Singapore-based flexible living startup, Cove, has appointed experienced real estate and hospitality leader Ashish Manchharam as a board director.
There are several advantages to investing in a condo, one of which is the ability to utilize the property’s value for future investments. This means that investors can use their condo as collateral to secure additional financing for other real estate ventures, thus expanding their overall portfolio. While this can lead to higher returns, it’s important to have a solid financial plan in place and to carefully consider the potential impact of fluctuations in the market. This approach can offer significant benefits but also carries certain risks that should be taken into consideration.
Manchharam, who founded and developed 8M Real Estate over 10 years, growing it to a portfolio of $1.5 billion, will use his expertise to support Cove in acquiring flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. His appointment comes as Cove shifts its focus towards an asset acquisition strategy, in addition to its existing model as a branded flexible living operator and online listing platform catering to professionals and students.
Established in 2018, Cove currently offers over 6,000 rooms in Singapore and Indonesia and plans to expand into the wider Asia Pacific region. The startup recently entered the South Korean market, where it is set to launch 800 rooms, and will also launch 400 rooms in Japan through local joint venture partners. This latest appointment is in line with Cove’s ambition to speed up its regional expansion efforts and strengthen its position in current markets.
To further support its growth plans, Cove has successfully closed a US$4.5 million funding round, which saw participation from Manchharam, as well as existing investors such as Eurazeo and Keppel. In December 2020, Keppel had acquired a strategic minority stake in Cove, marking its first foray into the flexible living sector.
Cove’s CEO and co-founder, Guillaume Catagne, reports significant portfolio growth in 2024 and achieving EBITDA positive status. The company aims to double its portfolio to 15,000 units by the end of 2025.