JWD and its Singapore partner have set up a joint-venture company to provide self-storage solutions using JWD Store It! brand and fully air-conditioned facilities to target urban and condominium dwellers who have limited storage space. Having recently launched Siam facility on Chula Road (Soi 16), they have begun phase-1 operations by offering storage space of 1sq.m. to 11sq.m. to customers and will soon enter phase 2 involving operation of strongrooms. They also seek to open another facility in Sathon next year and become Thailand’s top self-storage operator by operational area.
Mr. Charvanin Bunditkitsada, Chairman of the Executive Committee and Chief Executive Officer (CEO) of JWD InfoLogistics Public Company Limited (JWD), a leading Asean-based ‘Total Logistics Solutions Provider’, revealed that JWD and Store It! Management, a Singapore-based firm, have established JWD Store It Co., Ltd as a joint-venture company to operate self-storage business in Thailand. With a registered capital of THB 100m, JWD Store It, which is 90%- and 10%-owned by the Thai and Singapore partners, respectively, has been operating the second self-storage facility at Zy Walk shopping mall on Chula Road (Soi 16) in Siam area since June.
Consisting of five floors and one deck and providing more than 6,000sq.m in storage space, the Siam facility is among the first self-storage facilities to be fully air-conditioned to ensure proper storage of personal items. Its phase-1 area is now used to house storage space of 1sq.m. to 11sq.m. with 24-hour accessibility by customers. The next phases will follow, which are initially planned to include operation of strongrooms, art storages, wine cellars and Store It! Express service (transport of items for self-storage to add convenience to customers).
“We see great growth potential in self-storage business and recognise an excellent opportunity to grow it in core business districts (CBDs), after successfully managing a facility with 2,000sq.m. space and with a higher-than-80% occupancy rate on Krungthep Kritha Road for more than five years. We have chosen Siam because it is a high-density residential and shopping area. We also notice the usually limited storage space that is available to residents in a growing number of condominiums in the city. Those residents are also our target customers,” said he.
The CEO added that Store It! Management has undertaken self-storage business in Singapore for more than 14 years and it has expanded its operations to cover Hong Kong, Malaysia and South Korea, and that JWD’s partnership with the company will allow both to promote the business in Thailand through sharing of know-hows, especially JWD’s long-established expertise in warehousing and logistics and the Singapore company’s insights about consumer behaviours and preferences. He noted that JWD Store It is performing renovation and fit-out activities to turn a building in Sathon area into a self-storage facility with 4,000sq.m. space, which is expected to begin commercial operation by Q1 2019, upon which JWD’s combined self-storage capacity (Krungthep Kritha, Siam and Sathon facilities) will reach 12,000sq.m., one of the highest in Thailand.
“Compared with five years ago, providers of self-storage services are now more numerous, numbering more than 10. There are now large-, mid- and small-sized players. Nevertheless, we are confident that, with our expertise, the right partner and the convenient CBD locations of the facilities, we will receive a healthy response,” concluded he.
