Extra Space Storage Experiences Rapid Growth in Singapore

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Extra Space Singapore Holdings Pte Ltd is experiencing rapid growth in Singapore since opening its first self-storage facility in the country in 2007.

The company began with one 268,131-square-foot facility, and now has five, totaling 617,000 square feet. According to the company, it gains about 3,000 new tenants each year.

Extra Space Singapore Holdings Pte Ltd is jointly owned by CEO Michael Hagbeck and Lazard Limited and Boustead Holdings, a listed Singaporean company, and run by chief financial officer Kenny Tham, and general manager of operations, Jeannie Sng. The company is also a member of the Self Storage Association of Australasia and the Singapore Business Federation.

With a background in wine storage in Sydney, Hagbeck had originally set out to open wine storage in Singapore, but soon realized there was a broader need for self-storage. Extra Space Singapore’s tenants are mix of commercial and residential, along with wine storage. Singaporeans are also embracing more hobbies, creating a need for storage.

Self-storage in Singapore is similar to that of the United States and in Europe, with a variety of unit sizes, video surveillance and controlled access through personal codes.

Extra Space has the largest walk-in wine storage facility in Singapore. The company’s locations on Boon Keng Road and Eunos Link have lockers and walk-in cellars that can accommodate up to 400 cases. Complimentary tasting rooms are also available.

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