PlayFACTO @ Kovan · Private · prepared for Derrick

Three years of real numbers, and why the move changes them

22 October 2026 · JY and Aiting. Every past figure is from our own monthly accounts (Feb 2024 to Sep 2026), excluding GST. The projection uses the same cost base. What we have not been able to confirm is listed at the end.

The short version

We have lost money every year, but the losses are shrinking. We lost about $18.8k a month in 2024, $9.9k in 2025 and $5.3k so far in 2026. Our best month was January 2026: with 53 children we made a $3.3k profit. Today we have 42 children and lose about $4.5k a month.
So far we have put in and spent $706k. That is $333k to set up the centre (including the $120k franchise fee and a $161k fit-out) plus $373k of operating losses.
Rent is the problem. We pay $18.8k a month at 780 Upper Serangoon Road, which is 39% of our running costs today, and the renewal from Feb 2027 is higher. To break even there we need about 52 children all year round.
We have won an HDB shop 355 m away, at $2,500 a month ($0.76 psf, against $8.20 psf today and $8.70-9.00 on the 780 renewal). It is 3,304 sq ft against 2,296, so it holds more children. It is in the same catchment, with the same schools and families. Break-even falls to about 28 children.
Projection, central case: operating profit of about $23.0k a month in 2028, and $1.56m net profit before tax over the 6-year tenancy, against $509k if we stay. In the downside case (we lose more families and a competitor opens nearby) we still make a profit every year from 2029, while staying put in that same situation would lose about -$367k. The projection assumes HDB raises the rent 10% when we renew in 2030. Even if HDB doubled it, the second term's profit would fall by only about $90k.
We need about $300k of longer-term funding, plus a short bridge. Cash is at its lowest, $342k, in Apr 2027. About $80k of that comes back within 1-3 months: the $56k deposit at 780, and about $26k of GST on the fit-out that we reclaim. In the central case the running cash total is back above zero by Jul 2028. It touches zero again when the $104k franchise renewal is paid in Nov 2028, then stays positive. In the downside case the business needs $402k at the low point and is back above zero by Mar 2030.
We are not asking you for money. We would value your view on the best way to raise it (section 6).

1. Where we are moving
2. Actual P&L, 2024 to 2026
3. Pros and cons of moving
4. Projection: 3 + 3 years
5. The cash it takes
6. Raising $300k: where we'd value your view
7. Assumptions and caveats
Appendix: our 2024 fit-out, line by line
Appendix: our rates against your targets

1. Where we are moving

From 780 Upper Serangoon Road #01-02 (USR Junction, 2,296 sq ft) to 154 Hougang Street 11 #01-196 (a ground-floor HDB shop, 3,304 sq ft). The new centre is a 5-minute walk (355 m) away, in the same Kovan catchment and on the same bus corridor.

New centre (Blk 154)Current centre (780 USR)Primary schoolsMRT

Distances in the pop-ups are straight-line from the new centre. Map © OpenStreetMap contributors.

	780 USR (now)	Blk 154 Hougang St 11
Size	2,296 sq ft	3,304 sq ft
Rent	$18.8k now ($8.20 psf); $19.9k-20.7k on the renewal from Feb 2027 ($8.70-9.00 psf)	$2,500 ($0.76 psf), plus S&CC of about $700
Children it can hold	96	about 130
Break-even	about 52 children	about 28 children
Landlord	Private owner; the renewal lets them end the lease on 3 months' notice if the building is sold	HDB; 3-year tenancy plus a 3-year option
Getting there	Main road bus stops at the door	Bus 113 at the door; the main stops are a 6-7 minute walk (8-10 for a child)

2. Actual P&L, Feb 2024 to Sep 2026

We opened in February 2024. Each January a new intake of Primary 1 children joins, then numbers drift down over the year. Each year the starting point has been higher: 18 at the 2024 peak, 39 in January 2025 and 53 in January 2026.

Monthly figures are lumpy: enrichment trainers are paid termly and materials fees are billed twice a year. The annual totals are the reliable view.

The P&L by year

S$, ex GST	Before opening Nov 2023-Jan 2024	2024 Feb-Dec, 11 mths	2025 12 mths	2026 Jan-Sep, 9 mths	Now, per month Jul-Sep 2026
Average children in student care
Children (average)	-	12	33	45	42
Revenue
School fees (student care)	-	94,816	272,589	272,609	29,061
Flexi care	-	5,450	17,500	9,816	1,605
Enrichment classes	-	9,634	52,907	48,100	5,737
Holiday programme	-	14,831	15,886	13,863	734
Transport charged to parents	-	6,000	16,650	30,450	3,600
Materials, uniform, insurance	-	5,548	15,660	18,270	2,330
Registration fees	-	1,940	3,840	3,150	53
Other	-	-	548	92	31
Total revenue	-	138,219	395,580	396,350	43,152
Operating costs
Rent (780 USR)	-	187,760	225,312	168,984	18,776
Utilities and aircon	-	2,495	10,872	15,833	639
Staff salaries	-	66,277	140,051	106,748	11,792
CPF and SDL	-	20,888	16,322	44,757	5,060
Royalties and fees to HQ	-	11,845	34,116	33,354	3,597
Enrichment trainers	-	9,239	16,313	11,362	1,898
Food	-	11,075	22,787	21,600	2,339
School bus	-	5,400	20,735	19,780	1,600
Materials and consumables	-	5,787	6,694	3,977	777
Excursions and holiday costs	-	3,219	5,763	4,128	528
Marketing	-	7,749	4,800	4,865	67
Insurance	-	397	-	790	-
Accounting and professional	-	-	2,520	2,520	-
Repairs and maintenance	-	2,630	733	605	-
IT, phone and admin	-	9,682	6,082	4,266	480
Other	-	731	1,547	228	76
Total operating costs	-	345,174	514,648	443,797	47,628
Operating profit (EBITDA)	-	(206,956)	(119,068)	(47,447)	(4,476)
Below the line
Depreciation of the fit-out	-	(32,293)	(35,229)	(26,422)	(2,936)
Set-up costs expensed	(139,809)	(11,653)	(11,240)	-	-
Net loss before tax	(139,809)	(250,902)	(165,537)	(73,869)	(7,412)

Revenue is booked in the month the service was delivered. Deposits are excluded because they are refundable. Costs exclude GST, and exclude $86k of staff costs that belong to our sister business, Little Forest (details in section 7). Depreciation follows our accountant: the fit-out over 5 years and equipment over 3 years, $35k a year in total. "Set-up costs expensed" means items the accountant charged straight to the P&L rather than depreciating: in 2023 the $120k franchise fee and the $18.8k goodwill paid to the landlord, later the enrichment starter kits.

$706k

Cash put in and spent so far: $333k set-up plus $373k operating losses

$630k

Accounting loss to Sep 2026, after depreciation (part of the fit-out is still on the books)

$4.5k/mth

Loss per month now (Jul-Sep 2026, 42 children)

~52

Children needed to break even at 780 USR

What the history tells us

The model works when the centre is full enough. Each child brings in about $825 a month in fees and enrichment, and staff are hired one per 9 children. The January intake months are our best: Jan 2025 (39 children) made $1.5k, helped by materials fees billed in January, and Jan 2026 (53 children) made $3.3k. As children leave over the year, we slip back into loss.
Fixed costs are what hurt, and rent is the biggest of them. Rent of $18.8k a month is a fixed cost we pay before the first child arrives, and it is about 45% of our running costs since opening. At 780 USR it takes about 52 children just to cover costs.
Enrolment grows each year, but slowly. January intakes were about 29-30 children in 2025 and 2026. A quarter to a third of the children leave over each year, so the centre fills only gradually. For 2027, 20 families had paid deposits by early October, against 6 at the same point last year.

3. Pros and cons of moving

For

Rent drops from about $20.7k to $3.9k a month including S&CC, about $200k a year less.
Break-even falls from about 52 children to about 28. We are at 42 today, so the centre would make money from the day it opens.
About 1,000 sq ft more space, room for about 130 children instead of 96.
Same catchment, 355 m away: same schools, same families and the same bus corridor. Most families can follow us.
A more secure landlord. HDB will not sell the building from under us. The 780 renewal lets the landlord end it on 3 months' notice if the building is sold.

Against

About $345k of one-off costs ($290k-400k): the fit-out of a bare shop ($230k-340k), reinstating 780 ($45k), the HQ relocation fee ($15k), the HDB deposit and stamp duty.
Some families will leave. We assume 1 in 10 in the central case and 1 in 5 in the downside.
Timing risk. The 780 lease ends 31 Jan 2027. If HDB handover, approvals or the fit-out run late, we need an extension, and holding over without one costs double rent.
Only bus 113 stops at the door. Children on other routes walk 8-10 minutes from the main stops, so we would escort them.
We leave a fit-out behind. About $50k of 780's fit-out is still on the books and is written off, and we pay to reinstate the unit.
We still need to settle things with the 780 landlord. They expect us to renew. We need a short extension to cover the fit-out, then a clean exit.
HQ must approve the relocation under our franchise agreement. HDB's tenancy rules apply, and a shareholder must personally guarantee the HDB tenancy.

4. Projection: 3 + 3 years at Hougang

The HDB tenancy runs from January 2027 for 3 years, with an option for 3 more, so the projection runs from 2027 to 2032. The children move in on 1 April 2027 after a 3-month fit-out. Until then we stay at 780 on a short extension. The cost base is today's actual costs, and prices rise 3% a year.

Central case: projected P&L

S$, ex GST	2027 Term 1	2028 Term 1	2029 Term 1	2030 Term 2	2031 Term 2	2032 Term 2
Children (average)	60	74	87	96	103	108
Staff (headcount)	7	9	10	11	12	13
Revenue
School fees	594,751	758,378	909,533	1,037,332	1,147,135	1,243,141
Enrichment, holiday, transport, other	103,404	106,506	109,701	112,992	116,382	119,874
Total revenue	698,155	864,884	1,019,234	1,150,325	1,263,517	1,363,015
Operating costs
Staff incl. CPF	(256,500)	(328,776)	(398,156)	(453,372)	(504,115)	(546,018)
Royalties to HQ (9.3%)	(64,928)	(80,434)	(94,789)	(106,980)	(117,507)	(126,760)
Food	(43,255)	(53,548)	(62,351)	(69,040)	(74,125)	(77,989)
Other running costs	(77,160)	(79,475)	(81,859)	(84,315)	(86,844)	(89,450)
Rent, 780 USR (until move)	(58,675)	-	-	-	-	-
Rent, Hougang	(25,000)	(30,000)	(30,000)	(33,000)	(33,000)	(33,000)
S&CC, aircon servicing, extra power	(16,250)	(16,250)	(16,250)	(16,250)	(16,250)	(16,250)
Operating profit (EBITDA)	156,387	276,401	335,830	387,367	431,676	473,548
Below the line
Reinstate 780 USR	(45,000)	-	-	-	-	-
HQ relocation fee, stamp duty	(15,360)	-	-	-	-	-
Franchise renewal (Nov 2028)	-	(104,000)	-	-	-	-
Depreciation, Hougang fit-out	(57,000)	(57,000)	(57,000)	(57,000)	(57,000)	-
Depreciation and write-off, 780 fit-out	(56,361)	-	-	-	-	-
Net profit before tax	(17,334)	115,401	278,830	330,367	374,676	473,548
Cash
Fit-out (capex)	(285,000)	-	-	-	-	-
Deposits (paid) / returned	53,828	-	-	-	-	-
Cash generated	(135,145)	172,401	335,830	387,367	431,676	473,548

Central case assumptions:

34 new children join each January.
76% of children stay over a year. That was 64% in 2025; 2026 is tracking at about 73% for a full year (79% kept over the first 9 months).
1 in 10 families leave at the move.
Capacity is capped at 130.
HDB rent is $2,500 for the first 3 years, and we assume +10% on renewal in 2030 (the same increase we assume for 780). If HDB doubled it instead, the 2030-2032 profit would fall by about $90k.
The fit-out is $285k, depreciated over 5 years as our accountant does now.
The franchise renewal of $104k (Nov 2028) is charged when paid, as the first franchise fee was.

Figures are before tax. Past losses carried forward should shelter most of the profit from tax for the first year or two.

Three cases, and staying put

Net profit before tax	2027	2028	2029	2030	2031	2032	6 years
Move, upside	12,577	144,586	301,765	349,185	398,528	481,808	1,688,449
Move, central case	(17,334)	115,401	278,830	330,367	374,676	473,548	1,555,488
Move, downside	(50,151)	(12,970)	79,035	65,492	60,459	127,126	268,991
Stay at 780 USR	357	(33,742)	133,439	123,993	135,599	149,680	509,325
Stay, and a competitor opens nearby (compare with the downside)	(1,625)	(125,935)	(21,938)	(60,619)	(74,563)	(82,804)	(367,484)
Average children
Move, upside	65	79	90	99	105	110
Move, central case	60	74	87	96	103	108
Move, downside	54	47	44	42	41	40
Stay at 780 USR (capacity 96)	65	79	85	85	85	85
Stay, competitor nearby	63	55	49	46	43	42

How the cases differ:

Upside: no families lost at the move, and a $230k fit-out.
Downside:
- 1 in 5 families lost at the move.
- A competitor opens at the nearby community club from mid-2027, halving our intake and lowering retention to 64%.
- A $340k fit-out.
Stay: renew 780 USR for 3 years at the agreed rent, and assume +10% on the next renewal. It assumes the same growth as the central case, so from 2029 it fills to its 96-child cap each January.

Why the move still wins when things go wrong

In the downside case the centre averages only 40-50 children, about where we are today. At 780 that headcount loses money. At Hougang it still makes $60k-79k a year before tax from 2029. If we stayed at 780 in the same situation, we would lose about -$367k over the 6 years (last row of the table). The rent saving does the work, not the growth assumptions.

5. The cash it takes

Where the $342k goes (to Apr 2027, central case)	S$
Fit-out of the bare HDB shop (range $230k-340k)	285,000
Reinstating 780 USR on exit	45,000
HQ relocation fee, stamp duty, HDB deposit	17,860
Operating losses Oct-Dec 2026 (still at 780)	27,395
Less: operating profit Jan-Apr 2027 (the January intake joins)	(33,381)
Lowest point, April 2027	341,874
Less: 780 USR deposit returned, May 2027	(56,328)
Less: GST on the fit-out, reclaimed in the next GST return	(about 26,000)
Longer-term funding needed (the rest is a 1-3 month bridge)	about 260,000-300,000

Jul 2028

Running cash back above zero, before interest (central case)

Mar 2030

Back above zero in the downside case, from a $402k low point

$285k

Peak need in the upside case (cheaper fit-out)

From 2028 the centre should generate about $170k-340k of cash a year in the central case, after the franchise renewal. So a $300k loan could be repaid within about 2 years in the central case and about 3 in the downside. Interest is not in these figures: at about 7%, $300k costs about $21k a year while it is outstanding.

6. Raising $300k: where we'd value your view

We cannot fund this ourselves alone right now, and we want to do it in a way the business can carry if things go slower than planned. These are the routes we have looked at:

Route	What we think
Bank SME loan (Enterprise Financing Scheme, government risk-share)	The cheapest money, but our history is losses, so banks may want personal guarantees or collateral, or decline. The projection is our main argument.
Spread the fit-out cost	Ask the contractor for staged payments over 12-24 months, or lease the aircon and equipment. This could cut the upfront need by $50k-100k.
HQ support	Ask PlayFACTO HQ for the relocation to restart our franchise term, which avoids the $104k renewal in 2028, plus a waived relocation fee and a royalty holiday. Not agreed yet.
Private loan at a fixed return	From people who know us, repaid over 2-3 years from the cash flow above. We prefer this to selling shares.
An equity partner in the outlet	Possible, but giving up a share of a centre that should make about $300k a year from 2029 is expensive money.
Little Forest repays PlayFACTO	Our sister business owes PlayFACTO about $86k for shared staff. Settling it would cover about a third of the need. A bank reading our filed accounts will also see these costs inside PlayFACTO's losses, so we would explain them.
Phase the fit-out	Build what we need to open (classrooms, toilets, pantry, aircon) and finish the rest from cash flow. This brings the cost closer to the $230k low case.

Questions for you

Which of these routes would you use in our position, and in what mix?
Is there a route we have missed?
If we borrow, how would you structure it: term, repayment schedule, and whether repayments should be tied to enrolment?
Do our numbers convince you? What would a lender or partner push back on first?
Is $285k reasonable for fitting out a 3,304 sq ft bare HDB shop, and where would you cut?
Looking at the unit rates on our 2024 fit-out (appendix), was HQ's contractor charging fair market rates? It is the same contractor HQ would expect us to use at Hougang.

7. Assumptions and caveats

How the actual P&L was built

It comes from our monthly accounting workbooks for Feb 2024 to Sep 2026. Each month's figures tie back to that month's totals in the workbook. October 2026 is not closed yet.
Little Forest costs are excluded. Little Forest is our sister business, and some of its staff were paid through PlayFACTO. Those staff (shadow/TDA and two Little Forest teachers) and their costs, $86k since Aug 2025, are taken out because they belong to Little Forest. Little Forest has not yet reimbursed PlayFACTO for them.
Pass-through items (a software project billed on to a client, GST payments, refunds of deposits) are excluded.
Agreement with the filed accounts:
- The fit-out ($161,028) and franchise fee ($120,000) match our unaudited statutory accounts exactly.
- FY2025 costs are within 3% of the statutory accounts. Their revenue is higher because the accountant booked refundable deposits as sales.

Items still to check (each changes the totals only slightly)

Could make the past losses look larger than they were:
- The landlord's aircon charge repeats at exactly the same amount from Dec 2025 to Jun 2026, which may be a copy-forward. If so, 2026 utilities are overstated by about $8-9k.
- One electricity adjustment of $2.2k may be booked twice.
A $5.3k government grant is in the statutory accounts but not in the workbooks. Including it would make 2025 look $5.3k better.
Could make the past losses look smaller than they were: February 2024 rent ($18.8k) may be missing from the workbooks.
Two royalty bills are estimated.

Projection assumptions

Revenue and costs:
- Revenue is $825 per child per month in school fees and enrichment, plus about $8.6k a month of other income (flexi care, holiday programme, transport, materials), growing 3% a year from 2028.
- The staff base is six, plus one hire for every 9 children above that. Royalty is 9.3% of revenue and food is $60 per child.
- This cost base is within about $800 a month of what we actually spent in Jul-Sep 2026, and slightly on the cautious side.
Hougang tenancy:
- Rent is $2,500 a month, assumed +10% if we take up the 3-year option in 2030; HDB sets the renewal rent.
- The first 2 months are rent-free for fitting out. This is to be confirmed with HDB.
- S&CC is $704 a month, and we allow $650 a month for aircon servicing and extra power.
Fit-out ($285k, range $230k-340k): our 780 fit-out in 2024 cost $181k all in. Leaving out the furniture, equipment and IT we will move over, it was $139k-152k ($61-66 psf). Scaled to 3,304 sq ft that is about $183k-219k at 2024 prices. The Hougang shop is a bare shell, so it also needs a full aircon system (780's was the landlord's), toilets (780 used the building's) and possibly sprinklers and a power upgrade. We will get an itemised quote.
Timeline: the tenancy starts in January 2027 and the children move on 1 April 2027. Until then we stay at 780 on an extension at the renewal rent; we will ask the landlord for this.
Not included: interest on whatever we borrow, and tax.
Depreciation timing: the history table starts depreciation in Feb 2024. Our accountant charged a full first year from Nov 2023, which would add about $9k to the pre-opening loss.

Appendix: our 2024 fit-out at 780 USR, line by line

This is what we paid to fit out 780 USR in January-February 2024, taken line by line from the signed bill of quantities and the subcontractor invoices. The main contractor was VM Education, PlayFACTO HQ's own company (it also bills our franchise fees). Its BOQ "PFS_KOVAN v2.0" (26 Jan 2024) came to $127,758 and matches the final invoice to the cent. Sprinklers, aircon ducting, CCTV and door access were separate contractors. All figures are S$ excluding GST, at 2024 prices.

Reading the table

Rate is the contractor's unit price. Where they quoted a lump sum for something with a known size, Per unit / m2 gives the rate that works out to, so it can be compared with a reference rate.
Hougang column:
- Redo ($139,071) has to be built again.
- Move ($11,860) comes with us.
- Maybe ($13,072) could move, depending on condition and the new layout.
We also bought about $17k of TVs, laptops, Wi-Fi and loose furniture ourselves. All of it moves with us, so it is not listed here.
780 came with the landlord's aircon units, glass shopfront, sprinkler mains and the building's toilets. Hougang is a bare shell, so its fit-out will include items that do not appear here at all.

Download this table as a spreadsheet (CSV)

Item	Qty	Unit	Rate	Amount	Per unit / m2	Hougang
VM Education: preliminaries				2,250
1.1 Site marking and general protection	1	sum		400		Redo
1.2 General cleaning after renovation	1	sum		600		Redo
1.3 Daily rubbish clearance	1	sum		500		Redo
1.4 Project insurance	1	sum		750		Redo
VM Education: professional fees				7,600
2.1 QP submission fees (architectural)	1	sum		3,800		Redo
2.2 M&E submission incl. processing fees / RI	1	sum		3,600		Redo
2.4 LEW single-line drawing	1	sum		200		Redo
VM Education: walls				21,155
4.1 75mm gypsum partition, 12.5mm board both sides, metal studs @600, 40kg rockwool, to 3.0m	201	sqm	$55	11,055		Redo
4.2 Extra for curved partition at Makers' Space	1	sum		1,000		Redo
4.3 Timber trellis feature wall in laminate, incl. curve and light cove (est. 29 m2)	1	sum		7,250	$250/m2	Redo
4.4 Plywood reinforcement in partition for TVs	6	no	$100	600		Redo
4.5 Plywood backing for green wall, 3.85m x 3.0m	1	no		1,250	$108/m2	Redo
VM Education: ceiling				9,560
5.1 Plaster ceiling, 3.0m high	224	sqm	$40	8,960		Redo
5.2 Access panel 450 x 450mm	6	no	$100	600		Redo
VM Education: doors				15,200
6.1 Main glass door: remove handles, seal holes	1	no		200		Redo
6.2b Cut existing timber door bottoms for vinyl	2	no	$350	700		Redo
6.3 D01 swing timber door, laminate, with ironmongery, 1.0 x 2.1m (no closer)	5	no	$900	4,500		Redo
6.4a D02 folding timber doors, laminate, 3.7 x 2.4m	1	no		6,100	$687/m2	Redo
6.4b Metal reinforcement above folding door, 3.7m	1	no		1,500	$405/m	Redo
6.5a D03 12mm tempered frameless glass swing door, 1.0 x 2.1m	1	no		1,000	$476/m2	Redo
6.5b 12mm tempered fixed glass panel, exposed aluminium frame, 2.025 x 2.1m	1	sum		1,200	$282/m2	Redo
VM Education: painting				6,500
7.1 White matt emulsion, new partitions and existing internal walls	621	sqm		4,500	$7.25/sqm	Redo
7.2 White matt emulsion, plaster ceiling	224	sqm		2,000	$8.93/sqm	Redo
VM Education: carpentry				28,760
8.1 JN01 reception low open shoe cabinet, laminate, 1.5m + 1.8m x 1.51m H x 0.35m D	1	no		3,925	$1,189/m run	Maybe
8.2 JN02 two-tier serving counter, laminate, solid-surface ledge, 1.4m x 1.1m H	1	no		2,675	$1,911/m run	Maybe
8.3a JN03 pantry base cabinet, 1.65 + 2.4m x 0.86m H, solid-surface top, window box-up	1	no		4,900	$1,210/m run	Redo
8.3b JN03 pantry wall-hung cabinet 3.95m x 1.44m H, incl. bulkhead	1	no		2,650	$671/m run	Redo
8.3c Glass backsplash + ply backing, 2.4 x 0.7m	1	no		900	$536/m2	Redo
8.4 JN04 feature open bookshelf, laminate, 2.1 x 2.1m x 0.35m D	1	no		4,200	$952/m2	Maybe
8.5a JN05 full-height storage cabinet 0.9m x 3.0m H, incl. bulkhead	1	no		1,100	$1,222/m run	Redo
8.5c JN06 wash-basin counter, solid surface, metal support, mirror, base cabinet, 1.2m	1	no		4,650	$3,875/m run	Redo
8.6 JN07 laminate wall panel for signage, 1.5 x 3.0m	1	no		1,200	$267/m2	Redo
8.8 Whiteboard 1.8 x 1.2m	7	no	$280	1,960		Move
8.9 Notice board, laminate, 2.4 x 1.2m	1	no	$600	600		Move
VM Education: loose furniture				6,360
9.1 Rectangular table, lower primary height, 1.2 x 0.6m	8	no	$165	1,320		Move
9.2 Primary school table, 1.2 x 0.6m	16	no	$165	2,640		Move
9.3 Classroom chair, full PP, 340mm seat	32	no	$25	800		Move
9.4 Classroom chair, full PP, 390mm seat	64	no	$25	1,600		Move
VM Education: electrical				15,562
10.1 Temporary power and lighting for works	1	no	$350	350		Redo
10.2 Earthing / bonding to sprinkler pipe, water pipe, trunking	1	no	$200	200		Redo
10.4 Lighting point	70	no	$55	3,850		Redo
10.5 Emergency-light point	20	no	$55	1,100		Redo
10.6 Single 13A socket	8	no	$70	560		Redo
10.7 Twin 13A socket	16	no	$90	1,440		Redo
10.8 Data point	3	no	$120	360		Redo
10.9 20A DP isolator for aircon	4	no	$180	720		Redo
10.10 Emergency light fitting (UFO type)	15	no	$90	1,350		Redo
10.11 Exit light with battery pack	5	no	$110	550		Redo
10.12 Emergency strobe light and wiring	1	no	$150	150		Redo
10.13 163A 3-phase distribution board	1	no	$850	850		Redo
10.14 Sub-main cables, building isolator to unit DB	8	no	$55	400	priced at $400, not 8 x $55	Redo
10.15 Install light fixtures (labour)	68	no	$20	1,360		Redo
10.16 Install CCTV cameras (labour)	5	no	$30	150		Redo
10.17a LED round panel light 12W	46	no	$22	1,012		Maybe
10.17b Corridor light (IKEA)	8	no	$45	360		Maybe
10.17c Light track 1.5m	4	no	$20	80		Maybe
10.17d Track light fitting with bulb	12	no	$15	180		Maybe
10.17e Twin spot light at entrance	2	no	$45	90		Maybe
10.17f LED strip light and driver in light cove	1	sum		450		Redo
VM Education: plumbing				4,960
11.1 Exposed supply/discharge pipes to pantry sink, 2 basins, 2 showers; install sink and taps	1	sum		2,500		Redo
11.2 Plumbing fittings (sink, taps, bottle trap)	1	sum		960		Redo
11.3 Plumbing drawing and QP plumber endorsement	1	sum		1,500		Redo
VM Education: flooring				8,750
12.1 5mm click vinyl flooring	268.8	sqm		8,500	$31.62/sqm	Redo
12.2 Artificial lawn carpet	15.6	sqm		250	$16.03/sqm	Maybe
VM Education: others				1,101
13.1 10mm acrylic cut-out logo, 891 x 723mm	1	no		900		Move
13.2 Branding stickers	1	sum		1		Redo
13.6 3kg dry-powder fire extinguisher	2	no	$100	200		Move
Design (VM Education)				8,000
VM231221 Renovation management and design fee	1	sum		8,000	$3.48/sq ft	Redo
Sprinklers (Chao Seng)				9,540
24-6155 Royal flush sprinkler heads incl. range piping	33	no	$180	5,940		Redo
24-6155 Branch main pipe	1	sum		2,500		Redo
24-6155 Tee-off from existing main	1	sum		700		Redo
24-6155 Drain-down fees	1	sum		400		Redo
Aircon ducting (DF Engineering)				15,730
2402001 Supply air ducting (to landlord's existing units)	6	lot	$1,125	6,750		Redo
2402001 4-way supply diffuser	24	no	$250	6,000		Redo
2402001 Return air grille	11	no	$80	880		Redo
2402001 Return air filter	6	no	$100	600		Redo
2402001 Drawings and airflow report	1	sum		600		Redo
2402001 PE endorsement	1	sum		900		Redo
CCTV (72 Pte Ltd)				1,700
INV 1988 Dahua 4-port PoE NVR with 4TB HDD	1	no	$480	480		Move
INV 1988 4MP IR dome camera	4	no	$180	720		Move
INV 1988 Cat6 cabling and installation	1	sum		500		Redo
Door access (Wise Group)				1,275
V38770 Hikvision face/card/fingerprint reader	1	no	$580	580		Move
V38770 EM locks for frameless glass door, release button, break-glass, PSU and battery	1	set		300		Maybe
V38770 Installation (double door)	1	sum		280		Redo
V38770 Wired door bell incl. cabling	1	no		55		Redo
V38770 Remote release	2	no	$30	60		Move
Total, 2024 fit-out (ex GST)				164,003	$71.43/sq ft

How our 2024 rates compare with your target rates

We matched each line we could against your own target rates in the Unit Cost Reference. The market band is shown alongside for context. Lines with no matching rate are left out: vinyl flooring, sprinklers, aircon ducting, preliminaries and QP fees. Two things to bear in mind:

Our quote was January 2024; your targets are 2025-26 pricing.
Carpentry rates are per foot run.

What it shows

Against your targets, our 2024 bill was about $27-29k higher, roughly 17% of the $164k. Most of that is custom carpentry ($20.2k) and the design fee ($3-5k). Electrical, partitions, paint and glass add only about $4k between them.
Five carpentry items account for $15k on their own:
- the wash-basin counter
- the pantry base cabinet
- the feature bookshelf
- the shoe cabinet
- the serving counter
They cost $20,350, against about $5.3k at your target rates.
Several lines already met or beat your targets: lighting points, light fittings, the distribution board, sub-mains and LEW. The last three look too cheap to be the full scope.
Your reference itself says many of these targets are opening offers below trade cost. Examples: $150/ft for full-height cabinets (direct carpenters start at $210), $65 sockets, and $12-16/ft2 laminate. Against your realistic landing rates, the gap would be smaller: wardrobes about $280-330/ft, sockets about $120.
For Hougang: tender the carpentry and the design fee separately, and start the base trades from your target rates.

Item	Our 2024 rate	Derrick's target	Market band	Against target
Electrical
Lighting point	$55 /pt	$55	$70-180	Same
Emergency-light point	$55 /pt	$55 (lighting point)	$70-180	Same
Twin 13A socket	$90	$65	$100-150	38% above (+$400)
Data point	$120	$75	$80-160	60% above (+$135)
20A isolator for aircon	$180	$150	$100-500	20% above (+$120)
Light fitting supply + install	$42-65	$65	$55-105	At or below
Distribution board	$850 (163A)	$1,500 (100A with DPM and ELR)	$2,500-4,500	Below: check scope
Sub-main cable	about $50/m	about $107/m (accepted as quoted)	$100-115/m	Below
LEW drawing / testing	$200 (testing TBC)	$1,150 (accepted as quoted)	$400-1,000	Below, testing not included
Walls and ceiling
Gypsum partition with rockwool	$55/m2 (3.0m, no steel)	$50/m2 (4.5m, steel absorbed)	about $100-107/m2	10% above (+$1,005)
Plywood backing	$108/m2	$100/m2	$100-300/m2	8% above (+$90)
Plaster ceiling	$40/m2	no target set	$65-97/m2; $40-48 direct	-
Emulsion paint	$7.25-8.93/m2	$6.75/m2	$21.50-43/m2	7-32% above (+$800)
Doors and glass
12mm frameless glass swing door	$1,000	$850 (glass door)	about $1,180-2,100	18% above (+$150)
Fixed glass panel, aluminium frame	$26/ft2	$11-14/ft2 (frameless, no frame)	$15-25 frameless; $35-55 framed	About double (+$630)
Glass backsplash with ply backing	about $50/ft2	$11-14/ft2 (tempered glass)	$15-25/ft2	About 4x (+$670)
Swing timber door, single leaf	$900 each	$1,200 is for a double-leaf door	$400-1,200 residential	Not comparable
Carpentry
Laminate wall panel for signage	$25/ft2	$12-16/ft2	$15-40/ft2	About 75% above (+$520)
Timber trellis feature wall, curved, light cove	$23/ft2	$12-16/ft2	$15-40/ft2	About 65% above (+$2,880)
Pantry wall-hung cabinet	about $204/ft	$120/ft (half-height)	$130-220/ft	70% above (+$1,100)
Full-height storage cabinet	about $373/ft	$150/ft (full height)	$210-400/ft	About 2.5x (+$660)
Pantry base cabinet with solid-surface top	about $369/ft	$120/ft (half-height)	$130-220/ft	About 3x (+$3,310)
Reception shoe cabinet, open, 1.5m high	about $362/ft	$150/ft (shoe cabinet)	$130-380/ft	About 2.4x (+$2,300)
Two-tier serving counter	about $583/ft	$120/ft (console / half-height)	$110-280/ft	About 5x (+$2,120)
Feature open bookshelf, 2.1 x 2.1m	about $610/ft	$150/ft (full height)	$210-400/ft	About 4x (+$3,170)
Wash-basin counter with solid surface and mirror	about $1,180/ft	$120/ft (half-height) + mirror	$130-220/ft + mirror	About 9x (+$4,180)
Fees
Renovation management and design fee	$8,000	$3,000-5,000 (supervision)	-	+$3,000-5,000

Prepared by JY with our CFO model. The workings and data are available on request.