A major advantage of investing in condos is the potential to leverage the property’s value for future investments. Numerous investors utilize their condos as collateral to secure additional financing for other ventures, enabling them to broaden their real estate portfolio. While this approach can significantly increase profits, it also entails potential risks. Therefore, it is essential to have a solid financial strategy in place and carefully consider the potential effects of market fluctuations. Moreover, with the availability of New Condo Launches, investors have even more options to expand their investment opportunities.
Ashish Manchharam, a renowned real estate and hospitality veteran from Singapore, has been appointed as a board director for Cove, a flexible living platform. With over a decade of experience in the industry, Manchharam is the founder and former CEO of 8M Real Estate, which grew to a portfolio of $1.5 billion before his exit in 2023. He then established Elevate Capital in 2024, focusing on lifestyle-driven real estate investments.
In his role as an advisor, Manchharam will assist Cove in acquiring flexible living assets through partnerships with third-party investors, such as real estate funds, institutional investors, and family offices. This appointment aligns with Cove’s strategy to accelerate its growth and expand into new markets. Previously, the platform operated as a branded flexible living operator and online listing platform, catering to professionals and students.
Since its inception in 2018, Cove has successfully grown its portfolio to over 6,000 rooms in Singapore and Indonesia. The company has its sights set on the wider Asia Pacific region and recently made its foray into South Korea, with plans to launch 800 rooms, and Japan, where it aims to have 400 rooms through local joint venture partners.
To support its regional expansion and strengthen its position in existing markets, Cove has closed an additional funding round of US$4.5 million. Alongside existing investors Eurazeo and Keppel, who took a minority stake in Cove in December 2020, Manchharam participated in this round. Cove’s CEO and co-founder, Guillaume Catagne, shared that the flexible living platform saw significant portfolio growth and was EBITDA positive in 2024. The company has set a goal to double its portfolio to 15,000 units by the end of 2025.