| RELATED PARTY BALANCES AND TRANSACTIONS |
Note 16 — Related
party balances and transactions
The Company’s relationships with related
parties who had transactions with the Company are summarized as follows:
| Related Party Name | | Relationship to the Company | | Springview Contracts Pte. Ltd. | | Controlled by executive director and shareholder, Ms. Lee Siew Yian and shareholder, Mr. Heng Kong Chuan | | GGL Enterprises Pte. Ltd. | | Controlled by CEO and shareholder, Mr. Wang Zhuo, and shareholder, Mr. Heng Kong Chuan | | Mr. Heng Kong Chuan | | Shareholder and spouse of executive director, Ms. Lee Siew Yian | | China International Corporate Management | | Controlled by CEO and shareholder, Mr. Wang Zhuo |
a. Accounts receivable
– a related party
| | |
As of December 31, | |
| Related Party Name | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Springview Contracts Pte. Ltd. (1) | |
| 19,901 | | |
| — | | |
| — | |
| Mr. Heng Kong Chuan (2) | |
| — | | |
| 122,842 | | |
| 95,530 | |
| Total | |
| 19,901 | | |
| 122,842 | | |
| 95,530 | |
b. Amount due
to related parties
| | |
As of December 31, | |
| Related Party Name | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Mr. Heng Kong Chuan(2) | |
| (85,350 | ) | |
| — | | |
| — | |
| China International Corporate Management (3) | |
| (969,247 | ) | |
| (1,004,334 | ) | |
| (781,036 | ) |
| Total | |
| (1,054,597 | ) | |
| (1,004,334 | ) | |
| (781,036 | ) |
c. Related party
transactions
| | |
| |
For the Years Ended December 31, | |
| Nature | |
Name | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
| |
S$ | | |
S$ | | |
S$ | | |
$ | |
| Construction service provided to Springview Contracts Pte. Ltd. | |
Springview Contracts Pte. Ltd.(1) | |
| 185,694 | | |
| — | | |
| — | | |
| — | |
| Interior design service subcontracting cost provided by GGL Enterprises Pte. Ltd. | |
GGL Enterprises Pte. Ltd. | |
| 12,778 | | |
| 5,270 | | |
| 15,000 | | |
| 11,665 | |
| (1) | Springview Contracts Pte. Ltd.
engaged the Company to provide construction services for projects under Springview Contracts Pte. Ltd. The total charges are computed
and issued as sales invoices to Springview Contracts Pte. Ltd. by the Company at the end of each fiscal year, which resulted in accounts
receivable and amounts due from Springview Contracts Pte. Ltd. Such receivables are due within 120 days. As of December 31, 2025, no
receivables are considered past due. |
During the years ended December 31, 2024 and 2025,
the Company received payment of S$125,941 and S$19,901 ($15,476) from Springview Contracts Pte. Ltd., respectively.
| (2) | The Company signed an agreement with Mr. Heng Kong Chuan
on August 1, 2024, under which Mr. Heng Kong Chuan would provide the company with an interest-free working capital loan facility not
exceeding S$1,500,000 till July 30, 2026. During the year ended December 31, 2024, the Company received proceeds from Mr. Heng Kong
Chuan S$65,449. |
During the year ended December 31, 2025, the Company
received proceeds from Mr. Heng Kong Chuan S$208,192 ($161,904), which included the interest-free working capital loan borrowed from
Mr. Heng Kong Chuan of S$75,000 ($58,325). During the same period, the Company repaid S$85,350 ($66,374) to Heng Kong Chuan and provide
a short-term loan to Heng Kong Chuan of S$197,842 ($220,229). As of the date of this report, the accounts receivable due from Mr. Heng
Kong Chuan have been fully collected.
| (3) | During the year ended December 31, 2024, in order to replenish the
company’s operating funds and enhance its liquidity, the Company received proceeds of S$384,919 from China International Corporate
Management, which is the Company under the control of Mr. Zhuo Wang. As of December 31, 2024, China International Corporate Management
has provided financial support amounting to S$969,247 ($709,448) for payment of expenses incurred for IPO and accrued interest under this
financial support letter. |
During the year ended December 31, 2025, the Company
accrued S$35,087 ($27,286) as interest expenses related to the fund provided by China International Corporate Management. As of December
31, 2025, China International Corporate Management has provided financial support amounting to S$1,004,334 ($781,036) for payment of expenses
incurred for IPO and accrued interest under this financial support letter.
|