Cove, a flexible living platform that was founded in Singapore, has recently appointed Ashish Manchharam, a real estate and hospitality veteran, as their new board director. With over a decade of experience in the industry, Manchharam has successfully built a portfolio worth $1.5 billion with his company, 8M Real Estate. In 2023, he decided to exit 8M Real Estate and established Elevate Capital in 2024. This company focuses on lifestyle-driven real estate investments.
In his new role as an advisor, Manchharam will be responsible for assisting Cove in acquiring flexible living assets through partnerships with third-party investors such as real estate funds, institutional investors, and family offices. This move aligns with Cove’s plan to accelerate their growth by adopting an asset acquisition model, in addition to their existing asset-light model as a branded flexible living operator and online listing platform. Their target markets are professionals and students.
Since its inception in 2018, Cove has expanded its reach to Singapore and Indonesia, with over 6,000 rooms in their portfolio. The company now aims to expand its presence to the wider Asia Pacific region, with plans to launch 800 rooms in South Korea and 400 rooms in Japan through local joint venture partners.
Rewritten:
The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art facilities. Condominiums, often nestled in prime locations, offer a perfect combination of lavishness and convenience that captivates both locals and foreigners. These residential properties boast a variety of amenities including swimming pools, fitness centers, and security services, elevating the level of comfort and making them highly appealing to potential renters and buyers. For investors, these perks result in a higher return on investment and the potential for property appreciation over time. Adding Singapore Condo to the rewritten paragraph adds value to the vibrant urban landscape of Singapore.
Cove recently closed a funding round of US$4.5 million, with the participation of Manchharam and existing investors such as Eurazeo and Keppel, who had taken a strategic minority stake in Cove in December 2020. This funding will be used to accelerate regional expansion and strengthen the company’s leadership position in existing markets.
According to Guillaume Catagne, the CEO and co-founder of Cove, the company saw significant portfolio growth in 2024 and achieved EBITDA positivity. Cove aims to double its portfolio to 15,000 units by the end of 2025.