CapitaLand wins tender to operate Bugis Village and Bugis Street

The award has an initial tenancy term of three years.

CapitaLand has won the tender for integrated management of Bugis Village and Bugis Street, an announcement revealed. The tender was jointly released by Singapore Land Authority (SLA), Singapore Tourism Board (STB) and Urban Redevelopment Authority (URA).

The said area has a proposed retail net lettable area (NLA) of about 195,000 sqft. Commencing on 1 April, the award has an initial tenancy term of three years, which may be renewed for a further two tenancy terms of three years each. Its final tenancy term will not extend beyond 30 March 2030.

Existing tenants at Bugis Village and Bugis Street may continue business operations under CapitaLand for a year at the prevailing rent, until 31 March 2021.

The firm also shared that they plan to turn a section of the revamped Bugis Village and Bugis Street into a hub converging experiential retail, social experimentation and local entrepreneurship.