Self-storage business in Asia 'set to grow'

IT may come across as a little ironic that people or businesses are keeping their collections and goods in huge self-storage facilities, away from their homes and restaurants, when land in Singapore is scarce and property prices are skyrocketing.

But this scarcity will drive demand for self-storage spaces, as will uncertain economic conditions, believes Kenneth Worsdale, chief executive officer of Extra Space Asia, a privately owned self-storage provider. "In most of the Asian countries, as people move from the countryside into city centres, they go from bigger houses to smaller condominiums and have no space."

And while he thinks there could be some impact on the business with a likely downturn in the economy, the chartered accountant by training said the impact could be positive for the group because even as "people are less secure in their jobs or may live in smaller housing", they refuse to "get rid of their items".