Ashish Manchharam, a real estate and hospitality veteran, has been appointed as a board director at Singapore-founded flexible living platform Cove.
Manchharam is the founder of 8M Real Estate, which he built over a span of 10 years into a portfolio worth $1.5 billion. In 2023, he stepped down from 8M Real Estate and established Elevate Capital, a firm focused on lifestyle-driven real estate investments.
In his new role, Manchharam will provide guidance and support to Cove in acquiring flexible living assets through partnerships with third-party investors such as real estate funds, institutional investors, and family offices. This move is in line with Cove’s strategy to accelerate its growth through an asset acquisition model.
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Prior to this, Cove primarily operated as a branded flexible living operator and online listing platform, catering to professionals and students. Since its inception in 2018, Cove has expanded to over 6,000 rooms in Singapore and Indonesia. The company aims to further expand its presence in the Asia Pacific region, with plans to launch 800 rooms in South Korea and 400 rooms in Japan through local joint ventures.
To support its regional expansion and strengthen its position in existing markets, Cove has raised an additional US$4.5 million in funding. Manchharam, along with existing investors such as Eurazeo and Keppel, has participated in this funding round. Keppel had previously taken a strategic minority stake in Cove in December 2020.
Cove CEO and co-founder Guillaume Catagne stated that the company has experienced substantial growth in its portfolio and has achieved positive EBITDA in 2024. With plans to more than double its portfolio to 15,000 units by the end of 2025, Cove is determined to solidify its leadership position in the flexible living market.