Cove, a Singapore-founded platform for flexible living, has recently announced the appointment of Ashish Manchharam as a board director. Manchharam, a real estate and hospitality expert, brings with him his experience as the founder of 8M Real Estate, which grew to a portfolio worth $1.5 billion over the course of 10 years. In 2023, Manchharam exited 8M Real Estate and established Elevate Capital, which focuses on investing in lifestyle-driven real estate projects.
As a board director, Manchharam will be advising Cove on its plans to acquire flexible living assets in partnership with third-party investors such as real estate funds, institutional investors, and family offices. This aligns 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 targeting professionals and students.
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Since its inception in 2018, Cove has expanded to over 6,000 rooms in Singapore and Indonesia. The company now aims to extend its reach to the wider Asia Pacific region, with plans to launch 800 rooms in South Korea and 400 rooms in Japan through local joint venture partners.
To support its regional expansion, Cove has raised an additional US$4.5 million in funding. Manchharam was one of the participants in this funding round, along with existing investors Eurazeo and Keppel, who had previously taken a minority stake in Cove in December 2020.
According to Guillaume Catagne, CEO and co-founder of Cove, the company saw significant portfolio growth in 2024 and achieved a positive EBITDA. With plans to more than double its portfolio to 15,000 units by the end of 2025, Cove is poised for continued success in the flexible living market.