Singaporean homegrown proptech platform Ohmyhome announced today that it is now hosting listings from the private housing market. Previously, Ohmyhome was limited to those looking to transact within the public housing market.
This launch coincides with the prospect of the city-state’s private housing sector picking up in 2019. In response to inflated demand for new homes, the Singapore government introduced a slew of property cooling measures in July 2018 to deflate the overheating private property market. The changes made private properties harder to acquire.
This situation is likely to change in 2019, as private property developers re-enter the market with mega projects. According to the Property Market Outlook report published by PropertyGuru, Singapore’s supply of private property increased by 58.7% in the third quarter of 2018, and this trend is expected to carry on in 2019. Against this backdrop, Ohmyhome’s decision is aimed at capitalizing on the lucrative and growing private housing market in Singapore.
Launched in September 2016, Ohmyhome is an online licensed real estate agency. Its platform helps users save on agent commission, which is typically 1% to 4% of the selling price. The services were first introduced to Singapore’s Housing and Development Board (HDB) resale market. Ohmyhome has facilitated over 2,300 transactions for HDB housing units since its launch.
Editor: Brady Ng