Cove, a flexible living platform established in Singapore, has welcomed real estate and hotel expert Ashish Manchharam as a new member of their board of directors.Manchharam, who founded and managed the company 8M Real Estate for over a decade, now serves as a director at Cove. With his strong background in real estate and hospitality, he aims to assist the company in expanding its reach and boosting its growth potential.In 2023, Manchharam decided to step down from 8M Real Estate, which had achieved a remarkable portfolio worth $1.5 billion. Not long after, he established his own company, Elevate Capital, which specializes in lifestyle-driven real estate investments.Using his extensive experience and expertise, Manchharam will provide advisory support to Cove in the acquisition of flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. This move is in line with Cove’s strategy to speed up its growth through an asset acquisition model, forming partnerships with external investors. Previously, Cove focused solely on operating as a branded flexible living operator and online listing platform, targeting professionals and students.Since its inception in 2018, Cove has managed to secure over 6,000 rooms in Singapore and Indonesia. Now, the company aims to expand its presence in the greater Asia Pacific region. Earlier this year, it launched 800 rooms in South Korea and plans to add another 400 rooms in Japan with the help of local joint venture partners.The company has also recently completed a funding round, raising an additional US$4.5 million. This funding will help accelerate Cove’s regional expansion and reinforce its position as a leader in its existing markets. Manchharam participated in the round, along with existing investors such as Eurazeo and Keppel, who had previously acquired a minority stake in Cove in December 2020.According to Cove’s CEO and co-founder Guillaume Catagne, the company has experienced significant portfolio growth in 2024 and has become EBITDA positive. Its goal is to double the current portfolio of 6,000 units to 15,000 units by the end of 2025.
