SINGAPORE – Singapore-based real estate group Capitaland has won the tender to manage both Bugis Village and Bugis Street, indicating plans to revamp the iconic shopping enclave in central Singapore with new retail concepts and collaborative spaces.
Our three retail properties in the Bugis cluster will combine to create a unique lifestyle destination where locals and tourists can spend an entire day into the evenings,– Chris Chong, managing director, retail of CapitaLand Singapore
Plans are being explored for the integrated Bugis Village and Bugis Street to house retail concepts, including a day-to-night market, retail incubator and shared economy spaces such as co-living and co-working areas.
Capitaland has been awarded an initial tenancy term of three years starting April 1, 2020, which may be renewed for a further two tenancy terms of three years each.
Similar to the group’s recent projects Funan and Jewel Changi Airport in Singapore, the revamp of the Bugis property will introduce “curated retail concepts, integrated heritage and community events as well as placemaking activities that excite shoppers”, the company said in a release.
One section of the revamped Bugis Village and Bugis Street will provide a space for experiential retail concepts and local entrepreneurs, who can create a curated brand experience or pilot new concepts.
“Our three retail properties in the Bugis cluster will combine to create a unique lifestyle destination where locals and tourists can spend an entire day into the evenings,” said Chris Chong, managing director, retail of CapitaLand Singapore.
A trendy remake of street markets
There are plans to make the retail experience more trendy by creating a modern street market of colourful container boxes with open displays. Visitors can expect to see Instagrammable bites, quirky gifts and trending fashion accessories.
There are plans for an area for food lovers and tourists to sample the best of Singaporean and Southeast Asian hawker street food under one roof. Diners will also be able to try making some dishes onsite or purchase Singaporean food packs such as laksa paste or bak kut teh soup.
Singapore Tourism Board’s chief executive Keith Tan commented that the revamp will bring an “enhanced street market concept and make the entire district more vibrant and interesting for locals and tourists”.