Ohmyhome (NASDAQ: OMH) Signs MOU with Ohmyhome Property, Inc. to Expand Into the Philippines
Ohmyhome Limited (NASDAQ: OMH) is described as a “one-stop-shop” property and housing technology platform primarily operating in the Singapore market. Launched in 2016, the company provides services and solutions to buy, sell, rent and renovate home. Shares of the Singapore-based housing platform operator are skyrocketing 171% through afternoon trading on Monday, May 15, 2023. Over the past three months, Ohmyhome has seen average daily volume of 343,300 shares. However, volume of 4.19 million shares or dollar volume of around $174.81 million, has already exchanged hands through afternoon trading.
Shares of Ohmyhome are surging after the company announced a move that solidifies its expansion efforts in the flourishing Southeast Asian real estate sector, Singapore-based property technology company, Ohmyhome Ltd. (NASDAQ: OMH), has inked a strategic Memorandum of Understanding (MOU) with Ohmyhome Property Inc., targeting the burgeoning Philippine market. This significant collaboration will leverage the company’s advanced technological framework to unlock substantial growth prospects within the Philippine real estate domain, valued at trillion-pesos and growing at a brisk annual pace of 7.6%.
The partnership will offer direct access to an extensive property portfolio comprising over 80,000 properties from more than 150 developers, thereby marking a transformative phase in Ohmyhome’s market penetration strategy. As elucidated by CEO Rhonda Wong, the Philippine market presents a fertile ground for data-driven platforms like Ohmyhome to facilitate seamless property transactions, given the country’s robust economic recovery, increasing digital economy, and the growing contributions of Overseas Filipino Workers (OFWs) to the real estate industry.
The Philippines, boasting one of the world’s fastest-growing emerging markets and a youthful, English-speaking population, offers a potent growth opportunity for Ohmyhome. The rising number of OFWs, coupled with the increase in personal cash remittances, is spurring the housing market in the country, thus creating a lucrative environment for businesses.
The strategic alliance between Ohmyhome and Ohmyhome Philippines aims to integrate Ohmyhome’s cutting-edge transaction-closing technologies and MATCH algorithm, which will enhance property transactions in the Philippine market. This partnership will also facilitate the smooth execution of cross-border property transactions by mobilizing resources on both sides.
Ohmyhome Philippines’ vast property portfolio will be integrated to cater to the diverse needs of buyers and investors interested in the Philippine property market. The portfolio will be managed by a dedicated team operating across Singapore, Malaysia, and the Philippines. Additionally, the proprietary myElite.pro network, developed by Ohmyhome Philippines, could potentially extend its reach to other regions, collaborating with reliable licensed salespersons and referral partners.
As stated by COO Race Wong, this MOU is a testament to Ohmyhome’s commitment to becoming the preferred platform for property seekers and sellers. It aims to offer its services to millions of families across Southeast Asia, providing speedy, easy, and reliable property-related services. The agreement empowers the company to operate as a unified team across Singapore, Malaysia, and the Philippines, assuring high-quality service while prioritizing customer interests.
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