CapitaLand wins rights to manage Bugis Village for up to nine years
Singapore property developer CapitaLand is set to refurbish the Bugis Village and Bugis Street retail spaces after winning a tender to manage both from the Singapore Land Authority.
CapitaLand told selected media outlets that it will build on the existing character and heritage of the sites when it takes over the management on April 1 for an initial three-year term. It has the right of renewal for two further three-year terms. The developer – which manages the nearby Bugis Junction shopping centre – says it will use the existing shophouses and a spiral staircase to appeal to Instagrammers.
Described as Singapore’s largest street market, the Bugis spaces have suffered from declining footfalls in recent years.
According to the New Paper, CapitaLand plans to install colourful container boxes, creating open spaces which could serve as retail incubators for established brands and local start-ups, and a Singaporean and South-east Asian hawker food hub.
“CapitaLand will be introducing a modern interpretation of Bugis’ street-market concept, while celebrating the iconic architecture of the shophouses,” a CapitaLand spokesperson told New Paper.
“Together with curated retail concepts and public spaces, we want to create a vibrant experience for both locals and tourists… We will also explore hosting marquee events such as programmes, exhibitions and events celebrating heritage, youth, and the arts community which are unique and distinct to the Bugis precinct.”