Self storage is still a very new industry in Singapore. In Singapore, key reasons for the increasing trend towards rental of self storage space include spiralling property prices for residential, commercial and retail space, en-bloc property sales which often result in downgrading to a smaller place, rising consumerism as people acquire and collect more stuff that are of sentimental and/or monetary value, Singaporeans returning home from working overseas and expatriates relocating to Singapore. People also spend more time and money on hobbies that require bulky equipment and accessories which require storage space. Businesses are also increasingly finding it difficult and costly to store company papers and records on-site and are looking for more options and greater flexibility in terms of office size, storage and overhead costs.
With a population that is increasingly sophisticated, well-travelled and well paid - living in homes that are limited in space, we see this as a growth area. Sydney, which has about the same population size of Singapore, has 120 self-storage facilities. Even if we count the entire industry in Singapore, we only have about 25 self-storage facilities. So, it definitely looks like there is room to grow. People are looking to companies like ours to extend their spaces and simplify their lives.
Extra Space is a self storage facility. We allow people and businesses to store their items with us, at affordable rates, for flexible time periods ranging from two weeks to twenty years.
Extra Space started with just one self storage facility in 2007. To-date, the company has five strategically-located storage facilities meeting the needs of individuals, families and businesses island-wide. All our facilities are in convenient locations, near expressways and MRT stations. This makes it easy for both customers who drive as well as those who take public transport. Our facilities are located at Boon Keng Road, Eunos Link, Marymount Road, IMM Building and West Coast.
Why do people need self storage?
There is simply a great deal of latent demand for self storage.
- Homes are getting smaller while incomes are getting larger. Singaporeans want their living spaces to reflect who they are but don’t always have the space to accommodate all their acquisitions. At the same time, they have more interests/ hobbies, which require storage space. Extra Space simply allows you to de-clutter and make room for what you need when you need it.
- As for businesses, space is at a premium but they need to spend their resources on driving results, not on real estate. And so, start-up businesses use our storage space as they are good cost-saving and flexible alternatives to traditional warehouses.
- Customers can rent smaller areas which match their inventory size. As they grow, their space can grow. We have flexible lease terms. With the minimum storage term at just two weeks, small businesses can also use us as short term overflow space.
- We know our product can make a tangible difference to people’s living and working spaces but many didn’t know about such options. So we put a lot of energy into educating people about self-storage. And demand grew naturally as people saw the benefits of self storage.