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Strong annual growth in the brokerage, renovation and property management segments.
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Expected improvement in gross margin mainly for brokerage due to improved brand awareness and launch of HomerAI.
Singapore, July 05, 2024 (GLOBE NEWSWIRE) — Ohmyhome Ltd. (NASDAQ: OMH ” Ohmyhome “, “THE Business ), a one-stop real estate technology platform providing end-to-end real estate solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce our latest updates on key business indicators for the first half of 2024 (H1 2024) compared to the previous year.
Highlights
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Brokerage segment: Gross transaction value (GTV) increased 53% year-over-year, driven by technology investments in HomerAI that connected over 21,500 homes with a total value of over $14 billion. Brokerage transaction GTV as a percentage of total real estate value increased from 37% to 60% in H1 2024 compared to H1 2023.
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Renovation segment: We experienced a 194% increase with more office and residential projects, strengthening our market share through creative and cost-effective solutions.
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Property management sector: Further revenue contributions from this recently acquired segment, which also showed promising growth thanks to successful IoT solutions. Projects under management increased by 29% year-on-year compared to the first half of 2023.
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Expected turnover: Revenue anticipated for the first half of 2024 is expected to grow by more than 110% compared to the first half of 2023.
New Product Features to Help Home Sellers
To continuously improve user experience and customer service at scale, the company has launched new integrated features around 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 to Empower Homebuyers to Reimagine Their Dream Home
To further enhance our buyers’ experience, we have also integrated generative AI into all our listings on the Ohmyhome platform. This allows users to imagine their future dream home in different styles, such as modern, Scandinavian, traditional, etc. This significantly reduces the time it takes for customers looking to make home purchase and renovation decisions. Simply click “Try Now” on any Ohmyhome listing to reimagine what your next home will look like, and our professional renovation team will be able to make it happen.
Figure 2. Generative AI redesign for our listing pages
Rhonda Wong, CEO and Co-Founder of Ohmyhome, commented: “We are excited about our accomplishments in 2024 so far and the new features we have launched to enhance the user experience and help them sell their home and buy their next dream home. We remain committed to our vision of becoming the most trusted and comprehensive real estate solution for everyone through the use of technology, and we have more exciting features to launch in the future.”
A replay of the webinar and presentation materials are available at: https://ir.ohmyhome.com/financial-declarations/ after 10:30am EST/10:30pm Singapore time on the same day.
About Ohmyhome
Ohmyhome is a one-stop real estate technology platform that provides end-to-end real estate solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has completed over 15,500 property transactions as of 30 June 2024 and manages approximately 7,560 units as of 30 June 2024. It is also the highest-rated real estate transaction platform, with over 8,000 authentic reviews and an average rating of 4.9 out of 5 stars.
Ohmyhome is committed to bringing speed, ease and reliability to real estate services and becoming the most reliable and comprehensive real estate solution for everyone.
For more information visit: https://ohmyhome.com/fr-sg/
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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 infer from 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,” “expect,” “anticipate,” “intend,” “estimate,” “believe,” “plan,” “projected,” “predict,” “potential” or “hope” or the negative of these terms or similar terminology. In evaluating these forward-looking statements, you should consider a variety of factors, including: our ability to change the Company’s direction; our ability to keep pace with new technologies and changing market needs; and the competitive environment in which our business operates. These and other factors may cause actual results to differ materially from any forward-looking statements.
Forward-looking statements are predictions only. 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 undertake no obligation to publicly update or revise any forward-looking statements, whether or not due to 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 may not occur.
For more information
Investor Relations: ir@ohmyhome.com
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