Singapore-founded Ohmyhome Ltd said in filings on June 18 with the US Securities and Exchange Commission that it sold its wholly owned subsidiary, Ohmyhome (BVI), for US$1 to Sterling Oat, a privately held company controlled by co-founders Race and Rhonda Wong.

As part of the transaction, Ohmyhome also waived S$19 million (US$14.7 million) in debt owed by the subsidiary.

Ohmyhome (BVI), which held the group’s property brokerage and related businesses in Singapore and Malaysia, had liabilities exceeding assets by US$14.77 million as of March 31, the company said.

Rhonda Wong said the business would continue under private ownership with the same leadership and no layoffs.

After the sale, the Nasdaq-listed parent said it would no longer operate property-related businesses and would instead focus on digital marketing services.

Public disclosures did not describe any fairness opinion or independent review process for the founder-linked deal.

Ohmyhome listed on Nasdaq in March 2023 as a Singapore property tech firm offering end-to-end services, and it posted losses in the first half of 2025 despite S$6.7 million (US$5.17 million) in revenue.

🔗 Source: The Straits Times