Local proptech company Ohmyhome sells core brokerage business for S$1.30, shifts focus to digital marketing

Local property technology company Ohmyhome has sold its main real estate brokerage business to corporate acquisition vehicle Sterling Oat for US$1 (S$1.30).

According to filings submitted to the United States Securities and Exchange Commission (SEC) on Jun. 18, Ohmyhome sold its wholly owned subsidiary, Ohmyhome (BVI), to Sterling Oat for a nominal consideration of US$1.

Ohmyhome (BVI) is the holding company of Ohmyhome Singapore and its subsidiaries, which provide real estate brokerage and property-related services in Singapore and Malaysia.

These include property brokerage, property management, renovation and home improvement services, mortgage and legal referrals, as well as other ancillary property-related services.

Sale follows declining revenue and operating losses

According to a report by The Straits Times (ST), the company said it decided to divest the subsidiary after evaluating its declining revenue and ongoing operating losses.

The purchase price was also determined based on the negative net asset position of Ohmyhome (BVI).

According to the filings, as of Mar. 31, the subsidiary had a net asset deficit of S$14.77 million.

Filings also showed that Ohmyhome had unconditionally waived S$19 million in debt owed by the subsidiary before completing the sale.

The company's audit committee and board of directors said the debt waiver was in the company's best interests as it would strengthen Ohmyhome (BVI)'s financial position.

Following the sale, the Nasdaq-listed company will cease operating real estate brokerage and other property-related businesses, and instead focus on providing digital marketing services.

These include digital marketing strategy, content creation, online advertising campaigns and performance monitoring.

The SEC filings did not provide further details on the new ownership structure.

It is also unclear whether customers in Singapore had been informed of the restructuring.

Ohmyhome to continue operating privately

Speaking to ST, chief executive of Ohmyhome’s operations in Singapore and Malaysia, Rhonda Wong, said the property business would continue operating under a private business structure.

She added that the company's app and website, property agents, as well as its renovation and property management businesses remain operational and continue to secure new deals.

Wong said she will continue to lead the property business with her sister and co-founder, Race Wong, and added that there will be no retrenchments.

Background

The Wong sisters founded Ohmyhome in 2016 as an online property agency.

According to ST, in March 2023, the company was listed on the Nasdaq, raising US$15.1 million (about S$19.5 million).

The proceeds were intended to support expansion into Thailand, the Philippines, Indonesia and Vietnam, as well as repay existing loans.

Its shares, which debuted at US$4 (S$5.18) during the initial public offering, declined sharply after trading.

Ohmyhome also announced a reverse stock split of its shares to consolidate every 10 existing shares into one new share in March 2025 to regain compliance with Nasdaq's minimum US$1 bid price requirement.

The move reduced the number of outstanding shares from about 24 million to 2.4 million.

Shares of Ohmyhome closed at US$0.64 (S$0.83) on Jun. 25.