Ohana, the Vietnamese proptech startup that assists college students and young professionals to locate affordable accommodation in Vietnam is expanding and launching its services in Singapore this month.
Cathy Tran, CEO and Co-founder of Ohana said the company’s goal is to capture Singapore’s “large base of youthful consumers battling with rising rental cost,.” Ohana was founded in 2017 and targets people between 19 and 30 years of age. The company helps individuals to find suitable accommodations by matching their requirements with potential landlords and helps landlords to make their listings more appealing and provide insights about customers’ expectations and preferences.
|Cathy Tran, CEO & Co-founder of Ohana|
In Vietnam, Ohana claims that it has already reached more than 300,000 users in three main cities—Ho Chi Minh City, Hanoi, and Da Nang—and that its user base is growing by 25% on a monthly basis.
Tran said the issue of housing is always the first and foremost concern for young people relocating to Singapore.
Tran said that, “Originally we wanted to serve the growing need of Vietnamese who pick Singapore as their top place to live. However, young people from all backgrounds have been moving to Singapore in search of opportunities because it’s the center of all economic activities in the region.”
Based upon this assessment, Ohana wants to assist both young travelers moving to Singapore as well as young Singaporean locals who are looking for accommodations
Tran discussed the Singapore market opportunity and said that Ohana has no direct competitor because the platform targets people under the age of 30 that are seeking accommodation in the budget range of $500 – $1,500 SGD ($370 – $1,100 USD) per month.
To develop the supply of accommodations that can be marketed to their core group, Ohana is working suppliers who are interested in the young millennial market, such as co-living spaces and privately owned dormitories.
Tran discussed the dilemma for young millennials and said that, “Because of the pressure to save money, regardless of location, they all need to share, either by sharing a condo with flatmates or joining a co-living space.” She added that young people have limited options to finding flatmates, except through personal recommendations or social media.
Tran said that she also believes that Ohana can also add value for its users by becoming a community app for urban millennials that allows them to “navigate new life in the city. Our goal is to be the real estate app that’s insightful and friendly for the urban millennial renters in Vietnam, Singapore, and a few other countries, so that for renters of our generation, settling in a new city around the globe is no longer an uphill battle,.”