SINGAPORE – When Ohmyhome listed on Nasdaq in March 2023, it pitched investors a compelling story: Singapore’s first property technology company to list in the United States was raising funds to build a one-stop property-related “superapp” and expand in South-east Asia.
But three years later, that investment thesis has unravelled.
The listed company Singapore-based Ohmyhome Ltd has exited the core property business entirely, retaining a digital marketing business that, according to company disclosures, only began contributing revenue after it was established in July 2025.
Ohmyhome (BVI) – the holding company of Ohmyhome Singapore and its property brokerage, renovation and interior design subsidiaries in Singapore and Malaysia, as well as Ohmyhome Property Management – was sold to Ohmyhome founders, sisters Race and Rhonda Wong, for US$1.
Rhonda is listed in Ohmyhome Ltd’s annual report as its former co-CEO, chief financial officer and director, while Race is its former chief operating officer and director.
The company’s current co-CEO, Agus Prasetyo, appointed on Jan 9 this year, is described in regulatory filings as having “over 10 years of experience in internet marketing and promotion, specialising in… digital strategies for real estate-related and multi-sector clients”.
Rhonda is CEO of Ohmyhome, while Race is CEO of its renovations and interior design subsidiary DreamR.
The duo are taking the Ohmyhome property business fully private to separate “the regional property platform from the US public market, to optimise its capital structure and focus on long-term growth”.
In a June 26 statement announcing its restructuring, Ohmyhome said “there will be no change to Ohmyhome’s leadership team, day-to-day business operations, service offerings, or strategic direction” during the process.
“Customers, partners, and employees can be assured that the business they know continues without interruption,” it said, in a statement, issued a week after the listed company disclosed the sale of the core property business in June 18 filings with the US authorities.
Ohmyhome’s statement, issued a week after the listed company disclosed the sale of the core property business in June 18 filings with the US authorities, said that “there will be no change to Ohmyhome’s leadership team, day-to-day business operations, service offerings, or strategic direction”.
But what remains lacking so far is a clear explanation to shareholders on why the property business under Ohmyhome, which the founders believe still has growth potential, is now being run as a private entity after being sold by the listed company for a token sum.
Filings on Nasdaq show a property business that had been falling under increasing financial strain.
For the financial year ended Dec 31, 2025, Ohmyhome Ltd recorded revenue totalling $12.2 million, up 12.5 per cent from 2024, according to its annual report. Despite that, the firm’s 2025 loss of $9.53 million was more than double that of 2024.
Revenue from Ohmyhome’s brokerage business, which matches buyers with sellers and landlords with tenants, fell more than 30 per cent year on year to about $2.63 million in 2025.
While this was more than offset by growth in property management revenue, which rose to $5.96 million in 2025, the cost of running that division also surged 53 per cent to $4.31 million during the year, compared with $1.76 million to run the brokerage business.
In 2025, the company also recognised $4.7 million in goodwill impairments, which included writing off the entire $3.4 million of goodwill arising from its acquisition of Philippines-incorporated Ohmyhome Property Inc. This contributed to the widening of its losses in 2025.
According to the company’s annual report, Ohmyhome Ltd acquired Ohmyhome Property Inc, which provides brokerage and other property-related services in the Philippines, in exchange for cancelling debts of about US$2.06 million (S$2.7 million) and $655,044 owed by the Philippine company. No cash was involved.
The deal also created $3.4 million in goodwill, an accounting measure to reflect the expected future value of the acquisition.
Ohmyhome Ltd did not disclose the shareholders of the Philippine company.
However, within the same year, Ohmyhome Ltd said the Philippine firm’s operating performance had deteriorated, and determined that the business was worth less than originally estimated, leading to the goodwill write-off.
The losses came despite repeated capital injections into the business, which have significantly diluted shareholders and pummeled the company’s share value. In March 2025, Ohmyhome Ltd conducted a 1-for-10 reverse stock split to meet Nasdaq’s minimum US$1 bid price requirement.
Since listing in March 2023 at US$4 a share and raising about US$11.2 million in proceeds, Ohmyhome Ltd has repeatedly issued new shares through placements and to fund acquisitions.
This included the acquisition of its property management business via Ohmyhome (BVI) in October 2023 for a consideration of $4.7 million, payable over four years via cash and new shares.
In October 2024, Ohmyhome Ltd issued 217,565 shares each to Race and Rhonda at US$0.405 per share, as part of a plan to compensate them for deferring their salaries since January 2024.
The sisters have repeatedly pitched in to support the business, filings showed.
In October 2024, Ohmyhome Ltd issued 217,565 shares each to Race (left) and Rhonda Wong at US$0.405 per share.
PHOTO: OHMYHOME
As at Dec 31, 2025, the company owed Rhonda about $1.68 million and Race about $842,000, comprising shareholder loans, deferred salaries and expenses they had paid on the company’s behalf to help keep it running, according to the annual report.
Yet, the Singapore property business still accumulated about $19 million in debt. Before selling the business, Ohmyhome Ltd waived the debt to strengthen its subsidiary’s financial position.
The property business was ultimately sold for US$1 after Ohmyhome Ltd concluded that its liabilities exceeded its assets by about US$14.77 million.
The filings and statements provide clues as to why the business needed to be restructured.
However, they do not explain why a business that the founders continue to believe has long-term potential is now being operated privately.
Questions loom over how the $19 million in debt was accumulated, the company’s rising costs and why acquisitions made by the listed company ultimately resulted in millions of dollars of goodwill being written off.
The founders should explain why shareholders who funded the company’s expansion over the past three years, despite repeated share dilution, have been left with a digital marketing company, rather than the property tech business they originally invested in.
