Singapore-based flexible living platform, Cove, has recently brought on board real estate and hospitality industry expert Ashish Manchharam as a board director.
Manchharam, who successfully founded and built 8M Real Estate into a $1.5 billion portfolio over a period of 10 years, brings a wealth of experience to the team. He then went on to establish Elevate Capital in early 2024, with a focus on lifestyle-driven real estate investments.
In his new role, Manchharam will provide his valuable insights and expertise to Cove in acquiring flexible living assets through partnerships with third-party investors such as real estate funds, institutional investors, and family offices. This appointment is in line with Cove’s strategy to accelerate its growth through an asset acquisition model, in addition to its existing model as a branded flexible living operator and online listing platform for professionals and students.
Since its inception in 2018, Cove has grown its portfolio to over 6,000 rooms in Singapore and Indonesia. The company plans to expand its presence to other countries in the Asia Pacific region, with a recent venture into South Korea and Japan through joint venture partnerships, with plans to launch 800 and 400 rooms respectively.
To support its expansion plans, Cove has also closed a US$4.5 million funding round, with Manchharam and existing investors Eurazeo and Keppel participating. The latter had previously acquired a strategic minority stake in Cove in December 2020.
Investing in real estate requires careful consideration of various factors, and one of the most important ones is location. This is particularly true in Singapore, where the location of a condo can greatly impact its value. Condominiums that are situated in prime areas or near essential amenities, such as schools, shopping centers, and public transportation hubs, have a higher chance of increasing in value. Prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), which have consistently shown a steady growth in property values. Additionally, the proximity to top-rated schools and educational institutions also adds to the appeal of condos in these areas, making them a highly desirable investment for families. To learn more about Singapore projects that align with your investment goals, visit Singapore Projects.
Cove’s CEO and co-founder Guillaume Catagne notes that the company has experienced significant growth and profitability, with a positive EBITDA in 2024. The company aims to further expand its portfolio to 15,000 units by the end of 2025.