The purchase price reflected its poor property location, according to Ohmyhome
Singaporean property portal Ohmyhome has sold its core real estate business and will now focus entirely on digital marketing.
According to the Business Times, Filings filed on Jun 18 with the US Securities and Exchange Commission showed that the Nasdaq-listed company had sold its wholly-owned subsidiary, Ohmyhome (BVI), to a business vehicle called Sterling Oat for $1 (S$1.30).
Ohmyhome BVI is the holding company of Ohmyhome Singapore and its subsidiaries, which provides real estate sales and related services in Singapore and Malaysia.
These services include real estate brokerage and management, home repair and improvement, mortgage and legal conveyancing, and other related real estate offerings.
Ohmyhome said it decided to sell its subsidiary after assessing declining revenue and continued operating losses.
The purchase price, US$1, reflected the condition of the Ohmyhome BVI property. As of Mar 31, liabilities exceeded assets by S$14.77 million, it showed.
Ohmyhome’s disclosure also showed that the sale took place after it unconditionally waived S$19 million in debt owed to its subsidiary before the sale.
The company’s board said the write-off is in the company’s interest and is aimed at strengthening Ohmyhome BVI’s financial position.
After the sale, Ohmyhome will completely exit the real estate brokerage business. The new focus will be on digital marketing: strategy, content creation, online marketing, and performance monitoring.
Currently, no information has been provided about the new ownership structure, or whether Singaporean customers have been adequately informed about the restructuring.
When the Business Times contacted Rhonda Wong, CEO of Ohmyhome, noted that the real estate business continues to operate as usual under the independent business structure, and that its app and website, real estate agents, and renovation and property management business are still active and accepting new deals.
There will be no layoffs, he added.
The move marks a significant change for the company, which was founded as an online real estate agency in Singapore in 2016 by Rhonda Wong and her sister Race Wong.
The pair listed Ohmyhome on Nasdaq in Mar 2023, raising US$15.1 million (S$19.57 million) to expand into Thailand, the Philippines, Indonesia and Vietnam, as well as to repay loans.
The company’s shares, priced at $4 (S$5.18) at the IPO, fell sharply after that. In Mar 2025, Ohmyhome announced a reverse stock split of its shares to combine all 10 existing shares into one new share.
The move was intended to increase Ohmyhome’s share price to meet Nasdaq’s minimum bid requirement of US$1, reducing outstanding shares from about 24 million to 2.4 million.
Ohmyhome shares closed at US$0.64 (S$0.83) on Jun 25.
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Featured Image Credit: Ohmyhome
