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mr funny
08-12-10, 22:07
http://www.businesstimes.com.sg/sub/suite/story/0,4574,416479-1291751940,00.html?

Published December 7, 2010

Ascott wins bid to manage bungalows

It was highest bidder that fully met tender specifications

By UMA SHANKARI


CAPITALAND'S service apartment unit The Ascott Limited has been awarded the master tenancy contract for 33 black and white bungalows at Mount Pleasant.

http://www.businesstimes.com.sg/mnt/media/image/launched/2010-12-07/BT_IMAGES_UMASCOTT7.jpg
In black and white: The colonial bungalows are popular with expatriates

Ascott's bid was only the third highest. But the firm, which offered to pay $435,000 in rent a month, trumped six other bidders as it was the highest bidder that fully met the tender specifications, said the Singapore Land Authority (SLA).

The bids submitted were evaluated by a tender evaluation committee, SLA added. Among other things, SLA requires bidders to have a proven track record in managing black and white bungalows or properties of similar nature for at least five years.

The top bidder for the master tenancy was LHN Group, which offered $510,009 - 17 per cent more than Ascott's bid.

The 33 colonial bungalows were being offered for residential use with an initial tenancy period of three years with an option to renew for two more three-year terms.

Ascott has been managing these 33 bungalows under its 'The Heritage' brand name for the last 12 years. The company will continue to manage the bungalows under the same brand name for corporate leasing, it said.

'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, Ascott's country general manager for 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.'

The bungalows are popular among diplomats and top business executives and enjoy close to full occupancy, Mr Ong added. Most of the bungalows' rental prices are above $25,000 per month.