CapitaLand Investment Limited (CLI) has announced a significant expansion of its self-storage platform, Extra Space Asia (ESA), with a nearly S$100m investment in new facilities in Singapore and Tokyo.
ESA’s new Singapore facility, located at Kaki Bukit Avenue 5, will span 185,000 square feet and is the first of its kind to be awarded an industrial government land sale by the Jurong Town Corporation for self-storage use. Upon completion, ESA’s Singapore portfolio will comprise 13 properties with over 1.5 million square feet of gross floor area. This development is set to achieve Singapore’s first ‘Green Mark Super Low Energy Building’ certified self-storage facility.
In Tokyo, ESA’s acquisition of three facilities in the city’s 23 Wards expands its Japanese portfolio to 17 facilities, totalling over 60,000 square feet. This expansion is part of ESA’s strategy to capitalise on urbanisation and e-commerce growth, aiming to grow its portfolio to S$2b by 2028.
Patricia Goh, CEO of Southeast Asia Investment at CLI, highlighted the importance of self-storage in CLI’s private funds strategy, stating, “We have deployed more than S$500m in equity to grow ESA’s portfolio from 70 to more than 100 facilities.”
Tim Alpe, Managing Director of ESA, emphasised the company’s market leadership, noting, “ESA’s portfolio maintains a high average occupancy of over 90%.”
The expansion underscores CLI’s commitment to leveraging its fund management capabilities and global network to capture growth opportunities in key Asia Pacific markets.
