February 1, 2023

Storage space demand spikes amid home renovation delays, rise in overseas travel and consumer spending

SINGAPORE – Commodities product sales supervisor Ong Aik Poh was supposed to shift into his…

SINGAPORE – Commodities product sales supervisor Ong Aik Poh was supposed to shift into his new flat in Tampines in the first quarter of 2023, but the flat’s renovation will be finished only at the conclude of the yr owing to manpower scarcity.

As a final result, Mr Ong, 40, who has offered his existing flat, is storing its contents with storage services provider Lock+Retail store.

He will be going in with his dad and mom-in-law when waiting for his new flat to be finished.

There has been a 20 for every cent spike in enquiries for storage services in the final three months, according to storage house company Perform+Retail store.

Delays in flat renovation are just one of the causes for this rise in desire, stated Perform+Keep chief executive Danny Wong.

“This is even much more evident in the past several months as assets transactions have amplified, and we have obtained a 50 for each cent rise in enquiries from people today who are on the lookout to keep their furniture due to these delays,” he added.

Mr Ong, whose sofa, producing desk, chairs and a king-sized bed, between other objects, are now with the storage service provider, claimed he expects to expend at least $3,000 on storage.

“It’s fairly inescapable that you will have to shop your products somewhere else as the procedure involving marketing your present residence and acquiring the keys to your new home could be in between 8 to 12 weeks,” stated Mr Ong, who is married and has two youngsters.

“And you never know how very long you’ll have to have to uncover the appropriate buyer and make a decision on the selling rate.”

A housewife who desires to be known as only Ms Kathleen also turned to storage providers in December 2022 amid her disappointment over renovation delays.

Ms Kathleen, 42, and her partner experienced bought a landed residence and its renovation was meant to be finished in November 2022.

The pair and their 5-12 months-aged son had been keeping in a rental unit though ready for their new property to be ready.

“However, following constant delays from our contractor, our new place is still not full and our rental unit’s lease was up. So we had to shift out and store our home furnishings with a storage provider,” claimed Ms Kathleen.

Her home furnishings and other big objects these kinds of as a refrigerator and washing device are now retained with Lock+Retail store, and the household is now staying at a relative’s place.

She added: “As my contractor has not supplied an estimate of how long the renovation delay will be, I never know how extended I will have to shop my household furniture for.”