SINGAPORE-BASED Ohmyhome has launched in the Philippines, its third location after Singapore and Malaysia, it said on Tuesday.
The proptech startup will serve the Philippine market's housing transactions with its full suite of end-to-end property services, from professional real estate agents and mortgage, to renovation and more, it said in a press statement.
Ohmyhome added that it is aiming to tackle traditional property pain points that are rampant in the Philippine real estate industry, such as the lack of transparency, unreliable agents, slow feedback, and fragmented property services.
The startup said the expansion brings several benefits for Singapore property buyers and investors. It opens up a new, trusted and reliable avenue for sourcing real estate investments in the Philippines, the startup said.
Singaporean homeowners and landlords will also be able to reach potential tenants and kickstart negotiations earlier as Singapore listings will be accessible to house hunters in the Philippines.
Ohmyhome is targeting to have 2,000 listings and 80 properties transacted in the first quarter of the launch. The startup spent the last nine months building up its capabilities to ensure a smooth launch, it said.
Rhonda Wong, Ohmyhome chief executive officer and co-founder, said the company believes the Philippine property market will remain resilient as there is a "huge" unmet demand for housing and investors are still interested in property for long-term investments.
"When community quarantine measures are lifted in the Philippines, we expect to see a surge in property deals arising from pent-up demand from buyers," she said.
Ohmyhome launched in Malaysia in July 2019 as part of its expansion plans in the South-east Asia region. It launched in Singapore in 2016.