The purchase price reflected its negative net asset position, according to Ohmyhome
Singapore property portal Ohmyhome has sold its core real estate brokerage business and will now focus entirely on digital marketing.
According to the Business Times, Jun 18 filings lodged with the US Securities and Exchange Commission showed that the Nasdaq-listed company had sold its wholly owned subsidiary, Ohmyhome (BVI), to a corporate vehicle called Sterling Oat for US$1 (S$1.30).
Ohmyhome BVI is the holding company for Ohmyhome Singapore and its subsidiaries, which provide real estate brokerage and property-related services in Singapore and Malaysia.
These services span property brokerage and management, renovation and home improvement, mortgage and legal referrals, and other ancillary property-related offerings.
Ohmyhome said it decided to sell the subsidiary after evaluating its declining revenue and persistent operating losses.
The purchase price, US$1, reflected Ohmyhome BVI’s negative net asset position. As of Mar 31, liabilities exceeded assets by S$14.77 million, filings showed.
Disclosures by Ohmyhome also showed that the sale came after it had unconditionally waived S$19 million in debt owed to it by the subsidiary before the sale.
The company’s board said the debt waiver was in the best interests of the company and was meant to strengthen Ohmyhome BVI’s financial position.
Following the sale, Ohmyhome will exit the real estate brokerage and property services entirely. The new focus will be on digital marketing: strategy, content creation, online advertising, and performance monitoring.
For now, there is no information provided on the new ownership structure, or whether Singapore customers were adequately informed of the restructuring.
When the Business Times contacted Rhonda Wong, the CEO of Ohmyhome, she noted that the property business continues to operate as usual under a private business structure, and that its app and website, property agents, and renovation and property management business are still operating and clinching new deals.
There will be no retrenchments, she added.
The move marks a significant strategic shift for the company, which was founded as an online property 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, and to repay loans.
The company’s shares, priced at US$4 (S$5.18) at IPO, fell sharply soon after. In Mar 2025, Ohmyhome announced a reverse stock split of its shares to consolidate every 10 existing shares into one new share.
The move aimed to lift Ohmyhome’s share price to meet Nasdaq’s US$1 minimum bid requirement, reducing outstanding shares from roughly 24 million to 2.4 million.
Ohmyhome’s shares closed at US$0.64 (S$0.83) on Jun 25.
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