CapitaLand Investment Ltd., a global real estate asset manager, and its self-storage operating platform, Extra Space Asia (ESA), are investing nearly S$100 million in their first build-to-suit flagship development in Singapore. The companies are also acquiring three freehold self-storage facilities in Tokyo, according to a press release.
ESA purchased land at Kaki Bukit Avenue 5 to develop a 185,000-square-foot structure designed to achieve Green Mark Super Low Energy Building certification from Singapore's Building and Construction Authority. If achieved, it’ll be the first self-storage facility to receive this designation in the country.
The Kaki Bukit development is also the first industrial government land sale awarded by the Jurong Town Corp. for self-storage. Upon its completion, ESA’s Singapore portfolio will contain 13 facilities comprising more than 1.5 million square feet of gross floor area (GFA), the release stated.
Related:Self-Storage Real Estate Acquisitions and Sales: February 2026
ESA has also acquired three self-storage facilities in Tokyo’s 23 Wards, the city’s core urban area, expanding its Japan portfolio to 17 sites totaling more than 60,000 square feet of GFA.
“Self-storage is a key investment theme in [CapitaLand’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, totaling 3 million square feet, solidifying its position as one of Asia’s foremost self-storage operators,” said Patricia Goh, head of logistics and self-storage for CapitaLand and director of Storage Ventures Asia Pte. Ltd., a Singapore-based holding company. “[CapitaLand] 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.”
“We aim to grow ESA’s portfolio to S$2 billion by 2028, capitalizing on the strong demand driven by rising urbanization, accelerating e-commerce consumption, and increasing space constraints in densely populated cities,” said Tim Alpe, managing director and head of ESA. “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 favorable market dynamics supporting the industry’s expansion, we are well-placed to seize opportunities and further strengthen our market leadership.”
Headquartered in Singapore, CapitaLand has S$117 billion in funds under management in business parks, data centers, industrial, lodging, logistics, office, retail, self-storage and other commercial real estate.
Related:Systems and Accountability: A 12-Month Plan to Achieve Consistent Growth as a Self-Storage Investor
Founded in 2007, ESA was acquired in 2022 by a joint venture between CapitaLand and APG Asset Management, the investment manager for the largest pension provider in the Netherlands. The self-storage operator has facilities in Australia, Hong Kong, Japan, Malaysia, Singapore, South Korea and Taiwan.
Source: The Edge Singapore, CLI-managed Extra Space Asia Investing Nearly $100 Mil to Develop Kaki Bukit Site, Acquire Three Tokyo Facilities
ISS Staff
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