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Keiyo Butsuryu Co. Ltd. DBA: “Private Box” (Head Office: Kouto-ku, Tokyo Japan; President and CEO: Hiroyuki Fujii) and General Storage Company Limited DBA: “Lock + Store” (Head Office: Chai Chee Lane, Singapore; President and CEO: Helen Ng) have agreed to establish a joint venture company in Tokyo, Japan.
The joint venture company will be established for the purpose of pursuing opportunities in self-storage business.
The new joint venture company will build on Keiyo Butsuryu Co. Ltd. having deep local knowledge of the Japanese self-storage business together with General Storage Company Limited (a wholly-owned subsidiary of Singapore Post Limited, a leading provider of mail, logistics and ecommerce solutions in Singapore and the Asia Pacific region), currently operating and developing self-storage businesses in Singapore, Malaysia and Hong Kong.
Helen Ng, CEO of General Storage Company Limited, said: “Japan is an important market for us. Working together with Keiyo Butsuryu, we will be providing self-storage under the Private Box brand. Given the high population density and income per capital in Japan, we believe there is a growing market and customer demand that we can collaborate to satisfy”
Hiroyuki Fujii, President and CEO of Keiyo Butsuryu Co. Ltd.,said: “The joint venture company could grow to become a leading self-storage company in Japan by utilizing the local knowledge, network and development expertise of Keiyo Butsuryu Co. Ltd., and the strong regional self-storage expertise of General Storage Company. We believe that the key success factors are a large network, comprising with sizable self storage units and well managed facilities.”
“The acquisition will increase General Storage Company’s presence across Singapore, making us the self-storage provider with the most number of facilities here (15). Customers of Store Friendly, especially those operating e-commerce businesses, will benefit from our value-added services such as parcel delivery,” noted GSC’s Group CEO Helen Ng.
Read more here.
Asia’s foremost industry body for the business of self- storage, Self-Storage Association Asia, hosted their first Self Storage Expo Asia 2015 in Tokyo, Japan from May 13-15, 2015. Global guests and speakers united to share their extensive knowledge about today’s most lucrative alternative investment in the region most poised for opportunity and growth.
The topics were Asia-focused, taking into account what the industry has learnt about self- storage growth in other parts of the world and what obstacles countries in Asia may face. Special emphasis was given to the Singapore and Hong Kong markets on which Lock+Store CEO Helen Ng spoke.
Ms Ng who is also the Deputy Chair of the SSAA said, “This is an exciting period with tremendous growth opportunities for self-storage in Asia. Land scarcity coupled with rising affluence and a strong demand base comprising middle-income families, a sizeable expat population and thriving SMEs (Small and Medium Enterprises) will fuel the demand for self-storage services in key markets like Singapore and Hong Kong. Currently the penetration rate is only about 0.3 sf/person in both countries, which is significantly lower than that in more established markets such as the US and Australia. There is much room for growth. The Expo is positive for the healthy and strong growth of the industry and community, and provides a dynamic platform for industry players to get up-to-date information, business opportunities and network under one roof.”
The opportunity to learn and grow was a big theme throughout the three days. “The numbers speak for themselves and yes, the industry in Asia is teeming with opportunities for suppliers and facility owners. While Singapore may not reach 7.8 sf/person of self storage like in the US, the amalgamation of a consumer driven society and continually smaller apartments – as well as only 0.3 sf/person of self storage – means that Singapore and Hong Kong, and the rest of Asia for that matter, is poised for growth in this industry,” Ms Ng emphasised.
Buy the September issue of Singapore Women’s Weekly magazine and read all about the nominees of the “Great Women of Our Time” award. Our CEO Ms Helen Ng has been nominated in the “Finance and Commerce” category. Vote for your favorite nominee and stand a chance to win attractive prizes.