Proptech start-up Ohmyhome expands into Malaysia

Local proptech start-up Ohmyhome has expanded into Malaysia, the company's first overseas market.

It said yesterday that it is operating in Kuala Lumpur with plans to introduce its service in Johor Baru. The firm serves both property transactions in Malaysia and cross-border ones between Malaysia and Singapore.

Chief executive and co-founder Rhonda Wong said: "In the cross-border case, the payment will be made in the currency where the property is located. For example, if it is in Malaysia, the sale will be made in ringgit and if an Ohmyhome Malaysia agent is engaged, the fee will be paid in ringgit too."

Users in Malaysia will be able to employ Ohmyhome's service so that they can manage housing transactions on their own.

In contrast to a flat fee paid to Singapore's agents, Malaysian agents get 3 per cent commission, which Ohmyhome said is in line with the market rate.

The firm has signed partnerships with large banks and conveyancing firms, which will offer housing loans and legal services.

It also has tie-ups with Malaysian developers and will feature their new projects on its platform.

Ms Wong said: "Real estate is the most valuable asset class in the world and ought to be well taken care of, and now we have made it simple, fast and affordable to manage your overseas property transaction from right here in Singapore."

A version of this article appeared in the print edition of The Straits Times on July 05, 2019, with the headline 'Proptech start-up Ohmyhome expands into Malaysia'. Subscribe