Extra Space to be the first self-storage company in Singapore to partially rely on solar energy for its electricity consumption.
Singapore – October 8, 2015 – Extra Space Asia, a leading self-storage provider headquartered in Singapore and with operations in five Asian countries, today announced its partnership with LYS Energy, a Singapore-based Independent Power Producer (IPP), on an initiative to rely on solar energy for a portion of the company’s electricity consumption in two of their seven storage facilities in Singapore. This alliance makes Extra Space the first self-storage company in Singapore to use solar energy for some of its energy needs – via the installation of solar panel systems on the roofs of its Kallang Way and Boon Keng facilities.
“As the discussions around sustainable energy come to the forefront in Singapore, it’s necessary for business leaders to incorporate ‘green’ strategies and move towards business models that prioritise sustainability,” said Kenneth Worsdale, CEO at Extra Space Asia. “We’re pleased to be working with LYS Energy on our solar panel initiatives for two of our facilities, and reduce our carbon footprint. We hope to be a part of Singapore’s push for a more sustainable future.”
The Kallang Way and Boon Keng storage facilities are fully outfitted with solar panels and are expected to be fully operational from this month. Once operational, the solar panel system is expected to deliver an estimated 169MWh of clean energy annually, covering upwards of 10 percent of electricity consumption for the Boon Keng storage facility, and 15 percent of the Kallang Way facility. This is roughly equivalent to the amount of energy required to power 43 homes for one year. Both solar systems will offset 73 tonnes of carbon dioxide emissions, which is equivalent to 9 cars being taken off the road for one year, or planting an additional 3,000 trees.
“We are very pleased to support Extra Space in their efforts to make their business more environmentally friendly.” said Lionel Steinitz, Chief Executive Officer at LYS Energy. “As the first self-storage company in the country to utilise solar energy, Extra Space demonstrates that solar power can reduce pollution as well as operational costs. Our financing options empower businesses like Extra Space to go solar with no upfront capital investment and enjoy utility cost-savings over the long term.”
Speaking on the project, Kavita Gandhi, Executive Director at the Sustainable Energy Association of Singapore said, “We would like to congratulate Extra Space and our member, LYS Energy, on this partnership. Initiatives like this will encourage more companies to embark on solar projects and benefit from new business models.”
The initial project, which commenced in July 2015, is expected to be the first of further solar panel projects for Extra Space Asia. According to the Energy Market Authority (EMA), the use of solar power as an energy source in Singapore now contributes more to Singapore’s fuel mix than in previous years, and is expected to increase over the next five years.
About Extra Space Asia:
Extra Space Asia is Asia’s leading self-storage provider offering self-storage facilities and services to individuals, families, and businesses in densely populated Asian cities facing space constraints. Extra Space Asia operates 26 facilities across Singapore, Malaysia, South Korea, Taiwan, and Hong Kong, encompassing over 1.3 million square feet of space. For more information, visit Extra Space Asia at www.extraspaceasia.com.
About LYS Energy:
LYS Energy is a Singapore-based Solar Independent Power Producer (IPP) that builds, owns and operates Solar PV Systems for Commercial, Industrial and Public sites in the Asia Pacific region.
LYS Energy offers the full range of solar services to install solar PV systems on the unused rooftops and site spaces of our customers, without little or no upfront cost to them. Through a Power Purchase Agreement (PPA), our customers purchase the solar generated electricity at tariffs lower than the prevailing utility tariff. Without expending any resources, our customers can benefit from lower and more predictable utility costs, and enjoy stronger sustainability branding.
LYS Energy has contracted over 5MWp of solar PV projects in Singapore, and a pipeline of distributed capacity of over 75MWp.
Announces entry into Hong Kong with two new facilities and addition of one facility to Singapore portfolio
Singapore – September 16, 2015 – Extra Space Asia, a leading self-storage provider headquartered in Singapore and now with operations in five Asian countries, has announced its entry into the Hong Kong market with two new facilities, located in the Sai Wan and Tsuen Wan districts, and the growth of its Singapore portfolio with the addition of the Extra Space West Coast facility.
“We are seeing greater consumer demand for self-storage due to urbanisation and lifestyle changes. Hong Kong is certainly one of the leading markets demonstrating this trend,” said Kenneth Worsdale, CEO at Extra Space Asia. “As a leading self-storage provider in the region, we’re excited to bring our brand of personalised, premium self-storage service to Hong Kong with facilities in the Hong Kong Industrial Building in Sai Wan, and the Bonsun Industrial Building in Tsuen Wan. We look forward to continued growth throughout the region and entering Hong Kong is part of our growth strategy.”
The Sai Wan and Tsuen Wan facilities are expected to be fully operational this month. The Sai Wan facility, which will take up the entire 13th floor of the Hong Kong Industrial Building, will offer over 500 self-storage units. The Tsuen Wan facility, located on the 3rd floor of the Bonsun Industrial Building, will also offer over 500 self-storage units. Both facilities will have staffed reception offices, and the storage areas will have air-conditioning, dehumidifiers and fans to ensure a comfortable environment while visiting and storing. To gain access to the storage area a customer will use a personalized PIN, and this will also de-activate the individual security system on that customer’s storage unit
However, entry into Hong Kong does not mean that Extra Space Asia is sitting on its laurels in Singapore. Established in Singapore in 2007, the company has quickly grown and, with the addition of the West Coast facility, now has 7 facilities across the island. The West Coast facility, located at Toh Tuck Link, will take up the 4th floor and a portion of the ground floor of 2 Toh Tuck Link, which offers Singapore customers more than 400 self-storage units. The new Singapore facility, positioned as a premium self-storage site, will feature individual unit lighting, dehumidifiers, premium finishes to the doors and floors, and giant High-Velocity, Low Speed (HVLS) fans to create a truly unique experience for self-storage customers visiting and using the facility.
“With ample options for self-storage in east and central Singapore, we are pleased to provide self-storage near our existing facility at IMM to address demand for self-storage in the west of Singapore. As our headquarters and core market, it is critical to ensure that we grow locally as well as abroad,” added Kenneth.
According to a survey done by real estate firm CBRE, Hong Kong will have a demand of 3.9 million square feet of rentable self-storage space to fulfill projected needs over the next ten years, while Singapore will have a demand of 2.4 million square feet. Kenneth said, “The demand will continue to grow in the region and our challenge is to increase awareness on the benefits of using self-storage. Such growth potential bodes well for Extra Space Asia and we are committed to grow the industry across Asia.” The same study by CBRE showed that the current market in Asia is 20 years behind the USA.
Extra Space Asia operates 26 facilities across Singapore, Malaysia, South Korea, Taiwan, and Hong Kong, encompassing over 1.3 million square feet of space. Established in Singapore in 2007, the company has grown rapidly, with entrance into South Korea in 2010, Malaysia in 2012, Taiwan in 2014 and now Hong Kong in 2015.
About Extra Space Asia:
Extra Space Asia is Asia’s leading self-storage provider offering self-storage facilities and services to individuals, families, and businesses in densely populated Asian cities facing space constraints. Extra Space Asia operates 26 facilities across Singapore, Malaysia, South Korea, Taiwan, and Hong Kong, encompassing over 1.3 million square feet of space. For more information, visit Extra Space Asia at www.extraspaceasia.com.
