The Storage One (TSO), a self-storage condominium venture, has launched in Hong Kong. The company held an opening ceremony on April 12 at its first location, on the eighth floor of the Sang Hing Industrial Building at 81-23 Ta Chuen Ping Street. The business offers 125 units, which can be bought and used for personal self-storage or rented to a third party. It’s the first of three Hong Kong facilities scheduled to open this year, with further expansion throughout the city and other parts of Asia expected in the future, according to a press release.
TSO is believed to be the first storage-condo enterprise in Hong Kong. “[It’s] an innovative and flexible mini-storage, property-transaction project, with the hope to lead the market to new beginnings across Asia,” company officials stated in the release. Nearly 100 units at the Sang Hing location have reportedly already been sold.
The second TSO location, dubbed “The Storage Village,” in the Shau Kei Wan neighborhood on Hong Kong Island, is in the pre-sale process. The third is under development in the Kwai Hing area and is expected to begin pre-sales in the third quarter.
The properties will be run in conjunction with affiliate 100storage, which will provide valet-style self-storage with pickup and delivery services, according to the release.
“I believe that the concept and business strategy of The Storage One are ahead of the market, as it offers investors flexibility,” said Donatus Leung, CEO of parent affiliate Ronica Holdings Co. Ltd. “The idea is unique in its own, and the market demand is growing by the day. The development potential is great.”
Last week’s event was attended by several industry leaders and officials from business associations. Guests included Kevin She, founder of SC Storage, and Andrew Work, executive director of Self Storage Association Asia.