Logistics company Leo Global Logistics PCL (LGL) has opened its second Leo Self Storage location in Bangkok. The company intends to open two more facilities by the end of next year, with 10 more planned within five years. The new site will target residents, collectors and small businesses, including online retailers who need space for inventory, according to the source.
“The Asian self-storage market is growing rapidly in comparison to other regions around the world,” said Kettivit Sittisoontornwong, CEO of LGL. “People’s lifestyles have become more diverse. Thailand is reopening its doors. It is increasingly driving the tourism section. These factors reflect the increasing demand for rental storage space.”
The new facility is in Bangkok’s Chinatown. It offers units as small as 1 square meter along with modern amenities including unit alarms and mobile-app access. Leo’s first location is at 90% occupancy, the source reported.
Stabilization in the market begins at around 60% occupancy, Sittisoontornwong said, adding that the lease-up goal for new facilities is to reach at least 30% occupancy in the first year and 80% in the fourth.
LGL and Thailand-based real estate development firm Sena Development PCL announced a joint venture in July to pursue self-storage and warehouse projects in Bangkok.
LGL specializes in logistics businesses including cargo and freight as well as warehousing and distribution management. It’s also publicly traded, with a listing on the Market for Alternative Investment.
Source: The Nation, Leo Global Logistics Opens ‘Lifestyle Storage’ Store in Bangkok’s Chinatown