The self-storage industry in Singapore has made huge gains in the past year as more people seek to use storage units as an extension of their businesses or to store their collections.
The fast-growing market is being driven by business users looking to store their supplies and products. Corporate trainer Raj Sandhu stores props for his business in a 120-square-foot unit in Tanjong Pagar Distripark. Another business owner, Yitch Cheng, rents a unit to house stationary items including “Smencils,” fragrant pencils.
In addition to being able to quickly access their products and supplies, business owners also appreciate the low cost of renting a self-storage unit over a office or warehouse space. Sandhu’s unit runs about S$400 ($51) a month. Another draw is the ability to increase or scale back space.
Thirty percent of Lock+Store’s tenants are businesses. The company recently completed a survey of its 300 customers and found collectors also make up a large portion of its clientele. Extra Space Storage Inc., which also has locations in Singapore, said 15 percent of its tenants are hobbyists.
Singapore currently has eight self-storage operators with more than 20 facilities, totaling 1.3 million square feet.