Ohmyhome Delists Property Business for $1, Waives $19M Debts

Ohmyhome, the Nasdaq-listed, Singapore-based real estate technology company, has privatised its property business, with cofounders Rhonda Wong and Race Wong remaining in charge of the company.

According to a press release, Ohmyhome’s real estate brokerage and property-related services will transition out of the US public markets as part of a corporate restructuring, uncoupling its property business from the stock exchange and allowing the property business to optimise its capital structure and focus on long-term growth in Singapore.

Ohmyhome Pte Ltd will operate as a wholly owned subsidiary within the restructured Group.

Rhonda Wong, cofounder and CEO at Ohmyhome, said:

"This restructuring reflects our commitment to building a more agile and resilient organisation. The privatisation of Ohmyhome Pte Ltd is a natural next step in our corporate evolution–one that enhances operational clarity while preserving everything our customers, partners, and team value about Ohmyhome. Nothing changes in terms of who we are, what we do, or how we serve our clients."

The privatisation closes a difficult chapter for the company, which recently admitted it may never become profitable in its annual filings with the US Securities and Exchange Commission.

In 2025, Ohmyhome's net loss more than doubled to S$9.24 million (USD 7.2M) in 2025, despite a 12.5% revenue boost. In an unexpectedly candid statement, the company said:

We may continue to record net current liabilities, a total deficit and/or negative cash flow from operating activities in the foreseeable future. We cannot assure you that we will be able to continue to generate net income in the future. We anticipate that our operating cost and expenses will increase in the foreseeable future as we continue to grow our business.

Our efforts to grow our business may prove more costly than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses.

The company was acquired for a nominal fee of USD 1.00 by Sterling Oat, a corporate vehicle also owned by the Wong sisters. In other words, Ohmyhome was sold to itself.

Ohmyhome's nominal valuation was calculated based on its net liabilities exceeding net assets by over $14 million. The Wong sisters have also waived $19 million in debt as part of the transaction.