Philippines Self-Storage Operator SafeHouse Plans Expansion

SafeHouse Storage, a self-storage operator with three locations in the Philippines, expects to open a fourth facility this year and eventually expand to at least 20 locations in the Manila metropolitan area. The company is owned by brothers Carlo and Mark Coronel, who believe the rise in condominium development across the region will continue to drive self-storage demand, according to the source.

SafeHouse Storage, a self-storage operator with three locations in the Philippines, expects to open a fourth facility this year and eventually expand to at least 20 locations in the Manila metropolitan area. The company is owned by brothers Carlo and Mark Coronel, who believe the rise in condominium development across the region will continue to drive self-storage demand, according to the source.

Residential-condo development is expected to grow from 91,000 units last year to about 140,000 by 2020, the source reported. With some properties smaller than 19 square meters and almost no residential storage space, the Coronels believe they can capitalize on the construction boom. “Condominium developers are slowly expanding, and it has a strict correlation to the market we want to capture,” Carlo told the source.

SafeHouse currently operates one facility in Taguig and two locations in Quezon City. Its portfolio comprises about 800 units. Its fourth property is under development in Makati. “I’d like to think we can build at least a total of 20 branches around Metro Manila,” Carlo said. “There have also been invitations to bring it to Cebu.”

SafeHouse properties typically feature “roaming security” and offer moving services and 24-hour access, the source reported.

Founded in 2010, SafeHouse has been credited with being the first self-storage operator to open in the Philippines. It operates under the umbrella of CCMC Development Corp., a real estate company that offers warehousing services, according to the SafeHouse website.

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