Go-Ahead will receive about S$497.7 million from LTA over the five-year contract period. Australia's Busways Group submitted the highest bid of S$631.4 million, while local operators SBS Transit and SMRT Buses submitted bids of S$545.9 million and S$598.1 million respectively.
"In this current tender, we have actually seen the bidders learning, in terms of lessons from the last, and actually come forward with much higher quality bids, which gives us something to think about," said Mr Chew Men Leong, chief executive of LTA.
"At the same time, actually having the quality and pricing of the bids quite closely matched. So in the end, we are able to select the best package in terms of quality and price, which finally went to Go-Ahead," he added.
Go-Ahead currently runs 24 per cent of London's bus routes with about 2,300 buses and about 7,000 staff.
In a news release on Monday, LTA said Go-Ahead was awarded the contract as it had the highest score for both quality and price.
"Go-Ahead demonstrated a thorough understanding of ground conditions and strong ability in developing strategies to manage specific scenarios for each bus route," LTA said. "At the same time, Go-Ahead also emphasised in its proposal a stringent bus maintenance regime for bus assets and infrastructure."
Mr David Brown, group chief executive of the Go-Ahead Group, added: "There are a lot of similarities between operating buses in London which, like Singapore, is a growing, vibrant city. So we're looking forward to bringing a lot of the practices ... in London into Singapore, and creating a fusion between what's really good in Singapore and what's really good in London.