March 23, 2010 4:14 PM
Self storage was introduced to the country of Singapore in 2003. Since then, the Singapore self storage industry has been thriving, almost as if a recession was not going on in the rest of the world. Currently, there are about 20 self storage facilities scattered around Singapore, especially in Changhi, Kallang, Tampines, and Toa Payoh.
Inside Self-Storage reported yesterday that the first self storage business to enter the Singapore market, StorHub Self Storage, has seen its revenue climb from $900,000 in its first year of operation to $13.4 million last year. Its net profit has steadily increased from a loss of $1.4 million in 2003 to a yield of $2.4 million in 2009. Extra Space Self Storage of Singapore, which opened more recently, in 2007, has seen its revenues and net profits quadruple since then. [More]