CLI-managed self-storage platform, Extra Space Asia, continues its strong expansion momentum to over 100 self-storage facilities across Asia. This follows its S$100 million investment in its first build-to-suit development in Singapore (artist’s impression as pictured) at Kaki Bukit Avenue 5 and three self-storage facilities in Tokyo.

Singapore/Tokyo, 16 October 2025 – CapitaLand Investment Limited (CLI), a leading global real asset manager, announced that Extra Space Asia (ESA), its self-storage platform, is investing nearly S$100 million in its first build-to-suit flagship development in Singapore and acquiring three freehold self-storage facilities in Tokyo, Japan.

ESA has acquired a land parcel at Kaki Bukit Avenue 5 to develop a 185,000 square feet (sq ft) facility – Singapore’s first self-storage facility set to achieve ‘Green Mark Super Low Energy Building’ certification. This marks the first industrial government land sale awarded by the Jurong Town Corporation (JTC) for self-storage use.  Upon completion, ESA’s Singapore portfolio will grow to 13 high-quality properties islandwide with over 1.5 million sq ft of gross floor area (GFA).

ESA has acquired three operating self-storage facilities in Tokyo’s 23 Wards, the city’s core urban area, expanding its Japan portfolio to 17 facilities totalling over 60,000 sq ft of GFA.

Ms Patricia Goh, CEO, Southeast Asia Investment and Head, Logistics & Self-Storage, CLI, and Director, Storage Ventures Asia Pte. Ltd., said: “Self-storage is a key investment theme in CLI’s
private funds strategy, with ESA central to our Asia-focused growth. Since partnering with APG Asset Management in 2022 to acquire ESA, we have deployed more than S$500 million in equity
to grow ESA’s portfolio from 70 to more than 100 facilities, totalling 3 million sq ft, solidifying its position as one of Asia’s foremost self-storage operators. CLI will continue to leverage our fund
management capabilities, deal sourcing expertise, and global network to scale ESA and capture structural growth across key Asia Pacific markets.”

Mr Tim Alpe, Managing Director and Head, Extra Space Asia, said: “We aim to grow ESA’s portfolio to S$2 billion by 2028, capitalising on the strong demand driven by rising urbanisation, accelerating e-commerce consumption, and increasing space constraints in densely populated cities.  ESA is now one of Asia’s largest self-storage businesses with a growing presence in Singapore, Japan, South Korea, Taiwan (China), Malaysia, Hong Kong SAR and Australia.  As a leading operator across our key markets, ESA’s portfolio maintains a high average occupancy of over 90%.  Securing the Kaki Bukit site to build our flagship self-storage facility in Singapore is a major milestone that will showcase our development capabilities.  With favourable market dynamics supporting the industry’s expansion, we are well-placed to seize opportunities and further strengthen our market leadership.”

ESA to develop its first build-to-suit flagship facility in Singapore

Slated for completion by 2028, the flagship facility will strengthen ESA’s presence in Singapore’s eastern cluster, positioning ESA strategically for the anticipated population growth in Tampines West and the development of a new town following the relocation of Paya Lebar Airbase from 2030.

The facility will feature ambient and wine storage options and will serve as a test bed for ESA to incorporate the latest Internet of Things (IoT) capabilities into its operations.  It will also be equipped with a virtual analytics security system to enhance operational efficiency.

This latest acquisition follows ESA’s purchase of two industrial assets located at Tai Seng and Commonwealth for approximately S$100 million in February 2024.  Both properties have since been converted into self-storage facilities.

ESA continues growth momentum in Japan with three new acquisitions in Tokyo

With the acquisition of the three high-quality self-storage facilities in Tokyo’s 23 Wards, ESA has expanded its presence in the city to a total of 13 assets.

ESA will continue to acquire high-quality self-storage assets located near densely populated residential areas in Japan’s gateway cities under the “Syuno-Pit+” and “privatebox by Extra Space” brands, with a focus on Tokyo’s 23 Wards and the Osaka Metropolitan Region.

ESA reinforces commitment to ESG excellence

Currently, 100% of ESA-owned properties are EDGE1-certified, with more than 90% of its assets achieving EDGE Advanced certification.  ESA is ranked third globally among unlisted self-storage peers and the highest in Asia in the 2025 GRESB Real Estate Assessment, underscoring the company’s growing commitment to Environmental, Social, and Governance (ESG) practices.

 

SINGAPORE (18th December 2019) – Extra Space Asia, a pioneer in the self-storage industry in Asia, celebrated a milestone by opening its 10th facility in Singapore this week. The new facility is strategically located at Toa Payoh, and is easily accessible via public transport. Extra Space Toa Payoh spans over 50,000sqft with 6 floors, and has a variety of storage types available for personal, business and even wine storage.

Based on data from Urban Redevelopment Authority (URA), as home prices in Singapore hit a record high over the past 5 years, where the private residential property index increased by 0.9 per cent to 152.2 points in the third quarter of 2019, living spaces are fast becoming an increasingly sought-after luxury for many.

Serving the growing demand for Self-Storage

To that end, the self-storage pioneer seized the timely opportunity to acquire its fellow competitor, Store 11 Self Storage. The continual expansion has always been part of the strategic plan to meet the increasing demand for storage space.

“Extra Space Asia is delighted and honored to launch its 10th facility in Singapore. We are determined to ensure that our customers are living life the way it should be, free of the stress that is brought upon by clutter and the lack of space,” said Extra Space Asia’s CEO, Mr. Kenneth Worsdale. “With our state-of-the-art security systems in place, we hope to give our customers peace of mind knowing that their belongings are safe with us.”

As more companies are springing up in the self-storage industry, Extra Space Asia aims to stand out by emphasizing on the element of human touch. “We take great pride in ensuring that all our customers enjoy a seamless storage experience,” said Mr. Worsdale.

With continuous expansions in sight, Extra Space Asia shows no signs of slowing down in deepening its footprint in the region. Plans are underway to launch Extra Space Asia’s 4th facility in Malaysia in 2020, amongst ongoing developments in South Korea, Taiwan, Hong Kong and Japan.

Extra Space Toa Payoh is located at 11, Block D Lor 3 Toa Payoh, #01-42, 319579.

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 45 facilities across Singapore, Malaysia, South Korea, Taiwan, Hong Kong and Japan, encompassing over 1.5 million square feet of space. For more information, visit Extra Space Asia at https://www.extraspaceasia.com.sg/

JAPAN (1st June 2019) – Extra Space Asia, which entered into a strategic venture with Keiyo Logistics in September 2018, has opened their 3rd self-storage facility in Azamino, Japan.

The new facility, which houses 136 storage units, is fully air-conditioned and equipped with 24/7 state-of-the-art security systems.

Extra Space Asia envisions that with this newly added facility, they will effectively meet the growing need of self-storage spaces, better serving the residents of Azamino and its surrounding districts.

“We are pleased to expand our presence in Azamino and aim to consistently offer more superior storage options to customers,” said Mr. Kenneth Worsdale, Chief Executive Officer of Extra Space Asia. “To that end, we will continue to work closely with Keiyo Logistics to provide top-notch customer service, together with excellent storage offerings.”

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 cities with space constraints. Led by Chief Executive Officer Mr. Kenneth Worsdale, Extra Space Asia is a privately owned business, headquartered in Singapore and operating all over Asia.

For more information, visit Extra Space Asia at www.extraspaceasia.com.

Singapore, 17 September 2018 – Extra Space Asia has entered into a strategic venture with Keiyo Logistics to significantly expand the footprint of self-storage facilities in Japan. Extra Space Asia has committed to invest in self-storage facilities throughout Japan, and to work closely with Keiyo Logistics to become a dominant operator in Japan. Keiyo Logistics currently operates in excess of 75 facilities with over 6500 customers in Japan, primarily concentrated in Tokyo, under the brand “Private Box”. Facilities owned by Extra Space Asia will be managed by Keiyo Logistics under the brand “Private Box by Extra Space”. A leading pioneer of self-storage solutions in the Asia region, Extra Space Asia operates 33 facilities with over 12,000 customers across 5 countries (Singapore, Malaysia, Taiwan, Hong Kong and Korea) and is the largest self storage operator in the Asia region. The strategic venture between two of Asia’s leading self storage operators will allow them to grow market share in a rapidly expanding industry.

 

Picture Above-
Private Box Totsuka-Cho storage facility, owned by Extra Space Asia, located at Yokohama.


Although Japan’s self-storage revenues are amongst the top 5 in the world, the market saturation is still very low, primarily due to a lack of awareness and knowledge about the self storage industry and options for storage. As this awareness grows, and together with the growing affluence of the population, changing lifestyles and business practices, the self storage industry is expected to significantly expand over the next few years.

Extra Space Asia will be the first non-Japanese owned self storage company to operate in the Japanese market.

“We are excited to take this leap into Japan’s thriving self storage industry – an industry that is expected to expand at a faster rate in Japan than any other country in Asia. We look forward to working closely with our partner to bring a greater number of locations to the industry and provide easier access for our customers,” said Mr. Kenneth Worsdale, Chief Executive Officer of Extra Space Asia. “We will work closely with our partner to offer more storage options and options of superior quality”.

“The opportunity to work with Extra Space Asia, and further grow the industry in Japan, is very good news for the Private Box brand,” said Takahide Watanabe, Chief Operating Officer of Keiyo Logistics. “Our combined strengths will allow us to expand rapidly and become a leader of the industry in Japan”.

 

Picture Above-
Left: Mr Kenneth C. Worsdale, Chief Executive officer of Extra Space Asia. Right: Mr Takahide Watanabe, Chief Operating Officer of Keiyo Logistics. 


About Extra Space Asia

Extra Space Asia is Asia’s leading self-storage provider in the region, offering self-storage facilities and services to individuals, families, and businesses in densely populated cities with space constraints. Led by Chief Executive Officer Mr. Kenneth Worsdale, Extra Space Asia is a privately owned business, headquartered in Singapore and operating all over Asia.

For more information, visit Extra Space Asia at www.extraspaceasia.com.