Both women were injured and were sent conscious to hospital.
The police were alerted to the case at 1.30pm on the same day and the man was arrested within three hours, said the Singapore Police Force.
He will be charged in court on Wednesday with the offence of attempted armed robbery with hurt. The offence carries a jail term of between five and 20 years, and at least 12 strokes of the cane.
“The police will spare no effort to arrest those who commit violent crimes and will take firm action against them in accordance with the law,” said SPF.
Members of the public are advised to remain calm if they are caught in a similar situation, take note of the perpetrator’s physical appearance and call the police as soon as possible.