_Bugis: Singapore’s trending live-work-play destination
Known for its rich cultural heritage and named after a seafaring community in the 19th Century, the Bugis enclave has undergone a massive transformation since its halcyon days as an adult entertainment party zone, dotted with historic landmarks and buildings.
The focus of two Urban Redevelopment Authority (URA) Master Plan initiatives in 2008 and again in 2019, the area has blossomed with the rejuvenation of the Ophir-Rochor corridor, the sprouting of hip malls Bugis Junction and Bugis+ retailing quirky, edgy fashion finds, and the proliferation of heritage properties that house trendy entertainment and F&B outlets — just to name a few milestones of its evolution.
Today, the neighbourhood bordered by Victoria Street, North Bridge Road, Middle Road and Rochor Road showcases a blend of iconic and new landmarks reflecting a bustling and vibrant ecosystem in the heart of the city. Heritage haunts and conservation shophouses share prime real estate space with trendy private residences and reputable schools.
Rising above these are shiny skyscrapers including renowned German architect Ole Scheeren's DUO Tower with 20 floors of Grade-A office space, mixed-used development Guoco Midtown, and stalwarts Bugis Junction Towers and Parkview Square.
Meanwhile, residential options range from DUO Residences and Concourse Skyline to the newly completed The M condominium. Still to come: private residential properties Midtown Modern and Midtown Bay.
The Bugis area’s strategic location is the epicentre of the East-West Line and the Downtown Line, putting it less than five minutes from the Central Business District by car. It is also well connected to three major expressways: East Coast Parkway (ECP), Marine Coastal Expressway (MCE) and Central Expressway (CTE), and the upcoming North-South Expressway (NSE).
Popularity, and the desire for elusive four-bedder apartments
This has contributed to its immense appeal to young DINKS (double income, no kids), yuppies (young urban professionals), expatriates looking to move into the area as homebuyers or tenants.
Over the years, there has been a fresh injection of families and expatriates settling there. And demand has been diverse in terms of apartment sizes.
Between 2019 and 2023, the total non-landed transaction volume grew from 15 units in 2019 (pre-pandemic) to 413 units in 2020 in the darkest days of the COVID-19 outbreak. Numbers peaked in 2021 when 491 non-landed homes were transacted (Exhibit 1).
The surge in transaction volume in these two years was largely attributed to the launch of The M in 2020, and Midtown Modern in 2021. Both projects chalked up remarkable sales on their respective launch weekends; The M achieved 70% sales (more than 360 out of 522 units transacted) while Midtown Modern recorded 61% sales (340 units out of 558 units sold).
At these properties, smaller bedder homes were snatched up by a significant proportion of buyers who are local single and couples, or those intending to lease their investment properties to singles and couples.
And while smaller units generally sell better because of quantum prices, the demand for bigger accommodation options has not abated, especially post-pandemic. Those looking for four-bedroom apartments have found good options in the area. For instance, Midtown Modern’s 55 four-bedroom apartments which measure up to1,808 sq ft, have been lauded for its clever design to filter in natural light from various parts of the apartment, smart spacious layouts and even sizeable yard and kitchen areas for functional family living.
In the secondary market, units in Duo Residences exchanged hands regularly in the past five years as this integrated mixed-use development remains one of the newest in town.
Non-landed home prices in the Bugis subzone grew at an average of 5.9% per annum from S$2,158 per square foot (psf) in 2019 to S$2,879 psf in 2023 (Exhibit 2). Prices rose 13.5% between 2019 and 2020, driven by the launched of The M. From 2020 to 2021, the launch of Midtown Modern in 2021 contributed to a gain of 11.3% in prices.
Since then, the average non-landed home price held steady at S$2,841 psf in 2024 year-to-date (YTD).
Exhibit 1: Number of non-landed home transacted in Bugis Subzone between 2021 to 2024 YTD*
Source: URA Realis, Knight Frank
*Transaction data downloaded as at 6 June 2024
Exhibit 2: Average unit price in Bugis Subzone between 2021 to 2024 YTD
Source: URA Realis, Knight Frank
*Transaction data downloaded as at 6 June 2024
In tandem with price, there has also been steady interest for rental homes in the Bugis subzone area, as the average rent moved up from S$5.15 psf pm (per square foot per month) in 2019 to S$7.26 psf pm in 2023, and S$7.44 psf pm in 2024 YTD.
Exhibit 3: Non-Landed Rental Volume and Rates in Bugis Subzone between 2021 to 2024 YTD*
Source: URA Realis, Knight Frank
*Transaction data downloaded as at 6 June 2024
Tailored for modern, professional living
People and companies want to be in Bugis; it has a little bit of everything, and something for everyone. Unrivalled connectivity, a perennial buzz from the entertainment hotspots, diverse culture and vibrancy, there’s so much going for it.
And the chapters of its unique gentrification story are likely to be written long into the future.
In the near term, the redevelopment of Shaw Towers has an expected completion date of 2025 with around 435,000 sf of Grade A office space, a five-storey retail podium and community-centric facilities. All eyes are also on the iconic Golden Mile Complex, which will be conserved and restored as a mixed-use integrated development comprising office, retail and residential space.
And in the longer term, the government has plans to develop the entire Kampong Bugis precinct to feature retail, serviced apartments, offices, community uses such as eldercare or senior activity centre as well as sports and recreational facilities.
Love the buzz of city life this area offers? Look no further.
In the market for a four-bedder in a prime location such as Bugis? Reach out to our Prime Residential Sales and Leasing colleagues, or click here.
Related Reading
Modernizing Facilities: The Seah Im Food Centre Story
Rare prime Beach Road ground floor F&B unit for Sale by Tender
Innovative Design Meets Market Strategy: Mapfre RE’s Workspace Transformation in Singapore