Self-storage demand up for CNY

SINGAPORE - Bulky winter clothes, plush-toy collections and even lion-dance equipment.

These are among the items that young Singaporeans are keeping at self-storage facilities, especially to declutter their homes for Chinese New Year (CNY).

Extra-Space Self-Storage, a firm that runs five such facilities here, told My Paper it has seen a 7 per cent increase in new customers who are executives aged between 20 and 40 in the month leading up to CNY, compared to last year.

Rates at Extra-Space start from $161.57 per month for a 16 sq ft, walk-in, non-air-conditioned unit. The number of Extra-Space's customers in the month leading up to CNY this year has more than doubled that of the same period in 2010, while it has recorded a 10 per cent increase in new customers compared to last year.

Chief executive Michael Hagbeck said the company has seen a growing trend of people wanting to make more room for their hobbies or lifestyle, and the CNY period provides an "added impetus to spring cleaning".

Meanwhile, Storhub, another self-storage company, is anticipating a 15 per cent increase in occupancy for its facilities by CNY.

The firm has five facilities islandwide, with rates starting at $64 per month for an 8 sq ft unit. Executives between the ages of 20 and 40 make up 60 per cent of its clientele.

The slower economy in the final quarter of last year appeared to have had little effect on self- storage companies here. In 2010, Storhub noted that 68 per cent of its facilities were occupied and this amount rose to 75 per cent last year.

Another self-storage firm, Lock+Store - which has two facilities here - expected a 20 per cent increase in demand for self-storage boxes and space last month.

Full-time lion-dance troupe member Marcus Toh, 31, began storing equipment, such as outfits and props, at Extra-Space.

"I wanted to clear (space) at home to give myself enough room to host guests during CNY, as well," he said.