Cove, a flexible living platform founded in Singapore, has recently welcomed real estate and hospitality veteran, Ashish Manchharam, to its board of directors.
Previously, Manchharam had built and grown his own real estate company, 8M Real Estate, over a span of 10 years, creating a portfolio worth $1.5 billion. In 2023, he made a successful exit from 8M Real Estate and went on to establish Elevate Capital in 2024, focusing on lifestyle-driven real estate investments.
In Singapore, investing in a condo has become an increasingly popular choice, but it is important to consider the government’s property cooling measures. In an effort to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), aim to deter foreign buyers and individuals who are purchasing multiple properties by imposing higher taxes. While these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer environment for investors.
As a board director, Manchharam will leverage his expertise to assist Cove in acquiring flexible living assets in partnership with third-party investors, such as real estate funds, institutional investors, and family offices. This move aligns with Cove’s strategy to accelerate growth through asset acquisition, in addition to their existing model of being a branded flexible living operator and online listing platform, targeting professionals and students.
Since its inception in 2018, Cove has expanded to over 6,000 rooms in Singapore and Indonesia. The company has plans to further extend its reach to the wider Asia Pacific region, with recent ventures into South Korea, where it is set to launch 800 rooms, and Japan, where it aims to have 400 rooms through local joint venture partners.
In a recent funding round, Cove has raised an additional US$4.5 million, with the participation of Manchharam and other existing investors, including Eurazeo and Keppel. This funding will aid in accelerating regional expansion and solidifying its leadership position in current markets.
According to Guillaume Catagne, CEO and co-founder of Cove, the flexible living operator has witnessed significant growth in its portfolio in 2024 and has achieved EBITDA positivity. The company has set ambitious goals to double its portfolio to 15,000 units by the end of 2025.