Bugis enters new chapter in ongoing rejuvenation

by Albert02

Bugis enters new chapter in ongoing rejuvenation

Bugis enters new chapter in ongoing rejuvenation. The famous mixed-use development on Beach Road fronting the Kallang Basin, which is up for collective sale for $700 million, moved one step closer to completion earlier this month when the Strata Titles Board approved the selling order for the deal on Aug. 3.

The building will be turned over to the developers in May of next year following the legal completion of the en bloc sale to a partnership made up of Far East Organization, Perennial Holdings, and Sino Land in November of this year. The group will adapt the conserved building into a new mixed-use integrated development with office, retail, and residential components as part of the historic acquisition. At the other end of Beach Road, the new Shaw Tower is being constructed; construction on it began in May. The 1970s-era old structure will be replaced by a mixed-use building with 435,000 square feet of Grade A office space and a five-story podium with 15,700 square feet of retail space. The Lendlease-managed project is expected to be completed by 2025.

The two projects are the most recent steps in the enormous, ongoing restoration of the Bugis district, according to Alice Tan, head of consultant at Knight Frank. At the EdgeProp Singapore NDP Master Plan Master Class webinar, Tan spoke about the ongoing revitalization occurring in Bugis and how it portends a promising future for projects in the area.

Urban renewal has taken many different forms in Bugis over the years. The Singaporean government began redeveloping Bugis Street in the 1980s in an effort to clean up the neighborhood, which at the time was regarded as a notorious entertainment and nightlife district. The groundwork for the mixed-use complex Bugis Junction, which opened on September 8, 1995, was laid by demolishing shophouses on Bugis Street. A pedestrian-only shopping street, Bugis Street is located across the street. In the meanwhile, the neighbouring integrated development Suntec City began operations in 1997.

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Source: 
https://www.edgeprop.sg/property-news/changing-face-east-coast


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