Bugis enters new chapter in ongoing rejuvenation
Bugis enters new chapter in ongoing rejuvenation. When the Strata Titles Board issued the selling order for the deal on August 3, the well-known mixed-use development on Beach Road fronting the Kallang Basin that is up for collective sale for $700 million took a step closer to completion earlier this month.
Following the legal conclusion of the en bloc sale to a partnership comprised of Far East Organization, Perennial Holdings, and Sino Land in November of this year, the building will be handed over to the developers in May of next year. As part of the historic acquisition, the group will transform the conserved building into a brand-new mixed-use integrated development with office, retail, and residential components. The new Shaw Tower is being built at the other end of Beach Road; work on it started in May. The original structure, which was constructed in the 1970s, will be replaced by a mixed-use construction that has 435,000 square feet of Grade A office space and a five-story podium with 15,700 square feet of retail space. By 2025, the Lendlease-managed project is anticipated to be finished.
According to Alice Tan, head of consultant at Knight Frank, the two projects are the most recent stepping stones in the extensive, ongoing renovation of the Bugis neighborhood. Tan discussed the continuous revitalization taking place in Bugis and how it signals a positive future for projects in the area at the EdgeProp Singapore NDP Master Plan Master Class webinar on August 13.
In Bugis, urban redevelopment has taken on a variety of shapes over the years. In an effort to improve the area, which at the time was known for its entertainment and nightlife, the Singaporean government started redeveloping Bugis Street in the 1980s. By tearing down shophouses on Bugis Street, the foundation for the mixed-use complex Bugis Junction, which opened on September 8, 1995, was established. Across the street lies Bugis Street, a pedestrian-only shopping district. In the meantime, work at the nearby integrated development Suntec City got underway in 1997.
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