What’s Next For Homegrown Flexi Storage after Majority Stake Acquisition | BFM 89.9

Issue: Sep 2023

What’s Next For Homegrown Flexi Storage after Majority Stake Acquisition | BFM 89.9

Our StorHub Self Storage Malaysia CEO, Desmond How, and COO, Alex Lee, were recently interviewed by BFM 89.9 in their Open for Business segment hosted by Roshan Kanesan. During the interview, Alex and Desmond shared about the founding of Flexi Storage, what inspired them to start a homegrown self storage business, as well as their self storage journey prior to and after the majority-stake acquisition by StorHub.

Alex and Desmond also shared their aspirations when it comes to future expansions for StorHub in Malaysia. With Flexi Storage consistently maintaining their occupancy rates at over 90% since 2018 before the acquisition, Alex and Desmond are confident that demand for self storage will continue to rise with the industry offering promising prospects for growth. Today, Malaysia’s GDP per capita in the central region of the country where Kuala Lumpur is has surpassed the national average. The country also boasts one of the highest living standards in Southeast Asia with its GDP ranking 35th globally and 4th within ASEAN. StorHub Malaysia has a total of 4 storage facilities located in Petaling Jaya, Seri Kembangan, Kuala Lumpur and Old Klang Road, 2 of which are within Kuala Lumpur.

When asked about what’s in store for StorHub Malaysia following the acquisition, Alex and Desmond said that StorHub wants to be the foremost Malaysian self storage player in the market and they intend to expand into other states including Penang and Johor. They are looking at catering to the storage needs of e-commerce businesses and mentioned that plans are underway for ESG initiatives to be implemented as well. As StorHub brings self storage to new neighborhoods to serve the community in Malaysia.

Listen to the radio interview here: https://player.listenlive.co/62201/

Image taken from BRM 89.9

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