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Cove names Ashish Manchharam as advisor, shifts to asset acquisition model

By EdgeProp Singapore

/ EdgeProp Singapore |

December 12, 2024 12:27 PM SGT

Cove co-founder Luca Begoli (left), Ashish Manchharam and Cove CEO/co-founder Guillaume Catagne (Photo: Cove)

Singapore-founded flexible living platform Cove has appointed real estate and hospitality veteran Ashish Manchharam as a board director.

Manchharam founded and built 8M Real Estate over 10 years to a portfolio of $1.5 billion. He exited 8M Real Estate in 2023 and, in early 2024, set up Elevate Capital, which is focused 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.

Read also: Habyt launches new flexible living space in Tanjong Pagar

His appointment aligns with Cove's plan to accelerate its growth via an asset acquisition model through partnerships with third-party investors. Previously, Cove focused exclusively on an asset-light model as a branded flexible living operator and online listing platform whose target markets are 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.

According to Cove CEO and co-founder Guillaume Catagne, the flexible living operator saw significant portfolio growth in 2024 and was EBITDA positive. The company intends to more than double its portfolio to 15,000 units by the end of 2025.

Tags:

Cove Co-Living flexible living Ashish Manchharam Elevate Capital

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