Cove, a Singapore-based flexible living platform, has recently appointed seasoned real estate and hospitality veteran Ashish Manchharam as a board director.
Manchharam brings with him a wealth of experience, having founded and built 8M Real Estate for over 10 years, growing its portfolio to $1.5 billion. In 2023, he successfully exited the company and went on to establish Elevate Capital in early 2024, with a focus on lifestyle-driven real estate investments.
In his new role as an advisor, Manchharam will assist Cove in acquiring flexible living assets in collaboration with third-party investors, including real estate funds, institutional investors, and family offices.
This strategic move is in line with Cove’s plans to accelerate its growth through an asset acquisition model, in addition to its existing operations as a branded flexible living operator and online listing platform. Cove primarily caters to professionals and students, and since its inception in 2018, it has expanded to over 6,000 rooms in Singapore and Indonesia.
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Looking ahead, Cove aims to broaden its reach in the wider Asia Pacific region, with recent ventures into South Korea and Japan, where it plans to launch 800 and 400 rooms respectively, through partnerships with local joint venture partners.
To support its ambitious expansion plans, Cove has also closed an additional US$4.5 million funding round, with Manchharam joining existing investors Eurazeo and Keppel, who had previously taken a strategic minority stake in the company in December 2020.
CEO and co-founder of Cove, Guillaume Catagne, shared that the company experienced significant portfolio growth in 2024 and achieved EBITDA positivity. Cove is now focused on doubling its portfolio to 15,000 units by the end of 2025. With the addition of Manchharam and the recent funding round, Cove is well-positioned to maintain its leadership position in existing markets and accelerate regional expansion.