In an effort to boost the Philippines’ startup scene, the government has launched several programs and initiatives. The Philippines is lagging behind in the startup innovation race. Despite the plethora of talent the local entrepreneurial pool offers, the Philippine startup ecosystem just isn’t [...]
Ohmyhome, the Singapore-based unique one-stop proptech solution to property needs in Southeast Asia, today announced their official launch in the Philippines, their third location after Singapore and Malaysia. The proptech company will be serving Philippines housing transactions with its full suite of end-to-end property services, from professional real estate agents and mortgage to renovation and more.
Operating on a hybrid model that combines the best qualities of a Do-It-Yourself (DIY) platform and fully-fledged agency services, the proptech company is tackling 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 expansion brings several benefits for Singapore property buyers and investors. It opens up a new, trusted, and reliable avenue for sourcing real estate investments in the Philippines. Conversely, with the Singapore listings accessible to house hunters in Philippines, Singaporean homeowners and landlords will be able to reach potential tenants and kickstart negotiations earlier.
Philippines’ Untapped Potential
Ohmyhome brings their comprehensive suite of services to the rapidly-growing Philippines market. In Manila alone, the previous 3 years has seen an annual average increase of 11.9% in condominium prices. Metro Manila has also seen a record 54,000 condominium units sold with steady year on year growth. The burgeoning property market in the Philippines holds great potential but its nascent development also means that there are areas for improvement. With Ohmyhome’s best-in-class property solutions and proven track record, expansion into the Philippines market is the next logical step to growing its presence in the region.
The proptech company has spent the last nine months building up its capabilities to ensure a smooth launch in the Philippines. It targets to have 2000 listings and 80 properties transacted in the first quarter of its launch.
As part of the expansion, Ohmyhome will be applying its machine learning formulas to in-market data, to ensure greater accuracy for matching potential homebuyers and home tenants, while offering more granular insights into the property market. Process automation will expedite the home ownership journey in the third market and personalized home valuation reports will be automatically created through data analytics.
“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.” shared Rhonda Wong, CEO and co-Founder of Ohmyhome.
“Furthermore, we are confident that users will find our unique features like our proprietary algorithm that efficiently matches buyers and sellers, reducing the time required for manual searching a welcome change in the property transaction space. Home buyers and sellers in the new market can now buy and sell their properties at record-breaking speed,” she added.
Lauded for its transparency, responsiveness, ease of use, and value to users, the Ohmyhome app quickly rose to become Singapore’s top HDB app within 5 months of its launch in 2016. By ensuring that property listings are put up by homeowners and in-house agents, Ohmyhome maintains quality listings on its platform. Alongside service offerings like mortgage, conveyancing, renovation, and property management, all conveniently accessible within the app, users can rest assured that they will be well taken care of at every step of their housing journey. Last July, Ohmyhome launched in Malaysia and began serving the market for Malaysia property deals and Singapore-Malaysia cross-border deals.