CapitaLand has won the joint tender by the Singapore Land Authority (SLA), Singapore Tourism Board (STB), and Urban Redevelopment Authority (URA) to appoint a single operator for the integrated management of Bugis Village and Bugis Street, which has a proposed retail net lettable area (NLA) of about 195,000 square feet (sq ft).

The bid was evaluated using the Price-Quality Method, which took into consideration the quality of the proposal in enhancing the vibrancy of the Bras Basah.Bugis precinct, price and the bidder’s experience and track record, among other criteria.

Commencing on April 1, the award has an initial tenancy term of three years, which may be renewed for a further two tenancy terms of three years each, and a final tenancy term not extending beyond March 30 2030. Existing tenants at Bugis Village and Bugis Street may continue business operations under CapitaLand for a year at the prevailing rent, until March 31 2021.

The integrated Bugis Village and Bugis Street is located next to Bugis+ and opposite Bugis Junction, both established malls under the CapitaLand Group and linked to Bugis MRT Interchange Station serving the East-West and Downtown Lines.

To enhance the connectivity of Bugis Village and Bugis Street, CapitaLand is exploring a new link bridge connecting Bugis Street to Bugis+ to provide visitors with seamless sheltered access from Bugis MRT station.

Leveraging CapitaLand’s retail stronghold in Bugis, plans are being explored for the integrated Bugis Village and Bugis Street to house retail concepts that complement existing offerings in the area. These include day-to-night market, retail incubator and shared economy spaces such as co-living and coworking areas.

Ronald Tay, CEO of CapitaLand Singapore, Malaysia & Indonesia, Residential & Retail, says, “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. 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.”

Chris Chong, managing director, retail, CapitaLand Singapore, says, “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.”

Keith Tan, STB Chief Executive, says, “The Bugis Village and Bugis Street site is a key landmark in the Bras Basah.Bugis precinct. The new ideas and concepts by CapitaLand will enhance the street market concept and make the entire district more vibrant and interesting for locals and tourists. This supports the government’s ongoing efforts to rejuvenate various areas in Singapore.”