National Aerated Water Building on the market for $18.9 mil
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.
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 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.
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. While it has three separate strata titled units, the building will be sold collectively as a whole, says Lee.
The first level of the building has two strata-titled units. The front unit is larger at 2,454 sq ft and has been approved for use as a restaurant. According to Lee, the space is ideal for a café or a bistro, especially with the front porch of the building approved for use as an outdoor refreshment area.
Behind the F&B unit is a 689 sq ft shop unit that can be used as a small cafe or a bar, subject to approval from the MCST (management corporation strata title) board and the relevant authorities.
The strata-titled unit on the second level is column free, and designated for use as an office. It has a open floor plan with an area of