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レポート概要
The Singapore self-storage market is expected to grow at 6.3% CAGR during the forecast period of 2021-2026. The requirement for more space for belongings depends on several changes in a consumer’s lifestyle, such as moving home, family expansion, and retiring. With the rising urbanization and apartments in major Singapore cities gradually getting smaller and more expensive, a significant portion of the country’s population is finding they are running out of the room. Self-storage concepts have stepped in to cater to this rising customer requirement, and as provision steadily grows, it appeals to the players operating in the market.
– In an increasingly crowded real estate market, the property investors may see the uneven development of the self-storage industry in Singapore as an opportunity with high potential. Major industry drivers, according to the SSAA survey for 2019, are shrinking apartment sizes and increased consumer awareness, respectively, retaining the first and the second positions.
– Asia Pacific’s overall GDP grew by more than 5% in 2019 and continued to be the main growth engine of the world. In Southeast Asia and Greater China, GDP growth held up in 2019 despite external and domestic headwinds. In the Southeast Asian market, economic expansion rates remained robust though the trends by each country remained somewhat diverged. As the GDP of Singapore has increased in the last financial year, i.e., 2019, which defines a strong potential of the country’s self-storage market. For instance, as per the IMF forecast for the 2019-2022 period, the country’s GDP is expected to grow at 2.6%.
– With the growing popularity of self-storage space among end-users, new entrants in the market want to venture into the ever-increasing demand. To date, there are more than 30 self-storage operators with more than 80 facilities in Singapore from an estimated less than ten operators five years ago. With the increased supply and evolving needs, understanding the demand changes in Singapore’s self-storage industry becomes essential for existing and potential storage industry players.
– Global players are expanding their facilities in the country, which is further boosting the growth of the market. For instance, in December 2019, Extra Space Asia opened its 10th facility in Singapore. The newly built facility is strategically located at Toa Payoh and is easy to reach via public transport. With continuous expansions in the country, Extra Space Asia is deepening its footprint in the Asia Pacific region.
– As a result of the COVID-19 pandemic, Singapore is heading towards its worst-ever recession in nearly two decades. The economy continues to feel the severe strain from the situation, which has infected more than 32,000 people in the country, as per the statistics published by the officials. According to the Ministry of Trade and Industry, Singapore’s GDP is expected to shrink more than 4% this year. The GDP shrinking is down from the previously projected range between 1 and 4%. As the businesses are observing a loss due to the significant economic downturn, it will significantly affect the country’s self-storage market.
– Some of the self-storage players are reopening their facilities to cater to the customer’s storage needs remotely. For example, StorHub had resumed its business from 2nd June 2020. The company’s all 12 self-storage facilities and reception offices had reopened on that date and continued its business while adhering to the latest safety management measures.
Key Market Trends
Increased Urbanization, Coupled with Smaller Living Spaces is Expected to Drive the Self-Storage Demand in Singapore
– Singapore is a hub for everything from business to travel. According to Worldbank data, Singapore has an average urban population near to 100%, with an overall population of 5.8 million in 2019. Due to the enormous urban population in the country, space can be significantly hard to come across in urban places. The vast majority of homes in the country are on the small side, and there are less spacious rooms in most of the apartments.
– The urban population living in Singapore usually invest in the rental of self-storage units. Self-storage unit rental has proved to be handy for people in Singapore who have possessions that are big and, therefore, tough to keep things around. It is also an attractive choice for Singapore residents who have belongings that they don’t use that often.
– Companies like Store-Y Self-Storage have opened several self-storage stores near to the urban communities to lower the proximity to the customers. The company has a center called “Self Storage Woodlands,” which is an acclaimed center in Woodlands Community in the North Region.
– The continual growth of Singapore’s economy in the last couple of years has given rise to greater resident affluence and consumerism. Therefore, there is a significantly higher tendency for more urban people to accumulate articles, particularly collectibles like electrical equipment, wines, and ornaments. With a growing number of hobbyists, there is an increasing requirement for specialized space to store different types of collectible items. A few years back, about 90% of LOCK+STORE Singapore’s wine storage solutions have been subscribed by domestic users, and going forward; the self-storage vendor is looking to expand this potential segment of the business.
Business Self-storage Type Segment is Expected to Hold a Significant Share Throughout the Forecast Period
– From a recent survey of LOCK+STORE Singapore, about 50% of business users opted for self-storage space as a cost-effective alternative compared to renting shops or warehousing spaces. With rental business outlets, one of the significant cost components is the considerable amount of rent, coupled with the changes in the economic climate. The business owners are nowadays more conscious of storage costs. The flexible self-storage model allows business customers to choose from wide-ranging size options by their storage needs.
– As the number of startups is increasing in the country, the flexible self-storage options meet the requirements of startups amid the growing e-commerce sector and the expanding tech-savvy population, which primarily seek more cost efficiency and operational flexibility when conducting their business. This will further boost the segment’s growth in the coming years.
– The self-storage market landscape has become inundated with choices. The market is no longer enough to rely on USPs or brand strength. The facility operators must focus on selling an experience, and it starts with the business relationship with the customers. Customer relationship management or CRM is the technology lever in enterprise performance that can extend operations by automating a wide variety of tasks, thus improving the customer experiences. By using a bi-directional integration of CRM with the property-management software, the vendors can create personalized experiences for each customer’s unique requirements, therefore streamlining the support process to delight customers.
Competitive Landscape
Singapore’s self-storage market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These players focus on the research and development activities, strategic alliances, and other organic & inorganic growth strategies to stay in the market landscape over the forecast period.
– In June 2020, as part of its COVID-19 response, Singapore-based self-storage operator StorHub entered into a partnership with GoGoVan, an Asia-based, ridesharing service specializes in transporting goods in urban areas. The strategic alliance will give StorHub customers flexible moving and self-storage options, while government lockdown restrictions are in place.
– In May 2020, United-Hampshire US REIT, a US-based REIT with interests in grocery-anchored retail stores and self-storage, recently listed an IPO on the Singapore stock exchange. Sponsored by US-based real estate investment company Hampshire Cos. LLC and asset-management firm UOB Global Capital LLC, the company’s 22-property portfolio comprises 3.17 million square feet. It also includes more than 15 shopping centers and four self-storage operating offices.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Favorable Demographic Trends Such as High Tourist Footfalls, High-income Population, Demand in Urban Areas and Growing Market Concentration
5.2 Market Challenges
5.2.1 Lack of Space & Rental Concerns in Urban Areas
6 IMPACT OF COVID-19 ON THE SINGAPORE SELF-STORAGE MARKET
7 MARKET SEGMENTATION
7.1 Self-storage Type
7.1.1 Consumer
7.1.2 Business
8 COMPETITIVE INTELLIGENCE
8.1 Company Profiles*
8.1.1 Storefriendly Self Storage Group Ltd
8.1.2 LOCK+STORE Singapore (Singapore Post Limited.)
8.1.3 Beam Storage Pte Ltd.
8.1.4 Mandarin Self Storage
8.1.5 StorHub Holding Pte. Ltd.
8.1.6 Far East Organization (Store-Y Self-Storage)
8.1.7 U-Store@SG (Singapore G Pte Ltd)
8.1.8 Extra Space Asia
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET