Ohmyhome Expands Property Management Capabilities with Strategic Acquisition
Ohmyhome Ltd. has recently made a significant stride in the property technology sector by acquiring Simply Sakal Pte. Ltd., a prominent tech-enabled property management firm in Singapore. This acquisition, executed by Ohmyhome (BVI) Limited, a wholly owned subsidiary of Ohmyhome, signifies a transformative step towards establishing a comprehensive “Super App” for property solutions in Southeast Asia. The transaction involved a complete interest transfer valued at approximately S$4.7 million (US$ 3.5 million) through a combination of cash and stock.
Rhonda Wong, CEO and Co-Founder of Ohmyhome, articulated that the acquisition is in line with the company’s expansion strategy and ambition to evolve into a Super App for properties. She emphasized the opportunity to augment revenue per transaction, particularly in the private residential sector, which surpasses that of the HDB market. The acquisition paves the way for Ohmyhome to cater to a broader audience, initially encompassing 5,800 residential units managed by Simply and propels the company towards a profitable trajectory.
The property management industry in Singapore is currently plagued by inefficiencies, largely due to an overreliance on manual processes and paperwork. Ohmyhome’s initiative aims to mitigate these issues by enhancing the experience for managing agents and residents of condominiums and executive condominiums. The company’s innovative homeowner dashboard, powered by Homer AI, is set to provide residents with valuable insights into home value and property trends. Additionally, it will offer a comprehensive suite of services, including brokerage, renovation and maintenance, all accessible through a single interface.
The integration of Simply Sakal is anticipated to contribute positively to Ohmyhome’s revenue growth and earnings in 2024. The company expects to achieve a positive EBITDA by 2025, with the realization of synergies estimated at S$9 million in the first year. These synergies are forecasted to stem from aggressive growth initiatives and enhanced operational efficiencies. Kenneth Chong, CEO of Simply Sakal, shared his enthusiasm for joining the Ohmyhome family and the mutual goal of delivering superior homeowner services, encompassing everything from transactions to maintenance.
As part of the acquisition, Simply is set to be rebranded as Ohmyhome Property Management, pending necessary notifications and approvals. This rebranding initiative is indicative of the merger of both entities’ strengths and their unified commitment to providing comprehensive services to homeowners and home seekers throughout their lifetime.
The acquisition of Simply Sakal by Ohmyhome marks a pivotal development in refining the property management landscape in Singapore. The move is strategically positioned to forge a streamlined and effective platform for homeowners, aligning with the contemporary lifestyle needs of residents. The fusion of Ohmyhome’s technological prowess with Simplys market penetration is expected to yield a powerful service portfolio, revolutionizing the homeowner experience. This strategic move not only amplifies Ohmyhome’s service capabilities but also solidifies its leadership in the property technology arena.
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