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

SINGAPORE – Commodities income supervisor Ong Aik Poh was intended to transfer into his new…

SINGAPORE – Commodities income supervisor Ong Aik Poh was intended to transfer into his new flat in Tampines in the to start with quarter of 2023, but the flat’s renovation will be concluded only at the conclude of the calendar year thanks to manpower shortage.

As a consequence, Mr Ong, 40, who has marketed his current flat, is storing its contents with storage services service provider Lock+Shop.

He will be moving in with his mom and dad-in-law even though waiting around for his new flat to be completed.

There has been a 20 for every cent spike in enquiries for storage products and services in the very last three months, in accordance to storage space company Perform+Shop.

Delays in flat renovation are 1 of the reasons for this increase in demand from customers, explained Get the job done+Retailer chief executive Danny Wong.

“This is even additional obvious in the past couple months as assets transactions have elevated, and we have obtained a 50 for each cent increase in enquiries from men and women who are looking to shop their furnishings due to this sort of delays,” he included.

Mr Ong, whose couch, creating desk, chairs and a king-sized bed, among the other merchandise, are now with the storage service provider, stated he expects to expend at the very least $3,000 on storage.

“It’s quite inescapable that you will have to retailer your goods somewhere else as the system between promoting your present-day house and getting the keys to your new property could be in between eight to 12 weeks,” stated Mr Ong, who is married and has two children.

“And you do not know how very long you will want to discover the correct customer and decide on the selling rate.”

A housewife who wants to be recognised as only Ms Kathleen also turned to storage products and services in December 2022 amid her frustration in excess of renovation delays.

Ms Kathleen, 42, and her partner had acquired a landed home and its renovation was intended to be completed in November 2022.

The few and their five-12 months-previous son experienced been remaining in a rental unit while waiting for their new residence to be completely ready.

“However, immediately after regular delays from our contractor, our new put is continue to not comprehensive and our rental unit’s lease was up. So we had to go out and keep our furnishings with a storage service provider,” said Ms Kathleen.

Her home furnishings and other significant things this sort of as a refrigerator and washing equipment are now saved with Lock+Shop, and the family is now staying at a relative’s area.

She additional: “As my contractor has not delivered an estimate of how lengthy the renovation hold off will be, I really do not know how extended I will have to shop my household furniture for.”