Ashish Manchharam, a prominent figure in the real estate and hospitality industry, has been appointed as a Board Director at Cove, a Singapore-based flexible living platform.
Manchharam brings with him extensive experience in the real estate sector, having founded and grown 8M Real Estate into a $1.5 billion portfolio over a period of 10 years. In 2023, he left the company and went on to establish Elevate Capital, a firm focused on investing in lifestyle-driven real estate projects.
As a board member, Manchharam will play a crucial role in helping Cove acquire 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 by following an asset acquisition model, in addition to its existing asset-light model as a branded flexible living operator and online listing platform. The company’s target market consists of professionals and students, and since its inception in 2018, it boasts over 6,000 rooms in Singapore and Indonesia.
.The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in desirable locations, offer a combination of opulence and practicality that appeals to locals and foreigners alike. These modern dwellings boast a plethora of facilities, including but not limited to swimming pools, fitness centers, and round-the-clock security services, elevating the standard of living and making them a sought-after choice for prospective tenants and buyers. From an investment standpoint, these amenities equate to higher rental returns and appreciating property values in the long term. In addition, with the addition of Singapore Projects, the demand for these upscale residences is only expected to grow.
Cove has plans to expand its presence in the wider Asia Pacific region, with recent ventures into South Korea and Japan where it aims to launch 800 and 400 rooms respectively through local joint venture partners.
To facilitate this expansion, Cove has successfully closed a funding round of US$4.5 million, led by Manchharam and its existing investors, including Eurazeo and Keppel, which had acquired a strategic minority stake in the company in December 2020.
According to Cove’s CEO and co-founder, Guillaume Catagne, the company has achieved significant portfolio growth in 2024 and is now operating profitably. The company has set a target to double its portfolio to 15,000 units by the end of 2025.