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Revenues
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues

Note 4 - Revenues

 

Effective January 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company’s historic accounting under ASC Topic 605. The Company’s accounting for revenues remains substantially unchanged. There were no cumulative effect adjustments made to the contracts in place prior to January 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company’s unaudited interim condensed consolidated financial statements.

 

Revenues are recognized when control of the promised services and deliverables are transferred to the Company’s Customers in an amount that reflects the consideration to which the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

 

The following table presents the Company’s revenues disaggregated by service lines for the six months ended June 30, 2023 and 2024:

 

             
   For the Six Months Ended June 30, 
   2023   2024   2024 
   SGD   SGD   USD 
Operating revenues               
- Brokerage services               
Independent Third Parties   1,334,438    1,531,193    1,129,865 
Related Parties   11,288    2,100    1,550 
Total revenues   1,345,726    1,533,293    1,131,415 
- Property Management               
Independent Third Parties   -    1,983,553    1,463,661 
Related Parties   -    -    - 
Total revenues   -    1,983,553    1,463,661 
- Emerging and other services               
Independent Third Parties   310,255    948,223    699,692 
Related Parties   511,040    5,020    3,704 
Total revenues   821,295    953,243    703,396 
                
Total operating revenues   2,167,021    4,470,089    3,298,472 

 

The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.