Ohmyhome Achieves S$2.2 Million Revenue in 1H 2023, Partners with US Portal for Cross-Border Transactions, Poised for Future Growth

Singapore-based property technology platform Ohmyhome has reported impressive financial results for the first half of 2023, achieving S$2.2 million in revenue. The company, which provides end-to-end property solutions and services, is now well-positioned for future growth and aims to achieve a three-fold increase in revenue in 2024, with a positive EBITDA expected in 2025.

Ohmyhome has also announced a strategic partnership with eMediaLinks, a global real estate marketing company based in Washington. This partnership will enable Ohmyhome to tap into the cross-border transactions segment, allowing the company to market properties in Southeast Asia to a wide audience of potential buyers through platforms such as House.sina and Weibo North America. Additionally, it will provide opportunities for homeowners and agents from the US to market properties to potential Singapore buyers.

The partnership with eMediaLinks aligns with Ohmyhome’s commitment to becoming a property Super App and expanding its market presence. With increasing interest from customers looking to move their businesses and homes outside their home countries, Ohmyhome aims to capitalize on the growing demand for cross-border property transactions.

The company’s financial results for the first half of 2023 showed a total revenue of S$2.2 million, compared to S$3.4 million in the same period last year. Despite a net loss of S$2.5 million, Ohmyhome has significantly improved its cash position, with cash and cash equivalents amounting to S$6.3 million as of June 30, 2023.

Ohmyhome faced temporary challenges during the first half of 2023 due to additional government requirements for HDB transactions and property cooling measures. These factors led to a protraction of the duration of property transactions, resulting in lower transaction volumes and an estimated decline of S$1.2 million in revenue. However, the company remains optimistic about a resurgence in transaction volume and expects to see growth in the private residential segment.

To further enhance its services, Ohmyhome launched HomerAI, a digital agent for customers, in the second quarter of 2023. This innovative product provides customers with access to a range of services, including live e-valuation, past transaction figures, and cash proceeds calculations. In the fourth quarter of 2023, registered homeowners will also be able to use a mortgage calculator and consult a digital agent to plan the timeline of their property marketing and transactions.

With its strong financial performance and strategic partnerships, Ohmyhome is poised for future growth. The company aims to expand its market share, explore potential expansion into the US market, and continue to be a trusted and comprehensive property solution for customers.

For more information about Ohmyhome and its services, visit: https://ohmyhome.com/en-sg/.