CapitaLand’s subsidiary, The Ascott Limited, said it has been awarded the master tenancy of 33 Black and White residential bungalows at Mount Pleasant.
The Ascott had submitted to the Singapore Land Authority the third highest bid of S$435,000 per month. It beat LHN Group’s bid of S$510,009 per month and Atbara Holdings’ bid of S$450,000.
The colonial bungalows are offered for an initial tenancy period of three years with an option to renew for two more three-year terms.
The Ascott, regarded as the world’s largest international serviced residence owner-operator, has been managing these bungalows under The Heritage brand name since 1999.
The century-old bungalows, with their white-washed walls and black-coloured timber frames, are among the most sought-after housing in Singapore’s already hot property market.
Source : Channel NewsAsia – 6 Dec 2010