Cove, a flexible living platform founded in Singapore, has appointed real estate and hospitality expert Ashish Manchharam as a board director. Manchharam founded 8M Real Estate and grew it over 10 years into a $1.5 billion portfolio. After exiting 8M Real Estate in 2023, he established Elevate Capital in early 2024, which focuses on lifestyle-driven real estate investments.
In his advisory capacity, Manchharam will assist Cove in acquiring flexible living assets in partnership with third-party investors, including real estate funds, institutional investors, and family offices.
His appointment supports Cove's strategy to accelerate growth through an asset acquisition model, in collaboration with third-party investors. In the past, Cove operated exclusively with an asset-light model, serving as a branded flexible living operator and online listing platform targeting professionals and students.
Since it was founded in 2018, Cove has over 6,000 rooms in Singapore and Indonesia. It intends to expand its reach to the wider Asia Pacific region, and earlier this year, it ventured into South Korea, where it is set to launch 800 rooms, and in Japan, where it plans to have 400 rooms through local joint venture partners.
Cove has closed an additional US$4.5 million funding round to accelerate regional expansion and strengthen its leadership position in existing markets. The round saw the participation of Manchharam alongside its existing investors, including Eurazeo and Keppel, which had taken a strategic minority stake in Cove in December 2020.
Cove CEO and co-founder Guillaume Catagne stated that the flexible living operator experienced substantial portfolio growth in 2024 and achieved EBITDA positivity. The company aims to more than double its portfolio, reaching 15,000 units by the end of 2025.