Ohmyhome, a Nasdaq-listed Singapore property portal, sold its wholly owned subsidiary Ohmyhome (BVI), which holds its real estate brokerage and related businesses in Singapore and Malaysia, to Sterling Oat Ltd. for US$1 (S$1.30) [1, 2, 3, 4, 5, 6, 7, 8]. The sale was completed by May 31, 2026, after the parent company unconditionally waived about S$19 million in debt owed by the subsidiary to improve its financial position [1, 2, 3, 4, 5, 6, 7, 8, 8].
As of March 31, 2026, Ohmyhome (BVI) reported liabilities exceeding assets by approximately S$14.77 million to S$14.8 million [1, 2, 3, 4, 5, 6, 7, 8]. The subsidiary operated across multiple real estate-related services including brokerage, property management, renovation, home improvement, mortgage and legal referrals in Singapore and Malaysia [2, 3, 4, 5].
Ohmyhome decided to divest its real estate businesses amid declining revenue and persistent operating losses [1, 2, 3, 4, 5, 8]. The company will no longer run property brokerage or related services and will instead focus exclusively on digital marketing activities such as strategy, content creation, online ads, and performance monitoring [1, 2, 3, 4, 5, 8].
Rhonda Wong, Ohmyhome’s CEO, assured that the property business will continue operating privately under its founders Race and Rhonda Wong. She said, "The property business continues to operate as usual under a private business structure, and its app and website, property agents, and renovation and property management business are still operating and clinching new deals. There will be no retrenchments" [2]. Similar remarks were made regarding ongoing business functions in Singapore and Malaysia [5].
Ohmyhome was founded in 2016 by sisters Rhonda Wong (CEO) and Race Wong (CPO). It expanded into Malaysia and the Philippines and planned further ASEAN expansion before listing on Nasdaq in March 2023, raising about US$15.1 million at US$4 per share [6, 7].
Industry experts noted the company’s fee-less property platform struggled to generate sufficient revenue amid strong competition. An anonymous expert said, "It was challenging for the firm to operate in the competitive property space in Singapore given its business model. As a fee-less platform, it would have to achieve sizeable volume to secure decent revenue, but that was difficult with big competitors. Consumers perhaps are not ready for the service, still preferring property agents" [8]. Nirgunan Tiruchelvam of Aletheia Capital added, "Ohmyhome’s operating expenses were well in excess of their revenue, with its business model bleeding cash from the get-go. These conditions resulted in very little respite for its investors" [8].
The sale and restructuring raise questions about Ohmyhome’s continued Nasdaq listing after shedding its core real estate business [8]. Ohmyhome’s stock closed up 0.11% at US$0.64 on June 25, 2026, before falling about 4.67% in after-hours trading [1].
The company disclosed the sale in a US SEC filing on June 18, 2026 [1, 2, 3, 4, 5].
