Singapore self-storage operator Lock+Store is planning to double its property portfolio in the near future, despite recent industry consolidation and forecasts for more contraction, according to the source. The company plans to expand its national footprint from four to eight facilities and is set to open its first asset outside of Singapore at the Temasya Industrial Park in the Glenmarie area of Selangor, a state of Malaysia.
The Malaysian facility is scheduled to open by September and will be comprised of 200 self-storage units ranging in size from 9 to 200 square feet. It will feature climate-controlled units, mixed-use space and wine storage.
"We aim to target the surrounding businesses as well, especially small and medium enterprises which tend to store their inventory at self-storage facilities to manage their operating costs," said Helen Ng, CEO of Lock+Store.