Tender for single operator of Bugis Village, Bugis Street now open
Currently, Bugis Village is managed by CapitaLand Commercial Trust (CCT) and Bugis Street by Bugis Street Development (BSD). Their leases will end on 31 March 2020. Image source: CapitaLand.
The Singapore Land Authority (SLA), Singapore Tourism Board (STB) and Urban Redevelopment Authority (URA) have launched the tender for a single operator to take on the integrated management of Bugis Village and Bugis Street.
The price and quality tender require the single operator “to propose compelling ideas for better programming, offerings and pedestrian flow across the two sites to enhance the current lifestyle, retail and dining experience”, said the agencies in a joint-release.
Currently, Bugis Village is managed by CapitaLand Commercial Trust (CCT) and Bugis Street by Bugis Street Development (BSD). Their leases will end on 31 March 2020.
On the quality of the concept, the agencies revealed that the tenderers will be assessed based on the potential of their proposals to enhance the site’s vibrancy and achieve stronger synergy within the precinct.
A 3+3+3-year tenure will be awarded to the successful tenderer, who will also be required to introduce physical improvement works as well as efficient facility management system to facilitate place making activities and enhance the integrated site.
“The agencies have engaged CCT and BSD, and their tenants at Bugis Village and Bugis Street respectively, to facilitate business continuity under the new operator come 1 April 2020.”
With this, existing tenants can continue their operations at prevailing rent until 31 March 2021.
The tender for the single operator at Bugis Village and Bugis Street closes on 22 October.
Source: 28 Aug 2019, CommercialGuru