Real estate firm Ohmyhome’s journey over the past 10 years

[SINGAPORE] Singaporean real estate company Ohmyhome has sold its main brokerage business and is set to focus exclusively on digital marketing.

Filings on Jun 18 lodged with the US Securities and Exchange Commission showed that the company had struck a deal with corporate vehicle Sterling Oat to buy its wholly owned subsidiary, Ohmyhome (BVI), for a token sum of US$1.

The purchase price was determined based on the subsidiary’s negative net asset position, The Straits Times reported. As at Mar 31, the liabilities of Ohmyhome (BVI) exceeded its assets by S$14.8 million.

Company disclosures showed that the sale was made after an unconditional waiver of S$19 million in debt owed by the subsidiary.

The recent development is the latest in a string of issues that has plagued Ohmyhome since its March 2023 listing on the Nasdaq.

The Business Times looks at the company’s journey in the decade since its founding.

Asean expansion

Ohmyhome was founded in 2016 by a pair of sisters: Rhonda Wong as its CEO and Race Wong as chief product officer (CPO).

The business aimed to offer "simple, efficient and affordable” housing transactions on a single platform.

It began as a free self-service platform for users to list and search for homes with no agent fees, and later evolved into a full-suite property services platform.

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Ohmyhome then expanded its services to cover renovations and home improvement, mortgage and legal referrals, as well as other ancillary offerings – in addition to property brokerage and management.

The company also entered different parts of South-east Asia, with bases in Malaysia by 2019 and the Philippines in 2020. In 2023, it shared plans to enter the Indonesian, Vietnamese and Thai markets.

IPO journey

In March 2023, Ohmyhome became the first Singapore proptech to list on the Nasdaq exchange in the US.

The initial public offering was expected to raise more than US$14.6 million; its shares were later priced at US$4 each, raising about US$15.1 million.

The IPO’s stated goal was to fund the company’s further expansion in South-east Asia, repay existing loans, R&D for products, as well as working capital and other general corporate purposes.

Shares of Ohmyhome initially performed positively on the exchange. It had a muted debut, ending 1.8 per cent above its IPO price on Mar 21, 2023, before surging over the next two months to a high of US$308.80 on May 15, 2023.

The peak was short-lived, however, and the company’s share price declined below US$4 by October 2024.

By 2024 and 2025, Ohmyhome’s share price had declined to the point that it risked being delisted for failing to meet the exchange’s US$1 minimum bid requirement.

The company executed a one-for-10 reverse stock split in March 2025, which consolidated every 10 existing shares into a single new share, reducing its outstanding shares from roughly 24 million to 2.4 million.

The move was a technical fix to keep its listing alive by artificially inflating its share price while still complying with regulations.

It worked, temporarily. Its shares ended at US$0.64 on Thursday, once again landing below the minimum threshold.

Ohmyhome’s future

Despite the sale of Ohmyhome’s real estate brokerage business, the company will continue to run privately, and its leadership stays unchanged.

Rhonda Wong told ST that no retrenchments are expected.

No further information was offered on the new ownership structure, or whether customers in Singapore were adequately informed of the restructuring, ST reported.