The Ascott Limited, a wholly-owned subsidiary of CapitaLand, has been awarded the master tenancy for 33 black and white bungalows at Mount Pleasant.
Though Ascott’s bid was the third highest, the company offered to pay a monthly rent of $435,000, beating six other bidders and making it the highest bidder to fully meet the tender specifications, said the Singapore Land Authority (SLA), which managed the tender process.
LHN Group submitted the highest bid of $510,009, which was 17 percent more than the Ascott’s bid.
Ascott, the world’s largest international serviced residence owner-operator, has been managing these bungalows under “The Heritage” brand since 1999. It said it will continue to manage the bungalows under the same brand for corporate leasing.
“The Heritage brand was formed in 1999 when we were first awarded the tenancy for the 33 black and white colonial bungalows at Mount Pleasant,” said Ong Kee Leng, country general manager for Ascott Singapore.
“The Heritage provides residents the luxury of living in a private and exclusive residential area with expansive grounds and spacious residences amid lush greenery. It is ideal for those relocating to Singapore or are on extended overseas assignment here for two years and above.”