Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”), a one-stop-shop property
technology platform providing end-to-end property solutions and
services to buy, sell, rent, and renovate homes, as well as
property management services for condominiums in Singapore, is
pleased to announce significant developments and milestones
following its acquisition of Simply Sakal Pte. Ltd.
Simply Sakal Pte. Ltd. is now renamed as
Ohmyhome Property Management further enhancing the one-stop brand
of Ohmyhome.
This strategic transaction has not only expanded
Ohmyhome's service offerings to include a non-cyclical recurring
revenue stream, but also established a strong position in the
condominium property management sector in Singapore with close to
6,800 units under management and an ARR reaching $2.7 million (SGD
3.6 million) on December 31, 2023. The condominiums are across
various districts in Singapore with sizes ranging from 10 to over
700 units per project.
The property management business has
historically grown its business at 57% CAGR (Compound Annual Growth
Rate), achieving revenue of $2.0 million (SGD 2.6 million) in 2022
with 4,648 units under management.
Integration and Potential Synergies
Ohmyhome’s suite of services are now fully
integrated and accessible in the Simple App, the property
management mobile application used by the homeowners and residents
of the units managed by Ohmyhome Property Management. In addition
to the property management revenue stream to Ohmyhome as a combined
entity, there are also significant potential synergies arising from
the customers residing in the condominium units.
Simple App with Ohmyhome’s Services
Integrated
Historically, Ohmyhome has primarily been active
in the Housing Development Board (HDB) resale market where home
values are around $0.3 to 0.8 million, with average revenue per
transaction at around $4,000 at 1% commission. The integration
allows Ohmyhome to quickly enter into the private condominium
market where home values in Singapore typically range from $1 to
2.5 million and a revenue per transaction that would be 2 to 5
times higher ranging from $10,000 to $25,000. This would result in
a lower cost of customer acquisition as compared to other agents as
Ohmyhome is now seen in the daily life of the residents of the
enclosed condominium communities. Renovation contracts for private
condominium renovation ($40,000 - 80,000) are also typically higher
than HDB flats ($20,000 - 50,000).
Kenneth Chong, CEO of Ohmyhome Property
Management (Left) with Race Wong and Rhonda Wong, Co-founders of
Ohmyhome (Right)
Following the acquisition, Ohmyhome Property
Management has relocated its office to merge with Ohmyhome's
headquarters at 11 Lor 3 Toa Payoh, Jackson Square Block B #04-17,
Proptech Innovation Centre, Singapore 319579. This creates cost
synergies through the consolidation of office spaces as well as
back-office functions, which streamlines operations and enhances
efficiency across both companies.
New Revenue Streams and IoT Integrations
To redefine property management, Ohmyhome
Property Management has also introduced Vehicle Management Systems
for condominiums as a new Software-as-a-Service (SaaS) revenue
source in Q4 2023 through the integration of Internet of Things
(IoT) solutions. We believe this new service, focusing on resident
and visitor vehicle management on a subscription model, represents
a leap forward in enhancing property security and efficiency.
Illustration of Ohmyhome Property Management’s
Vehicle Management System
The IoT solutions streamline vehicle entry and
exit processes, allowing for pre-registered vehicles to enter and
exit the estates freely without the need for human security
details. We believe this offers a modern, secure, and seamless
experience for both residents and property managers, and leads to
savings for the Management Corporation Strata Titles (MCSTs), and
further solidifies Ohmyhome Property Management as an industry
leader in bringing technology to property management, where the
industry is mostly paper-based and manpower intensive. As a
technology player in the property management industry, Ohmyhome
Property Management has the capability to integrate additional IoT
solutions and services beyond its current functionalities to
provide more convenience to the residents.
A Property SuperApp and Expected Growth
Ahead
This post-acquisition phase marks the beginning
of a new era for Ohmyhome, further propelling the growth of the
combined company to become a property SuperApp. With a combined
portfolio of services and customers, we believe the Company is set
to deliver value and service to its clients, and additional growth
curves from the ever expanding customer base of homeowners and home
seekers.
Rhonda Wong, CEO and Co-founder of Ohmyhome,
stated “We are extremely excited about the opportunities ahead of
us with the successful integration of our new property management
arm headed by a talented and dedicated team of seasoned
professionals.”
About Ohmyhome
Ohmyhome is a one-stop-shop property technology
platform in Singapore that provides end-to-end property solutions
and services to buy, sell, rent, and renovate homes, as well as
property management services for condominiums in Singapore. Since
its launch in 2016, Ohmyhome has transacted over 14,500 properties,
and has over 5,800 units under management as of June 30, 2023. It
is also the highest-rated property transaction platform, with more
than 8,000 genuine reviews, and an average rating of 4.9 out of 5
stars.
Ohmyhome is dedicated to bringing speed, ease,
and reliability to property-related services and to becoming the
most trusted and comprehensive property solution for everyone.
For more information, visit:
https://ohmyhome.com/en-sg/
Safe Harbor Statement
This press release contains forward-looking
statements. In addition, from time to time, we or our
representatives may make forward-looking statements orally or in
writing. We base these forward-looking statements on our
expectations and projections about future events, which we derive
from the information currently available to us. Such
forward-looking statements relate to future events or our future
performance, including: our financial performance and projections;
our growth in revenue and earnings; and our business prospects and
opportunities. You can identify forward-looking statements by those
that are not historical in nature, particularly those that use
terminology such as “may,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,”
“predicts,” “potential,” or “hopes” or the negative of these or
similar terms. In evaluating these forward-looking statements, you
should consider various factors, including: our ability to change
the direction of the Company; our ability to keep pace with new
technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our
actual results to differ materially from any forward-looking
statement.
Forward-looking statements are only predictions.
The forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives, may not occur, and actual events and results may
differ materially and are subject to risks, uncertainties, and
assumptions about us. We are not obligated to publicly update or
revise any forward-looking statement, whether as a result of
uncertainties and assumptions, the forward-looking events discussed
in this press release and other statements made from time to time
by us or our representatives might not occur.
For more informationEmail: ir@ohmyhome.com
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