13 Jan 2012
Hong Kong "space" franchise in Singapore
|Storefriendly's Jes Johansen (left) and Kevin Chan.|
With approximately 80% of Singapore's public and private apartments becoming smaller in size, people are looking for storage space for their personal belongings.
This trend has attracted a new wave of companies that rent out storage space and Storefriendly decided to take advantage of demand by rapidly breaking into the sector.
The company has over 90 branches throughout Hong Kong, the Chinese mainland and Macau offering mini storage facilities, wine cellar storage and store area for exhibition display materials.
Storage space facilities are popular in Singapore because they offer 24 hours-a-day access, continual CCTV coverage, climate controlled storage options and rental periods from as short as 14 days to as long as desired.
Storefriendly's first franchise on 12,500 sq ft is an outlet in Singapore's Bukit Batok, comprising around 300 secure lockers.
Each locker costs between US$68.2 and US$688.3 per month to rent, depending on size.
With Singapore's population of five million, this translates into an industry penetration of 0.25 sq ft of self-storage space per person or one storage unit per 250 people.
By contrast, in more developed countries, the penetration rate is above one sq ft per person or about 80 people per storage unit.
With current demand for storage space growing by 5% per year, there's room for more outlets or new players in the storage facilities business in Singapore.
from Vivienne Chee, Hong Kong Singapore Business Association
|Storefriendly||Tel: (65) 6832-5683
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