This is not to be confused with Bugis junction which just a regular shopping mall. So when you get off the MRT you will generally end up in Bugis junction but make your way to street level and find the intersection of Victoria Street and "New Bugis street" aka "Albert Street". Google maps make the name disappear when you zoom in too close. You will then see the entrance to New Bugis street.
This is a good place to shop for cheap clothes and other bric-a-brac. Its also a good place to buy $5 watches which look very good but probably won't go the mile. You can even select the blank face / watch and they will fit the clock mechanism on the spot.