Singapore-based flexible living platform, Cove, has recently welcomed Ashish Manchharam, a seasoned real estate and hospitality expert, as a new member of their board of directors. Manchharam brings with him an impressive track record, having successfully founded and grown 8M Real Estate over a period of 10 years, managing to amass a portfolio worth $1.5 billion. In 2023, he decided to step away from 8M Real Estate and in early 2024, he established Elevate Capital with a focus on lifestyle-driven real estate investments.
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In his role as an advisor, Manchharam will lend his expertise to Cove in its pursuit of acquiring flexible living assets in partnership with third-party investors, such as real estate funds, institutional investors, and family offices. This move falls in line with Cove’s strategy to accelerate its growth through an asset acquisition model, in addition to its existing asset-light model as a flexible living operator and online listing platform for professionals and students.
Since its establishment in 2018, Cove has successfully expanded its presence to over 6,000 rooms in Singapore and Indonesia. The platform has set its sights on a wider expansion into the Asia Pacific region, with recent ventures in South Korea and Japan. As part of a local joint venture, Cove plans to launch 800 rooms in South Korea and 400 rooms in Japan.
To support its growth plans, Cove has successfully closed an additional round of funding worth US$4.5 million. The round saw the participation of Manchharam, along with existing investors such as Eurazeo and Keppel, who previously acquired a minority stake in the company in December 2020.
According to Cove CEO and co-founder, Guillaume Catagne, the company has experienced significant portfolio growth and achieved positive EBITDA in 2024. With the aim to double its portfolio to 15,000 units by the end of 2025, Cove is determined to strengthen its leadership position in existing markets and continue its regional expansion.