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

Freeman

SINGAPORE – Commodities profits manager Ong Aik Poh was intended to shift into his new flat in Tampines in the 1st quarter of 2023, but the flat’s renovation will be concluded only at the conclude of the yr thanks to manpower lack. As a outcome, Mr Ong, 40, who has […]

SINGAPORE – Commodities profits manager Ong Aik Poh was intended to shift into his new flat in Tampines in the 1st quarter of 2023, but the flat’s renovation will be concluded only at the conclude of the yr thanks to manpower lack.

As a outcome, Mr Ong, 40, who has offered his present flat, is storing its contents with storage company supplier Lock+Shop.

He will be shifting in with his mothers and fathers-in-regulation though ready for his new flat to be done.

There has been a 20 per cent spike in enquiries for storage solutions in the past three months, according to storage space company Perform+Retailer.

Delays in flat renovation are a single of the causes for this increase in need, claimed Function+Store main government Danny Wong.

“This is even much more evident in the last several months as residence transactions have amplified, and we have received a 50 per cent increase in enquiries from men and women who are looking to retail store their furnishings because of to this sort of delays,” he additional.

Mr Ong, whose couch, producing desk, chairs and a king-sized bed, among the other merchandise, are now with the storage company, reported he expects to commit at minimum $3,000 on storage.

“It’s fairly inescapable that you will have to shop your items somewhere else as the system involving marketing your latest house and receiving the keys to your new household could be among eight to 12 months,” reported Mr Ong, who is married and has two youngsters.

“And you do not know how prolonged you are going to require to locate the suitable customer and decide on the marketing selling price.”

A housewife who wishes to be regarded as only Ms Kathleen also turned to storage solutions in December 2022 amid her disappointment over renovation delays.

Ms Kathleen, 42, and her spouse had acquired a landed property and its renovation was intended to be done in November 2022.

The couple and their five-calendar year-aged son experienced been being in a rental unit when ready for their new house to be prepared.

“However, following constant delays from our contractor, our new put is even now not total and our rental unit’s lease was up. So we experienced to go out and retailer our home furniture with a storage company,” stated Ms Kathleen.

Her household furniture and other massive things this kind of as a fridge and washing device are now stored with Lock+Retail store, and the household is now keeping at a relative’s location.

She added: “As my contractor has not delivered an estimate of how prolonged the renovation delay will be, I don’t know how long I will have to keep my home furniture for.”

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