Safe-deposit box facility opens off Orchard Road

Singapore

SAFE deposit box users will no longer need to go to a bank to rent safety deposit boxes, with the opening of a European-standard vault just off Orchard Road. Vault@268 opens its automated and robotic services with 1,964 boxes up for grabs - as a 24-hour service for those who want to store anything from documents and jewellery to gold bullion. The smaller of two sizes, at 325mm x 235mm x 137mm, can take up to two 12.4 kg gold bars (weight capacity is 30 kg) or S$8 million in 1,000-dollar notes.

Executive director Charlene Kang points out that off-site storage is the tried method against home invasion and fire. In Singapore, the influx of the nouveau riche has created a demand for private vaults, and the many banks in central Singapore have also closed branches or reduced their safety deposit box storage because of scarcity of space. Ms Kang says that she first came across the Swedish-based Gunnebo safety deposit box system in Europe, and decided to bring it to Singapore. The S$4.5 million investment in the business took at least three years to execute. It was done as a joint venture with the landlord, Ngee Ann Development Pte Ltd, which constructed 268 Orchard Road, the former Yen San building, to specifications for the vault.