[SINGAPORE] Singapore property portal Ohmyhome has sold its main real estate brokerage business and will now focus entirely on digital marketing.<\/p>\n
In Jun 18 filings lodged with the US Securities and Exchange Commission, the Nasdaq-listed company said it had sold its wholly owned subsidiary, Ohmyhome (BVI), to a corporate vehicle called Sterling Oat for US$1 (S$1.30).<\/p>\n
Ohmyhome BVI is the holding company of Ohmyhome Singapore and its subsidiaries, which are engaged in providing real estate brokerage and property-related services in Singapore and Malaysia.<\/p>\n
These services include property brokerage, property management, renovation and home improvement services, mortgage referrals, legal referrals and other ancillary property-related services.<\/p>\n
Ohmyhome said it decided to dispose of its subsidiary after evaluating its declining revenue and continuing operating losses.<\/p>\n
It added that the purchase price of US$1 was determined based on the negative net asset position of Ohmyhome BVI. As at Mar 31, the subsidiary\u2019s liabilities exceeded its assets by S$14.77 million, the filings showed.<\/p>\n
Disclosures by Ohmyhome also showed that the sale came after it had unconditionally waived S$19 million in debt owed to it by the subsidiary.<\/p>\n
The company\u2019s board said the debt waiver was in the best interests of the company and meant to strengthen Ohmyhome BVI\u2019s financial position.<\/p>\n
Following the sale, Ohmyhome will no longer operate any real estate brokerage or property-related businesses. Instead, it will focus on digital marketing services, including digital marketing strategy, content creation, online advertising campaigns and performance monitoring.<\/p>\n
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No further information was provided on the new ownership structure, or whether Singapore customers were adequately informed of the restructuring.<\/p>\n
When contacted, Rhonda Wong, chief executive of Ohmyhome, noted that the property business continues to operate as usual under a private business structure, and that its app and website, property agents, and renovation and property management business are still operating and clinching new deals.<\/p>\n
There will be no retrenchments, she added.<\/p>\n
The move marks a significant strategic shift for the company, which was founded as an online property agency in Singapore in 2016 by Rhonda Wong and her sister Race Wong.<\/p>\n
The pair listed Ohmyhome on the US Nasdaq board in March 2023, raising US$15.1 million mainly to expand the business into Thailand, the Philippines, Indonesia and Vietnam, and repay loans.<\/p>\n
The company\u2019s shares, which were priced at US$4 during its initial public offering, fell sharply soon after trading. In March 2025, Ohmyhome announced a reverse stock split of its shares to consolidate every 10 existing shares into one new share.<\/p>\n
The move was aimed at lifting Ohmyhome\u2019s share price to meet Nasdaq\u2019s minimum US$1 bid price requirement for listed companies, and reduced the number of outstanding Ohmyhome shares from about 24 million to 2.4 million.<\/p>\n
The shares closed at 64 US cents on Jun 25. THE STRAITS TIMES<\/a><\/p>\n<\/div>\n [SINGAPORE] Singapore property portal Ohmyhome has sold its main real estate brokerage business and will now focus entirely on digital marketing. In Jun 18 filings…<\/p>\n","protected":false},"author":1,"featured_media":63868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-63867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63867"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/63868"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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