Embracing Change, Empowering Growth: The Cove Story

We recently sat down with Sophie, the CMO of Cove, to discuss their exciting journey of growth over the past couple of years and their decision to embrace an asset-lite approach. Sophie presented her perspectives on the strategies they employed to attain success, including the advantageous opportunities they leveraged. She also delved into the reasoning behind their decision to adopt an asset-light approach and the effect it has had on the growth of their business.

Could you share what Cove does?

Cove is Southeast Asia's largest home rental and co-living company, boasting over 850 rooms in Singapore and more than 3,000 in Jakarta, Bandung, and Bali. We aim to provide tenants with easy and flexible apartment and room rental services. Regardless of the desired lease length, co-living preference, or apartment type, Cove offers fully furnished apartments that are ready for immediate occupancy.

Our company prioritizes a tenant-centric approach, taking into consideration factors such as apartment and location selection, as well as the type of appliances and furniture provided, to ensure the comfort of tenants during their stay.

Why did Cove decide to work together with Levande?

We were looking for a partner to supply high-quality electrical appliances, such as refrigerators and washing machines, to its tenants as we desired an asset-light model to allow for flexibility in moving, upgrading, and refurbishing appliances.

We heard out about what the team at Levande was doing, we had a nice discussion and soon after, we started subscribing to them for our white goods. We are very pleased to be partnering with Levande, as they not only provide a wide range of quality appliances, but also manage the logistics and repairs associated with appliance ownership.

The flexibility offered by Levande enables Cove to adapt to changing customer needs and respond promptly to customer preferences.

Tell us a bit more about the properties you currently manage?

Cove offers a wide range of properties, from standalone units in condominiums, landed properties, shop houses to entire buildings. This approach is also followed in Indonesia, where we are growing quite significantly. The diverse range of properties provides Cove with the flexibility to accommodate different lifestyle preferences (e.g. WFH, facilities, or with no facilities), location preferences (CBD or suburban), and budget restrictions (students or high-income professionals).

Some of Cove's recent projects include the refurbishment of 30 one and two bedroom units at Pearl's Hill Terrace.

On 201 Pearl’s Hill Terrace, a project we recently worked together on.

201 Pearl's Hill Terrace was formerly the Pearl Hill Police Quarters and was located next to 195 Pearl's Hill Terrace, which served as the headquarters of the Singapore Police Force. The building was constructed in the 1960s to accommodate junior police officers and currently operates as a student hostel.

To preserve the unique history and heritage of 201 Pearl's Hill Terrace, while taking advantage of its prime location overlooking Chinatown, Cove undertook a refurbishment project of 30 one and two bedroomunits in the third quarter of 2022. The aim was to attract expats and young families seeking rental accommodation.

In partnership with Levande, Cove furnished the apartments with modern appliances, such as washers, dryers, refrigerators, and microwaves. These upgrades sought to enhance the living experience for tenants in the refurbished space.

Did you notice any improvements in tenant experience?

As the demand for modern and convenient appliances continues to grow, Cove recognizes the importance of staying ahead of the curve. With the support of Levande, Cove is now able to offer an extensive range of appliances, including washer-dryer 2-in-1s and dishwashers, to meet the changing needs and preferences of tenants.

Through our partnership with Levande, Cove can provide these appliances at an affordable cost, without incurring the high upfront expenses associated with purchasing them outright. This not only offers added value to tenants, but also sets Cove apart in the competitive rental market.

Cove's commitment to providing the best rental experience possible has never been more evident.
The company's partnership with Levande is not only a testament to its commitment to providing tenants with the best appliances and services, but also to its belief in sustainable living and building a more sustainable future for all.

Could you share a bit more about Cove’s 2023 plans?

With the changes in how people live and work post-pandemic , Cove is optimistic about 2023 prospects. The company plans to expand its room count in Singapore to over 1,300 rooms within the next 6 - 9 months and introduce a substantial portfolio of new properties in Bali, Bandung, and Jakarta.

Cove's decision to embrace an asset-lite approach with Levande has proven to be a wise choice for them. By partnering with Levande, they are able offer high-quality appliances to its tenants without incurring high upfront costs while allowing the company to quickly adapt to changing customer preferences and offer desirable appliances, adding value to the tenant experience.

Not only is it quicker, more convenient and gives them more financial flexibility, it has the power to significantly reduce e-waste by offering refurbishment and recycling services.

To find out more and check out what appliances we have on offer, visit Levande: https://www.levande.com.sg/levande-for-business/

ABOUT LEVANDE

We are on a mission to empower people to live more sustainably and help reduce electronic waste in landfills. By offering an all-in-one appliance subscription service, we are reshaping how people own appliances today.

Our appliance subscription covers set-up, delivery, servicing, and a 48-hour replacement guarantee – giving you total peace of mind.

We aspire to maximise resource efficiency by recycling and reusing appliances as we advance towards a circular economy. By subscribing, you can help reduce the growing mountains of e-waste and contribute to a more sustainable future.

Levande is an appliance subscription platform powered by Electrolux.

ABOUT ELECTROLUX

Electrolux is a leading global appliance company that has shaped living for the better for more than 100 years.

We reinvent lifetime taste, care and wellbeing experiences for millions of people, always striving to be at the forefront of sustainability in society through our solutions and operations.

In 2021 Electrolux had sales of SEK 126 billion and employed 52,000 people around the world. Our headquarters are located in Stockholm, Sweden, and the Electrolux share (ELUXb) is listed on Nasdaq OMX Stockholm.

Under our brands, including Electrolux, AEG and Frigidaire, we sell approximately 60 million household products in over 120 markets every year.