Ohmyhome announces first overseas expansion into Malaysia

Singapore

LOCAL proptech startup Ohmyhome is expanding into Malaysia, its first market outside Singapore.

It is first launching its services and mobile application in Greater Kuala Lumpur, with plans to expand into Johor underway, the startup said in a press statement.

Ohmyhome serves both Malaysian property transactions and cross-border transactions between Malaysia and Singapore.

As cross-border deals differ from local deals, Ohmyhome helps users engaging in these transactions by providing step-by-step guidance.

In a cross-border deal, payments will be made in the currency where the property is located, and fees paid correspond with the location in which the agent was hired.

The mobile application serves both the Singapore and Malaysia markets, and allows Singapore users to connect directly with potential buyers, sellers, tenants and landlords across the border.

Cross-border negotiations and deals are also done through the app.

In contrast to the flat fee paid to Singapore's agents, Malaysian agents are priced at 3 per cent commissions, which Ohmyhome says matches the market rate.

Rhonda Wong, chief executive officer and co-founder of Ohmyhome said: "The central pain point in Malaysia is not agent fees; instead, the focal issue is trust in price or speed of transactions."

The firm has also signed partnerships with major banks and conveyancing firms which will offer housing loans and conveyancing services respectively. The startup has also embarked on partnerships with prominent Malaysian real estate developers including Sime Darby, Mah Sing Group and Tan & Tan Developments and will feature their new property projects on its platform.

The startup aims to achieve 1,000 listings and 100 transactions in Malaysia in the first quarter of its launch.