Business
Ohmyhome Announces Growth Updates Following Successful Acquisition of Property Management Business Simply Sakal
Units under management reached 6,746 units, with an Annual Recurring Revenue (ARR) of over $2.7 million (SGD 3.6 million), and additional SaaS revenue
About this update from Ohmyhome Limited
[{"type":"text","content":"Units under management reached 6,746 units, with an Annual Recurring Revenue (ARR) of over $2.7 million (SGD 3.6 million), and additional SaaS revenue streams. Singapore, Feb. 08, 2024 (GLOBE NEWSWIRE) -- 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 ...