Cove, a Singapore-based flexible living platform, has recently announced the appointment of Ashish Manchharam, a veteran in the real estate and hospitality industry, as its new board director.
Manchharam, who has previously founded and successfully built 8M Real Estate to a portfolio worth $1.5 billion in just ten years, has recently left the company in 2023. In early 2024, he established Elevate Capital, which focuses on investing in lifestyle-driven real estate properties.
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The condominium market in Singapore remains robust, largely driven by the limited land availability in the country. As a small and densely populated nation, Singapore faces difficulties in acquiring land for development. To tackle this challenge, the government has imposed strict regulations on land usage, resulting in a fiercely competitive real estate industry and skyrocketing property prices. As a result, the condo market presents an alluring opportunity for investors seeking to capitalize on this highly coveted market.
In his new role as an advisor, Manchharam will help Cove in its efforts to acquire flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices.
This strategic move is in line with Cove’s plan to accelerate its growth through partnerships and asset acquisitions. Initially, the company had focused solely on an asset-light model as an online listing platform and branded flexible living operator catering to professionals and students.
Since its inception in 2018, Cove has grown its presence to over 6,000 rooms in both Singapore and Indonesia. The company is now looking to expand to other parts of the Asia Pacific region, with plans to launch 800 rooms in South Korea and 400 rooms in Japan through partnerships with local joint venture partners.
Cove has also successfully closed a US$4.5 million funding round to support its regional expansion and solidify its position as a leader in its existing markets. Manchharam was one of the investors who participated in this round, along with existing investors like Eurazeo and Keppel, who had previously taken a strategic minority stake in Cove in December 2020.
According to Guillaume Catagne, CEO and co-founder of Cove, the company has experienced significant growth in its portfolio in 2024 and has also achieved profitability in terms of EBITDA. The company has set ambitious goals to double its portfolio to 15,000 units by the end of 2025.