Singapore-based proptech startup Ohmyhome has announced its official launch in the Philippines, its third market after Singapore and Malaysia.
The company’s full suite of property services, including professional real estate agents and mortgage to renovation, will be available in the country.
It said in a press note that the expansion will bring in several benefits for Singapore property buyers and investors, including an avenue for sourcing real-estate investments in the Philippines.
Also Read: Can SEA’s proptech come back to its pre-COVID-19 glory? Experts speak
Conversely, with the Singapore listings accessible to house hunters in the Philippines, Singaporean homeowners and landlords will be able to reach potential tenants and kickstart negotiations earlier.
As part of the expansion, Ohmyhome will be applying its Machine Learning formula to in-market data to ensure “greater accuracy” for matching potential homebuyers and home tenants, while offering more granular insights into the property market.
Ohmyhome targets to have 2,000 listings and 40 properties transacted in the first quarter of its launch.
Started in September 2016 by sisters Rhonda and Race Wong, Ohmyhome connects buyers and sellers directly at no cost. The platform boasts of features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience.
Operating on a hybrid model — a do-it-yourself (DIY) platform and fully-fledged agency services — the company aims to tackle traditional property pain points that are rampant in the Philippines real estate industry such as the lack of transparency, unreliable agents, slow feedback, and fragmented property services.
The burgeoning property market in the Philippines holds great potential. As per a recent report, Manila is the world’s top housing market for price appreciation at 22 per cent annually.
In Manila alone, the condominium saw a 11.9 per cent increase in annual average prices in the last three years alone. Metro saw a record 54,000 condominium units sold with steady year on year growth.
“We believe that the Philippines property market will remain resilient as there is a huge unmet demand for housing and investors are still interested in property for long-term investments. When Community Quarantine measures are lifted in the Philippines, we expect to see a surge in property deals arising from pent-up demand from buyers,” said CEO Rhonda Wong.
Also Read: How proptech startup iMyanmarHouse remains profitable despite COVID-19
Ohmyhome launched in Malaysia in July 2019, as part of its expansion plans in the Southeast Asia region.
Since its founding, more than 5,100 homes have transacted through Ohmyhome which represents a combined value of over S$1.6 billion.
In September 2018, Ohmyhome raised US$2.9 million in Series A round of funding led by Golden Equator Capital.
—
Image Credit: Ohmyhome
The post Ohmyhome aims to tackle lack of transparency, unreliable agents issues in Filipino realty market appeared first on e27.