Ohmyhome Ltd, founded by sisters and former pop singers Race and Rhonda Wong, sold its wholly owned subsidiary, Ohmyhome (BVI), to corporate acquisition vehicle Sterling Oat, according to filings submitted to the U.S. Securities and Exchange Commission on June 18.
Ohmyhome (BVI) is the holding company of Ohmyhome Singapore and its subsidiaries, which provide real estate brokerage and related services in Singapore and Malaysia. Its businesses include property brokerage, property management, renovation and home improvement services, mortgage and legal referrals, and other ancillary property services.
The company said it decided to dispose of the subsidiary after reviewing its declining revenue and continuing operating losses. The $1 sale price reflected the subsidiary’s negative net asset position, The Straits Times reported.
Ohmyhome’s founders Race (L) and Rhonda Wong. Photo courtesy of Race’s Instagram |
As of March 31, the subsidiary’s liabilities exceeded its assets by SGD14.77 million (US$11.4 million), the filings showed. Before completing the sale, Ohmyhome also unconditionally waived SGD19 million in debt owed by the subsidiary. The board said the debt waiver was in the company’s best interests and would strengthen Ohmyhome (BVI)’s financial position ahead of the transaction.
Following the disposal, Ohmyhome Ltd will no longer operate real estate brokerage or other property-related businesses. Instead, it will focus on digital marketing services, including marketing strategy, content creation, online advertising campaigns and performance monitoring.
Rhonda Wong, chief executive of Ohmyhome’s Singapore and Malaysia operations, said the property business will continue operating under a privately owned structure.
She said the Ohmyhome app and website, its property agents, and its renovation and property management businesses remain in operation and continue to secure new deals. Wong added that she and Race will continue leading the property business and that there will be no layoffs.
Founded in 2016, Ohmyhome operates a one-stop digital marketplace for home transactions, offering services including property listings, mortgages and renovations. It became the first Singapore-based proptech firm to list on the Nasdaq in March 2023 after raising about $15 million in its initial public offering.
Before launching Ohmyhome, the sisters built careers in Hong Kong’s entertainment industry as members of the Cantonese pop duo 2R, according to TatlerAsia.
They returned to Singapore in 2007 and founded boutique real estate agency Anthill Realtors, serving high-net-worth clients. Their experience exposed what they saw as a lack of transparency and efficiency in property transactions, leading them to establish Ohmyhome nearly a decade later.
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