Thu, Jan 16, 2020 - 8:43 AM REAL estate behemoth CapitaLand has won the tender to manage Bugis Village and Bugis Street for up to a decade, it s
Thu, Jan 16, 2020 – 8:43 AM
REAL estate behemoth CapitaLand has won the tender to manage Bugis Village and Bugis Street for up to a decade, it said in a bourse filing on Thursday.
It will take over the integrated management of the area on April 1, 2020 with an initial three-year tenancy, which may be renewed for two further terms of three years each and a final tenancy term not extending beyond March 30, 2030.
Existing tenants at both sites can continue their business operations under CapitaLand for a year at the prevailing rent, until March 31, 2021.
Currently, CapitaLand Commercial Trust manages Bugis Village, while Bugis Street Development manages Bugis Street. Their leases will expire on March 31, 2020.
The joint tender was issued by the Singapore Land Authority, Singapore Tourism Board (STB) and Urban Redevelopment Authority to appoint a single operator for both locations.
The bid was evaluated using the price-quality method, which considers criteria such as the quality of the proposal in enhancing the vibrancy of the Bras Basah/Bugis precinct, the…