Ohmyhome Signs MOU for Potential Acquisition of a Leading Singapore Tech-enabled Property Management Company to Deliver Quality Services Directly to Customers’ Fingertips and Doorsteps

• Upon successful closing of the transaction, thousands of residents in Singapore will immediately be able to access Ohmyhome’s quality services.
  
  
• Post-integration of the technologies and operations of both companies will further bolster Ohmyhome’s suite of one-stop-shop services to both property developers and residents in Singapore and Southeast Asia.
  

Singapore, May 16, 2023 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”, “the Company”) is pleased to announce the signing of a non-legally binding Memorandum of Understanding (MOU) for the potential acquisition of a leading tech-enabled property management company in Singapore.

Over 300,000 families in Singapore reside in condominiums (multi-family high-rise apartment complexes with shared amenities and common spaces), and there are close to 20,000 additional units to be completed by the end of 2023. Residents interact regularly with the property management company of their condominium development for the needs of facilities booking, guest registration, moving and renovation approvals. Current processes are largely paper-based, heavily dependent on manpower which leads to inefficient communication and service delivery.

Upon successful closing of the transaction, thousands of residents in Singapore will immediately be able to access Ohmyhome's latest homeowner dashboard, Homer AI, for quality information and content on their home value and latest property trends, as well as Ohmyhome's quality services such as brokerage, renovation, cleaning, and handyman services directly on their fingertips. The streamlined services and strong vertical integration will provide additional value-add to the property development company in securing more projects for future growth.

“The property management industry in Singapore and Southeast Asia is fragmented. The time is ripe for both managing agents and residents to have a heightened level of experience working and living in their condominiums.” said Rhonda Wong, CEO of Ohmyhome. “Residents pay a recurring fee monthly and they want a service standard that is reflective of their lifestyle today. Many of these pain points can be alleviated through Ohmyhome.”

Race Wong, COO of Ohmyhome added, “With a data and mobile-based platform, residents will have easier access to their condominium facilities, information and trusted services for their homes via a single platform. This acquisition further solidifies our position as the leading one-stop-shop property solutions platform in Singapore.”