Ashish Manchharam, a real estate and hospitality veteran, has been appointed as a board director for Singapore-founded flexible living platform Cove. With over 10 years of experience in the industry, Manchharam founded and built 8M Real Estate into a successful portfolio of $1.5 billion before exiting the company in 2023. In early 2024, he established Elevate Capital, which focuses on lifestyle-driven real estate investments.
Manchharam’s expertise and experience will be instrumental in helping Cove acquire flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. His appointment is in line with Cove’s growth strategy to expand through asset acquisition, in addition to its existing asset-light model as a branded flexible living operator and online listing platform. Cove caters to professionals and students and currently has over 6,000 rooms in Singapore and Indonesia. It plans to extend its reach to the wider Asia Pacific region, with 800 rooms to be launched in South Korea and 400 rooms in Japan.
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The company has recently closed a US$4.5 million funding round, with Manchharam and existing investors Eurazeo and Keppel participating. Keppel had previously acquired a strategic minority stake in Cove in December 2020. Cove’s CEO and co-founder Guillaume Catagne shares that the company achieved significant portfolio growth in 2024 and became EBITDA positive. It aspires to double its portfolio to 15,000 units by the end of 2025.