Serangoon Road
The famous & the earliest roads of Singapore which passes through Singapore’s ‘Little India’. The commercial, religious & cultural centre for the foreign Indian community as well as the locals. Basically it’s a hub for various activities of the Indian community and becomes full of life during festivals & of course at weekends too. Being one of the oldest roads, it has got many renowned buildings and shops. One of which is the ‘National Aerated Water Company’s’ building.
The company moved its office on this road in 1954. It made good business here than its previous location at Hamilton road. Being part of the booming industries of Singapore, it made popular aerated drinks like Sinalco, Royal crown cola & Kickapoo Joy Juice at that time. After a decade the company opened its new plant in Kuala Lumpur, Malaysia and started doing good business there.
But nothing remains the same forever. During 1990s the company had to wind up because of various reasons like rising fuel prices which led to higher production costs, health authorities advising people to cut down intake of aerated drinks and some legal issues in the family.
The ‘Urban Redevelopment Authority’ (URA), Singapore last year in December said they are looking at conserving the National Aerated Water Company’s building. As it is one of the last remaining structures from Singapore’s industrial past.
Now, this disused industrial site at 1177 Serangoon road which is a two levels building fully styled by the olden times is being sold to Malaysia’s developer Selangor Dredging for $47 million.
Talking over the plans for the site Selangor Dredging mentioned that the site was brought over through Tiara Land., a unit of Champsworth Development.
Revealing more on this regard, Savills Singapore the property’s exclusive marketing agent said that since news about selling of this site began there has been a healthy interest by local & foreign developers as it’s at a prime location and isjust sitting next to the Kallang River. The location of the site also fall under ‘prime district 12’ and is near to commercial & recreational amenities. So turning it to a residential building would be very fruitful. Moreover it has got a land area of 31,705 sq ft and gross floor area of 88,775 sq ft, it is estimated that it could build up to about 117 apartments unit averaging 70 sq m (about 754 sq ft).
He also shared that the buyers, besides paying $47 million will be paying an additional amount of $22.66 million to change the industrial site for residential use. So, the total outlay translates to $785 PSF per plot ratio.
According to Savill, this property has got a strategic location as it is just a stone throw away from Potong Pasir MRT station which runs on the North East Line. So he is very optimistic about the development of the project.
Despite being in the ideal location, this future residential development could still be affected by the adverse changes in prices of Singapore Condos in property market and aggressive competitions from both local and overseas developers as well.
Refer to this article link for more info
http://www.straitstimes.com/business/property/national-aerated-water-sells-serangoon-road-site-to-malaysia-developer
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