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According to CapitaLand, a section of the revamped Bugis Street and Bugis Village will be converted into an area “converging experiential retail, social experimentation and local entrepreneurship”.
CapitaLand has succeeded in garnering the joint tender by the Urban Redevelopment Authority (URA), Singapore Land Authority (SLA), and Singapore Tourism Board (STB) for the appointment of a single operator for the integrated management of Bugis Street and Bugis Village.
The bid was conducted under the Price-Quality Method, which considered among other criteria the price, the proposal’s quality regarding the enhancement of the Bras Basah.Bugis precinct’s vibrancy and the bidder’s track record and experience.
The award, which begins on 1 April 2020, has an initial three-year tenancy term which may be renewed for two tenancy terms of three years each, and a final tenancy term not going beyond 31 March 2030.
Existing tenants at Bugis Street and Bugis Village may still continue business operations under CapitaLand for one year under the prevailing rate, up until 31 March 2021.
The integrated Bugis Street and Bugis Village has a proposed retail net lettable area (NLA) of around 195,000 sq ft and is right next to Bugis Junction and Bugis+, which are malls under the CapitaLand Group.
The malls are also linked to the Bugis MRT Interchange Station that services the Downtown and East-West Lines.
CapitaLand is planning to put up a new link bridge connecting Bugis+ and Bugis Street that will provide access to the Bugis MRT station.
“Our bid for the integrated management of Bugis Village and Bugis Street is in line with CapitaLand’s precinct strategy to rejuvenate and maximise synergy in areas where we have an existing network and competitive advantage. With the addition of Bugis Village and Bugis Street, CapitaLand’s retail NLA in the Bras Basah.Bugis precinct will notch up to over 800,000 sq ft, enabling us to scale up cross-marketing opportunities,” said Ronald Tay, CEO for CapitaLand Singapore, Malaysia and Indonesia, residential and retail.
“As the upcoming residential and commercial developments in the vicinity progressively reach completion, we foresee that CapitaLand’s expanded retail offerings in Bugis will enjoy an even larger captive catchment.”
CapitaLand is also exploring plans for the integrated Bugis Street and Bugis Village to put up retail concepts complementing existing offerings within the area. Such planned establishments include retail incubator, shared economy spaces such as coworking and coliving areas, and a day-to-night market.
“The integrated Bugis Village and Bugis Street will boost CapitaLand’s retail network in Singapore to 22 shopping malls with a total retail NLA of about 6.6 million sq ft. It presents us with an opportunity to create a landmark with curated retail concepts, integrated heritage and community events as well as placemaking activities that excite shoppers, following the well-received opening of Funan and Jewel Changi Airport,” said Chris Chong, retail managing director for CapitaLand Singapore.
“Set within the historic Bras Basah.Bugis precinct, a creative and cultural hub with museums, art venues and tertiary institutions, the revamped property will cater to the creative community in Bugis and shoppers who are keen to experience the eclectic Bugis oldworld charm adapted for the new era. Our three retail properties in the Bugis cluster – each with its own market positioning and selling points – will combine to create a unique lifestyle destination where locals and tourists can spend an entire day into the evenings.”
According to CapitaLand, a section of the revamped Bugis Street and Bugis Village will be converted into an area “converging experiential retail, social experimentation and local entrepreneurship, offering established brands and new entrants an incubator space to innovate new ways of creating curated brand experiences or pilot new concepts.”
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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