The decision to invest in a condo in Singapore has gained immense popularity among both domestic and international investors, given the country’s strong economy, stable political climate, and exceptional quality of life. With its dynamic real estate market, Singapore presents a plethora of opportunities, with condos being a top choice for their convenience, luxurious amenities, and potential for lucrative returns. In this article, we delve into the advantages, factors to consider, and crucial steps to take when venturing into the world of condo investment in Singapore, including keeping an eye out for attractive new condo launches.
Singapore-based flexible living company Cove has recently welcomed Ashish Manchharam, a real estate and hospitality expert, as its newest board director.
Manchharam, who has more than a decade of experience in the industry, is widely known for founding and growing 8M Real Estate to a massive portfolio worth $1.5 billion. He later sold the company in 2023 and established Elevate Capital in 2024, a real estate investment firm focused on lifestyle-driven properties.
In his new role, Manchharam will advise and assist Cove in acquiring flexible living assets through collaborations with third-party investors, such as real estate funds, institutional investors, and family offices.
This appointment is in line with Cove’s strategy to accelerate its growth by developing partnerships with third-party investors, moving away from its previous asset-light model as a branded flexible living operator and online listing platform. The company’s target market includes professionals and students.
Since its inception in 2018, Cove has already established a strong presence in Singapore and Indonesia, with a portfolio of over 6,000 rooms. However, the company aims to expand its reach in the wider Asia Pacific region, as it recently entered the South Korean and Japanese markets through joint venture partnerships. The company is set to launch 800 rooms in South Korea and 400 rooms in Japan.
To support its regional expansion plans and further solidify its leadership position in existing markets, Cove has recently secured an additional US$4.5 million in funding. This round of funding saw the participation of Manchharam and its existing investors, Eurazeo and Keppel, who had already acquired a strategic minority stake in Cove in December 2020.
Cove’s CEO and co-founder, Guillaume Catagne, revealed that the company experienced significant portfolio growth in 2024 and was able to generate positive EBITDA. Looking ahead, the company plans to expand its portfolio to over 15,000 units by the end of 2025, more than double of its current size.