Self-storage is fast becoming the go-to storage place in Singapore for residents, business owners, collectors and non-profit organizations.
Low-cost monthly rental rates, convenience and temperature control are attracting residential and commercial renters, and more self-storage operators on coming on board to provide services to this growing market.
According to an article in Asia One News, the number of self-storage facilities has grown to 20 in all, up from just two in 2003. The first self-storage operator in Singapore, StorHub Self Storage, has seen its customer base grow rapidly since opening in 2003. Revenue jumped to $13.4 million in the same period. Extra Space Storage, EBC Self-Storage and Store-It! Self Storage have all opened facilities.
Attracting Renters
The low cost of a storage unit versus traditional office or warehouse space, which can easily cost upward of $2,000 a month, is self-storage’s main attraction for many small-business owners. Other benefits include the quiet atmosphere, access hours and short-term leases.
Anthony Leong rents a unit at an Extra Space Storage to store his merchandise, but also spends several hours a week in his unit working or brainstorming for his business. With racks of fabric and a makeshift table, the self-storage unit has essentially become a second office for the entrepreneur, who supplies Italian fabrics to tailors in the region.
Many of the storage spaces are air-conditioned, and have abundant security measures including keyed-entrance gates, video surveillance systems and even biometric fingerprint technology. This is critical for Brad Ng, a wine trader, who stores his stock in a self-storage unit. The owner of Beautiful Wine, an import and distribution firm for fine wine, also counts on the humidity and temperature controls at the Boon Keng facility of Extra Space Storage, which has 249 storage units devoted to wine storage.
Business owners aren’t the only ones finding taking advantage of the growing self-storage market in Singapore. Nazri Aris stores his collection of 300 superhero comics and toys in a self-storage unit. Non-profit organizations are also finding storage units can cut back on expenses.
The non-profit youth organization Circus Outreach stores its tricks of the trade—unicycles, plastic saucers of various colors, spinning reels and balance boards—at a self-storage facility. Circus Outreach conducts school workshops for at-risk youth, and also performs at festivals.
The circus items once filled up space of the group’s office before being moved to StorHub Self Storage in 2006 when renting the office became too expensive. The props are stored in a 60-foot, air-conditioned unit. Because the facility is open 24 hours a day, the group has round-the-clock access to the props. StorHub also has high-tech security with passwords and biometric fingerprint technology.
Sources:
Asia One News, It's Boom Time for the Self-Storage Industry
Asia One News, Everything's Coming Up Roses for Wine Trader
Asia One News, Circus Puts Things Away When it Isn't on the Road
Asia One News, A Special Home for Superheroes
Asia One News, Low-Cost Start for High-End Fabrics
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