The archive · Consumer Apps · Strategic decision · 2016–2026
Ohmyhome's DIY property bet ends in a US$1 brokerage sale and delisting risk
Singapore's first Nasdaq-listed proptech sold its core brokerage for US$1 in 2026 after its stock fell over 98%.
Ohmyhome
What the business is
Singapore property platform offering DIY listings, fixed-fee agents, brokerage, renovation and property management through one app.
Starting capital：US$15.1M gross from March 2023 Nasdaq IPO of 3,775,000 shares at US$4.00
How it started
Sisters Rhonda and Race Wong founded Ohmyhome in 2016 after spotting what they saw as an efficiency gap in Singapore housing transactions. Rhonda, a derivatives trader who had founded boutique agency Anthill Realtors, teamed with Race, a former Cantopop singer, to make buying and selling simpler and cheaper than traditional brokerage.
What happened
It expanded into brokerage, property management, renovation and mortgage referrals, entering Malaysia in 2019 and the Philippines in 2020. In March 2023 it became the first Singapore proptech to list on Nasdaq, pricing at US$4.00 and raising US$15.1M. The stock sank below the IPO price; in April 2024 Nasdaq warned that the shares no longer met the US$1 minimum bid, and a one-for-10 reverse split in March 2025 only postponed the problem.
How it ended up
In June 2026 Ohmyhome sold its entire core brokerage operation to Sterling Oat Ltd, a vehicle controlled by the founders, for US$1, after waiving S$19M of intra-group debt; the divested unit had US$14.77M more liabilities than assets. The listed company keeps only a digital-marketing business (pro forma 2025 revenue of about US$252K) and faces delisting risk, with shares down more than 98% from the split-adjusted IPO price.
Background
Ohmyhome was founded in Singapore in 2016 by sisters Rhonda and Race Wong to fix what they saw as an inefficient housing transaction market. It began as a free self-service listing platform, then added fixed-fee agents, brokerage, renovation, property management and mortgage and legal referrals — a one-stop property app priced below traditional brokers.
The company expanded to Malaysia in 2019 and the Philippines in 2020, and in March 2023 became the first Singapore proptech to list on Nasdaq, selling 3,775,000 shares at US$4.00 and raising US$15.1M. The listing glow faded quickly: the stock sank below the IPO price, and in April 2024 Nasdaq notified Ohmyhome that its shares no longer met the US$1 minimum bid requirement, followed by a one-for-10 reverse split in March 2025.
By 2026 the model had broken. Net losses widened from S$4.4M in 2024 to S$9.2M in 2025, core brokerage revenue fell 32.6%, and gross margin compressed from 40.5% to 31.9%. In June 2026 Ohmyhome sold its entire brokerage business for US$1 to Sterling Oat Ltd, a vehicle controlled by the founders, after waiving S$19M of intra-group debt. The listed company now holds only a small digital-marketing operation and faces potential delisting.
What has to be true
- The low-fee, high-volume model needed constant transaction flow to cover agent payroll and multi-country operations, and that flow didn't survive cooling property markets.
- Public markets judged it as software while the business ran as a capital-intensive brokerage, so the valuation collapsed when losses and gross-margin compression appeared.
- Growth spending and dilutive acquisitions inflated revenue without building sustainable unit economics, leaving a subsidiary with US$14.77M more liabilities than assets.
- Reverse splits and the US$1 divestment were balance-sheet fixes for a failing core thesis, not a new strategy.
What can be applied
A low-margin brokerage dressed as scalable software gets punished by public markets: when volume dries up, the tech premium evaporates and the listing itself becomes the next crisis.
Aftermath
As of September 2026 the Nasdaq-listed entity no longer provides real estate services; it retains a digital-marketing operation that generated only about US$252K in pro forma 2025 revenue, and its shares trade far below US$1, keeping it exposed to delisting rules despite the March 2025 reverse split. The founders' private vehicle continues to run the Ohmyhome app, agents and renovation arm. Analysts cited by the Business Times described the venture as 'bleeding cash from the get-go', since the low-fee proposition required a transaction volume that never arrived.
Sources
- Ohmyhome Announces Closing of Initial Public Offering
- Ohmyhome Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
- Singapore Property Ad Site Ohmyhome Faces Delisting Risk After Selling Core Unit for $1
- The $1 Ohmyhome divestment marks the end of an era for regional proptech
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card