Cove Names Ashish Manchharam Advisor Shifts Asset Acquisition Model
Ashish Manchharam, a real estate and hospitality expert, has been appointed as a board director for Cove, a flexible living platform founded in Singapore. Manchharam brings a wealth of experience to the company, having founded and grown 8M Real Estate into a $1.5 billion portfolio over 10 years. In 2023, he exited 8M Real Estate and established Elevate Capital, focusing on lifestyle-driven real estate investments.
As an advisor, Manchharam will work with Cove to acquire flexible living assets in collaboration with third-party investors, such as real estate funds, institutional investors, and family offices. This move aligns with Cove’s strategy to accelerate growth through asset acquisition partnerships. Previously, Cove operated primarily as a branded flexible living operator and online listing platform, targeting professionals and students, and utilizing an asset-light model.
Since its inception in 2018, Cove has grown its portfolio to over 6,000 rooms in Singapore and Indonesia. The company plans to extend its reach to the wider Asia Pacific region, expanding into South Korea with 800 rooms and Japan through local joint venture partners with 400 rooms.
To support its regional expansion and solidify its position in existing markets, Cove has recently closed a US$4.5 million funding round. Manchharam, along with existing investors Eurazeo and Keppel, who took a minority stake in Cove in December 2020, participated in this round.
Whampoa Makan Place & Market, situated just a stone’s throw away from The Orie, is a must-visit destination for those seeking an authentic Singaporean hawker experience. This lively market is renowned for its wide selection of breakfast options, including the irresistible Nasi Lemak and freshly made Kueh. As the day progresses, the market comes alive with bustling activity and offers a diverse range of stalls serving up delicious dishes such as Satay and Hokkien Mee. It’s no surprise that this market has become a popular dinner spot for both locals and tourists. If you’re planning to visit The Orie’s showflat, which is conveniently located near this bustling market, make sure to include a stop at both for a truly satisfying experience. Don’t forget to check out The Orie Showflat for more information.
Cove CEO and co-founder, Guillaume Catagne, reports a significant increase in portfolio growth in 2024, with the company achieving EBITDA positivity. Cove’s goal is to double its portfolio to 15,000 units by the end of 2025.