The tendering entity can be a local/ foreign individual or a local/ foreign company. Upon award of the property, if the successful bidder is a local / foreign individual, he/ she is required to seek approval to incorporate a new company/ use an existing company in Singapore with limited liability to execute the Tenancy Agreement. If approval is granted, it is subject to additional requirements, including the need to hold a controlling interest of more than 50% of the shares in the said new/ existing company throughout the term of the tenancy.