn from the market," he said.

The guide price of $18.9 million works out to $2,883 per sq ft on the total strata area. As this is a commercial property, foreigners are eligible to purchase it and there will be no additional buyer's stamp duty or seller's stamp duty payable.

SDB purchased the parcel in Serangoon Road from the National Aerated Water Company for $47 million in December 2016.

A year later, the Urban Redevelopment Authority (URA) announced that the main building that had housed the factory would be partially conserved to preserve part of Kallang's industrial history.

Built in 1954, the factory used to bottle soft drinks such as Sinalco and Kickapoo Joy Juice. After its sale to SDB, it was refurbished and integrated with SDB's 117-unit freehold Jui Residences, which has been fully sold.

Located near the Potong Pasir and Boon Keng MRT stations, the property comprises three units under a single strata-title with a total strata area of about 6,555 sq ft. It is approved for restaurant use on the ground floor, while the second-floor unit has been tenanted to a student care operator.

Mr Lee noted that the URA's latest restrictions on strata subdivision of commercial properties in key areas within the central area will likely limit the supply of new strata commercial assets.

But CBRE expects this to have a positive impact on prices for existing commercial strata properties, he said.

Meanwhile, an industrial building in the Leng Kee Road car showroom belt has been put up for sale via an expression of interest exercise at $19 million, marketing agent JLL said.

Located in Kung Chong Road, the light industrial-cum-office building with a car service workshop on the ground floor sits on a total site area of about 15,996 sq ft. Approved for light and clean industrial use, the property has a gross area of about 15,642 sq ft, with the potential to increase to about 40,000 sq ft with a plot ratio of 2.5.

The 99-year leasehold JTC land has a remaining lease of about 33 years. No land rent is payable, JLL said.

This story has been edited for clarity.

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