South Korea: Singapore-based flexible living operator COVE and Korean asset management firm Honors Asset Management have forged a partnership to enter the coliving sector in Korea.
COVE operates more than 5,000 rooms in Singapore, Jakarta, Bandung, and Bali. It has partnerships with major institutional landlords in each country, including 8M and Meir Collective in Singapore; Lippo Group and Keppel Land in Indonesia.
According to a report by Savills, Seoul has approximately 6,200 coliving units as of May 2023, excluding short-term accommodations.
Through this MOU, Honors Asset Management and COVE are set to establish an exclusive partnership. Leveraging Honors’ insights into the Korean real estate market, both firms plan to explore coliving investment and business opportunities.
Honors Asset Management has a diverse portfolio encompassing traditional assets, real estate, and growth capital.
