Published: 4 July 2019 in Business Insider Singapore
DIY property-listing app Ohmyhome has launched across the Causeway – and it’s letting users buy and rent properties between Singapore and Malaysia.
The service is only available in Kuala Lumpur’s Klang Valley at the moment, but will subsequently expand to include other Malaysian states, including Johor, the startup said in a statement on Thursday (July 4).
Ohmyhome’s app lets users list their homes online and negotiate their sale or rent, bypassing the need for a property agent (although users can engage one of the company’s agents if they wish).
For Malaysia, the firm has partnered banks and conveyancing firms to offer users housing loans and conveyancing services, and will also list new projects from Malaysian real estate developers Sime Darby Property, Mah Sing Group, and Tan & Tan Developments.
Since launching in 2016, the app has accumulated over 45,000 transactions in Singapore, worth a combined total of S$1 billion.
In a blog post, Malaysia-born founder Rhonda Wong said the startup aims to have 1,000 listings on its portal, and make 100 transactions within its first three months in Malaysia.
This the business’ first foray outside Singapore, as part of its expansion plans in Southeast Asia.
Wong said that despite a “glut of unsold apartments” in Malaysia, Ohmyhome chose to expand into the country due to its large market size. She added that the brand is looking to use the weak market to establish its credibility before the next property upturn.
“When the market is weak is exactly when customers are looking for a good solution,” she said, adding that a buyers’ market could also work to the platform’s benefit.
“After all, when prices are low, there will be a group of people who are more inclined to buy,” she added.
According to Wong, the app has already “accumulated healthy demand” in Malaysia.
Wong’s sister and Ohmyhome co-founder Race added that there were many home owners in Singapore who wanted to sell and buy properties in Malaysia, but did not know where to begin.
As cross-border property deals involve navigating both countries’ policies, processes and taxes, Ohmyhome will guide users through negotiations, The Business Times (BT) reported.
Those keen on buying or renting a house across the border on the app must pay in the currency of the country the property is located, BT’s report added.
Singapore users buying a condominium via an agent on the app will be charged a 1 per cent commission fee, while those buying a HDB will have to pay between $588 to $4,888 in agent fees.
Meanwhile, Malaysian users will need to fork out a 3 per cent commission fee, which the company said was in line with the market rate, BT reported.
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