How to price a commercial renovation
Build a defensible budget: itemised vs lump-sum, prelims breakdown, contingency 10–20%, scope-change risk and payment milestones. Sourced 2026 SG ranges throughout.
Two ways to price a commercial renovation
Almost every Singapore commercial fit-out is priced one of two ways: lump-sum (fixed price against a defined scope) or itemised (priced bill-of-quantities you can negotiate line-by-line). Lump-sum is faster and lower-stress; itemised is cheaper and more transparent. For projects above S$300k, itemised almost always wins on total cost.
Either way, your final number is construction + prelims + professional fees + permits + contingency. Skip any of these and you’ll be paying it later out of pocket.
Pricing methods
Per square foot
Most common for office and retail with a defined finish spec.
- Best for: Standard fit-outs
- Range: S$50–300/sqft
- Accuracy: ±15–20%
Fixed lump-sum
Detailed scope locked into a single price.
- Best for: Complex projects
- Quote time: 2–3 weeks
- Accuracy: ±5–10%
Cost-plus
Materials at cost + contractor management fee.
- Best for: High-end projects
- Margin: 15–25%
- Transparency: Full visibility
Sourced 2026 bands by space type
Use these as your top-line price anchor before scoping in detail.
Full fit-out with meeting rooms, M&E, finishes. Tier-A office.
CBD A-grade — bespoke carpentry, integrated AV, premium finishes.
Mid-tier mall (Jurong Point, NEX, JEM).
Mid-tier restaurant — proper exhaust, grease trap, decent FOH.
MOH HCSA-ready partitions, infection-control finishes, sterilisation room.
Light industrial fit-out — office mezzanine, production zones.
Typical budget breakdown
For a S$300k commercial fit-out, here’s where the money typically goes. Adjust contingency upward (15–20%) for older buildings, change-of-use projects, or anything involving structural alterations.
| Category | % of total | On S$300k |
|---|---|---|
| Construction (labour + materials) | 60–70% | S$180–210k |
| Prelims (site setup, supervision, hoarding) | 8–12% | S$24–36k |
| Professional fees (ID, QP, M&E) | 10–15% | S$30–45k |
| Permits & submissions | 2–5% | S$6–15k |
| Contingency | 10–20% | S$30–60k |
Permit fees: BCA S$200–2,000/flat Source: BCA Builder's Licence framework , SCDF FSC S$1,500–8,000/flat Source: SCDF Fire Safety Certification , URA change-of-use S$535–1,605/flat Source: URA Change of Use guidelines .
What sits inside prelims
Preliminaries (“prelims”) are the non-construction site costs your contractor has to carry. They’re often quoted as a single line at 8–12% of construction, but for a competitive bid you should see them itemised:
- Site management & supervision. Project manager, foreman, safety officer. Continuous through the build.
- Hoarding, protection & signage. Mandated by most landlords/MCSTs. CBD A-grade buildings require full-height hoarding with landlord-spec graphics.
- Insurances. Workmen’s comp, public liability, contractor all-risk. Common landlord requirement.
- Utilities & consumables. Temporary power, water, waste disposal, daily cleaning.
- Permits coordination. Submitting plans, attending inspections, closing out. Source: BCA Builder's Licence framework
Scope-change risk — where budgets blow out
Mid-project scope changes are the single biggest reason commercial fit-outs go over budget. A “simple” carpentry upgrade signed off in week 4 often costs 30–40% more than the equivalent decision made in week 0 — because the contractor is mid-flight on adjacent works, and variation orders carry administrative loading.
Three rules to reduce variation cost:
- • Freeze finishes before site-start. Once carpenters mobilise, every change cascades.
- • Itemise variation rates in the contract. Pre-agreed per-line rates avoid surprise markups.
- • Carry contingency in a separate line, not blended into construction. You spend it consciously, not by accident.
Payment milestones
Typical Singapore commercial fit-out payment structure. Avoid contractors who ask for more than 30% upfront — that’s an industry-standard ceiling.
| Stage | Payment | Trigger |
|---|---|---|
| Deposit on contract signing | 20–30% | Contract executed, mobilisation |
| After demolition / strip-out | 15–20% | Existing fit-out removed, site cleared |
| After partition / M&E rough-in | 20–25% | Frame and services in place |
| After finishes & carpentry | 20–25% | FOH & finishes complete |
| On handover | 5–10% | Inspection passed, defects rectified |
| Retention (12-month DLP) | 5% | Release after defect liability period |
Related guides
Compare three priced quotes.
Two-minute brief. Up to three BCA-registered contractors. Itemised or lump-sum — your call.
Get matched with contractors