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

SINGAPORE – Commodities sales manager Ong Aik Poh was supposed to move into his new flat in Tampines in the very first quarter of 2023, but the flat’s renovation will be done only at the end of the 12 months due to manpower lack.

As a consequence, Mr Ong, 40, who has bought his present flat, is storing its contents with storage company service provider Lock+Keep.

He will be transferring in with his moms and dads-in-legislation while waiting around for his new flat to be completed.

There has been a 20 per cent spike in enquiries for storage products and services in the past 3 months, in accordance to storage area service provider Work+Retailer.

Delays in flat renovation are 1 of the motives for this increase in demand, explained Perform+Retail outlet main govt Danny Wong.

“This is even extra apparent in the final couple months as home transactions have enhanced, and we have gained a 50 for each cent increase in enquiries from people today who are wanting to retail store their furnishings owing to these types of delays,” he added.

Mr Ong, whose couch, composing desk, chairs and a king-sized bed, amongst other objects, are now with the storage supplier, claimed he expects to devote at least $3,000 on storage.

“It’s quite inescapable that you will have to store your goods somewhere else as the course of action concerning advertising your present house and getting the keys to your new house could be amongst eight to 12 weeks,” reported Mr Ong, who is married and has two young children.

“And you do not know how extensive you are going to need to have to locate the ideal purchaser and make a decision on the advertising cost.”

A housewife who wants to be identified as only Ms Kathleen also turned to storage services in December 2022 amid her annoyance around renovation delays.

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

The couple and their five-yr-previous son experienced been staying in a rental unit when waiting for their new dwelling to be completely ready.

“However, right after constant delays from our contractor, our new place is however not total and our rental unit’s lease was up. So we experienced to transfer out and retail outlet our home furnishings with a storage supplier,” stated Ms Kathleen.

Her home furniture and other large items such as a fridge and washing equipment are now kept with Lock+Retail store, and the family is now staying at a relative’s area.

She added: “As my contractor has not delivered an estimate of how extensive the renovation delay will be, I really do not know how prolonged I will have to retail store my home furnishings for.”

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