Ohmyhome sells real estate business for US$1 as debt, losses mount
Singapore-based property portal Ohmyhome has sold its real estate brokerage business to a private firm for US$1 following significant financial losses. The company will now pivot its operations to focus exclusively on digital marketing services.
Why it matters
This reflects the challenges faced by prop-tech companies in maintaining profitability and the subsequent strategic shifts required to survive.
Following the sale, Ohmyhome Ltd will focus on digital marketing services, including digital marketing strategy, content creation, online advertising campaigns and performance monitoring.
The report is a standard business news summary based on regulatory filings.
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