Strong Y-o-Y growth across brokerage, renovation, and property management segments.
Expected improvement in gross margin primarily for brokerage due to improved brand awareness and HomerAI launch.
Singapore, July 05, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH , “ Ohmyhome ”, “the Company ”), a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce our latest updates on key business metrics for the first half of 2024 (H1 2024) compared to the previous year.
Key Highlights
Brokerage segment: Saw a 53% Y-o-Y growth in Gross Transaction Value (GTV), benefiting from tech investments into HomerAI, connecting over 21,500 homes with a total value of over $14 billion. Brokerage GTV as a percentage of total property value transacted increased from 37% to 60% in H1 2024 compared to H1 2023.
Renovation segment: Witnessed a 194% increase with more office and residential projects, bolstering market share through creative and cost-effective solutions.
Property Management segment: New revenue contributions from this recently acquired segment, which also showed promising growth through successful IoT solutions. Projects under management increased by 29% Y-o-Y compared to H1 2023.
Anticipated Revenue: Anticipated revenue for H1 2024 is expected to be over 110% growth compared to H1 2023.
New Product Features to Help Homesellers
To continuously improve user experience and service customers at scale, the Company has launched new integrated features surrounding its latest product, HomerAI, to further empower homeowners. A new simplified listing creation process for verified homeowners via the HomerAI mobile app is now available, allowing homeowners to create a verified listing in just four simple steps.
Figure 1. HomeAI Verified Listing Creation Process
Generative AI Integration for Homebuyers to Re-imaging Their Dream Homes
To further improve the experience for our buyers, we have also integrated generative AI into all of our listings on the Ohmyhome platform. This allows home browsers to imagine their future dream home in different styles, such as modern, Scandinavian, traditional, and more. This greatly shortens the time for customers looking to make home purchase and renovation decisions. Simply click on ‘Try It Now’ on any Ohmyhome listing to reimagine what your next home will look like, and our professional renovation team will be able to deliver.
Figure 2. Generative AI Redesign for our Listing Pages
Rhonda Wong, CEO and Co-founder of Ohmyhome, commented, “We are excited about our achievements in 2024 so far, and the new features we have launched to improve user experience and help them sell their homes and purchase their next dream homes. We remain committed to our vision of becoming the most trusted and comprehensive property solution for everyone through the use of technology, and we have more exciting features to be launched in the future.”
A replay of the Webinar and the presentation materials can be accessed at https://ir.ohmyhome.com/financials-filings/ after 10:30 am Eastern Time/10:30 pm Singapore Time on the same day.
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of June 30, 2024, and has approximately 7,560 units under management as of June 30, 2024. 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.
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. 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 reader is cautioned not to rely on these forward-looking statements. 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.
