Ohmyhome acquires property management company Simply Sakal for S$4.7 million

PROPERTY technology platform Ohmyhome has acquired property management company Simply Sakal as part of its super app ambitions and to expand its user base. 

The S$4.7 million acquisition is expected to be accretive to Ohmyhome’s revenue growth in 2024 and help it achieve positive earnings before interest, taxes, depreciation and amortisation (Ebitda) in 2025, Ohmyhome said on Wednesday (Oct 11). 

Rhonda Wong, chief executive officer and co-founder of the Nasdaq-listed company, said the acquisition was in line with Ohmyhome’s growth strategy of expanding its service offerings. 

Ohmyhome’s platform already allows users to buy, sell, rent, and renovate their homes.

It also connects users with conveyancing lawyers, professional house movers and cleaning services.

The acquisition of Simply Sakal opens doors to a “wider user base in Singapore’s private residential segment starting with 5,800 residential units”, Wong said.

“Revenue per transaction in the private market is significantly larger than in the HDB market, and therefore is accretive to revenue and adds to the company’s path to profitability.”

For the first six months of 2023, Ohmyhome reported a net loss of S$2.5 million, widening from S$0.9 million in H1 2022. 

Its results were impacted by property cooling measures and additional requirements implemented for Housing and Development Board (HDB) transactions, Ohmyhome said earlier this month. 

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Some 6,000 residents across 20 condominium projects managed by Simply Sakal will now have access to Ohmyhome’s Homer AI service through the Simply app.

This will enable them to obtain a valuation of their homes as well as data on surrounding properties, and keep up with the latest property trends, Ohmyhome said. 

Kenneth Chong, chief executive officer of Simply Sakal, said: “By combining our strengths, Ohmyhome and Simply will be able to create a comprehensive offering for homeowners and homeseekers and serve them for a lifetime.”

Following the acquisition, Simply Sakal will be rebranded to Ohmyhome Property Management.