Capitaland Investment Expands Extra Space Asia with Major Developments in Singapore and Tokyo
Capitaland Investment Limited (CLI), a major player in real assets management, has unveiled ambitious plans for its self-storage platform, Extra Space Asia (ESA), focusing on rapid expansion throughout Asia. As of October 16, 2025, the company intends to invest approximately S$100 million (about 11.5 billion yen) to acquire three active self-storage facilities in Tokyo and add its first orders for a flagship development in Singapore.
In Singapore, ESA has secured land at 5 Kaki Bukit Avenue for the construction of a large self-storage facility that will exceed 17,000 square meters. This facility is expected to become the first self-storage development in the country to receive the Green Mark Super Low Energy Building certification from the Building and Construction Authority (BCA). Moreover, this land acquisition represents a historic moment as it is the first government industrial land sale approved by the Jurong Town Corporation (JTC) for self-storage development in Singapore. Upon completion, ESA's portfolio in the country will expand to 13 high-quality properties across the island, with a total floor area projected to surpass 139,000 square meters.
In addition, the acquisition of the three facilities in Tokyo will increase ESA's presence in Japan to 17 locations, giving the company a total of over 5,500 square meters of storage space.
Patricia Goh, CEO of CLI's Southeast Asia Investment Division and head of Logistics and Self-Storage, stated: "Self-storage is a key thematic investment strategy in CLI's private fund growth, with ESA playing a core role in our Asia-focused initiatives. Since acquiring ESA in collaboration with APG Asset Management in 2022, we have invested over S$500 million (approximately 57.5 billion yen), expanding ESA's portfolio from around 70 to over 100 properties, which now exceeds a total floor space of 279,000 square meters. This solidifies ESA's position as a leading self-storage operator in Asia. We will continue leveraging our fund management capabilities, project sourcing expertise, and global client network to drive ESA's growth and capture opportunities in major markets across the Asia-Pacific region."
Tim Alpe, Managing Director and Head of Extra Space Asia, highlighted the driving demand for self-storage due to urbanization, rapid e-commerce consumption, and increasing space constraints in densely populated urban areas. He aims to expand ESA's portfolio to approximately S$2 billion (around 230 billion yen) by 2028. As one of the largest self-storage operators in Asia, ESA continues to grow its footprint in Singapore, Japan, South Korea, Taiwan, Malaysia, and Australia, maintaining over a 90% occupancy rate across its portfolio. The acquisition of land for the flagship self-storage facility in Singapore is a significant milestone that demonstrates our development capabilities. With favorable market trends supporting industry expansion, we aim to seize opportunities to further strengthen our leading market position.
The development of the new flagship facility in Singapore, expected to be completed by 2028, will enhance ESA's presence in the eastern cluster of Singapore and serve as a strategic hub to meet the projected population growth in the Tampines West area and the new urban developments following the relocation of the Paya Lebar Air Base post-2030.
This facility will feature both ambient and wine storage options and will serve as a testing center for incorporating the latest IoT functionalities into operations. A virtual analytics security system will also be implemented to enhance operational efficiency.
In succession to the recent acquisition of two industrial sites at Taiseng and Commonwealth for S$100 million (approximately 11.5 billion yen), which are now being converted into self-storage facilities, ESA is committed to continuing the acquisition of high-quality self-storage assets near densely populated residential areas, especially focusing on Tokyo and the Osaka metropolitan area with its "Storage Pit Plus" and "PrivateBox by Extra Space" brands.
Furthermore, ESA has prioritized its commitment to ESG excellence, currently holding EDGE1 certification for all of its properties, with over 90% achieving the EDGE Advance certification. In the 2025 GRESB Real Estate Assessment, ESA ranked third globally among private non-listed self-storage companies and first in Asia, underlining its strengthened dedication to environmental, social, and governance (ESG) initiatives.
As part of CLI's expansive growth in self-storage across Asia, in 2022, CLI partnered with APG Asset Management N.V. to jointly acquire ESA through Storage Ventures Asia Pte. Ltd. Since then, ESA's portfolio has continued to expand, now encompassing over 100 assets with a total floor area exceeding 270,000 square meters, across seven major gateway cities including Hong Kong, Kuala Lumpur, Osaka, Seoul, Singapore, Taipei, and Tokyo.
In conclusion, with these strategic developments in both Singapore and Tokyo, Extra Space Asia stands poised for substantial growth in the years to come, adapting to the trends and opportunities presented by the ever-evolving market dynamics. CLI's commitment to sustainability and societal well-being ensures a balanced approach as it continues to develop and expand its significant footprint in the self-storage sector across Asia.
In Singapore, ESA has secured land at 5 Kaki Bukit Avenue for the construction of a large self-storage facility that will exceed 17,000 square meters. This facility is expected to become the first self-storage development in the country to receive the Green Mark Super Low Energy Building certification from the Building and Construction Authority (BCA). Moreover, this land acquisition represents a historic moment as it is the first government industrial land sale approved by the Jurong Town Corporation (JTC) for self-storage development in Singapore. Upon completion, ESA's portfolio in the country will expand to 13 high-quality properties across the island, with a total floor area projected to surpass 139,000 square meters.
In addition, the acquisition of the three facilities in Tokyo will increase ESA's presence in Japan to 17 locations, giving the company a total of over 5,500 square meters of storage space.
Patricia Goh, CEO of CLI's Southeast Asia Investment Division and head of Logistics and Self-Storage, stated: "Self-storage is a key thematic investment strategy in CLI's private fund growth, with ESA playing a core role in our Asia-focused initiatives. Since acquiring ESA in collaboration with APG Asset Management in 2022, we have invested over S$500 million (approximately 57.5 billion yen), expanding ESA's portfolio from around 70 to over 100 properties, which now exceeds a total floor space of 279,000 square meters. This solidifies ESA's position as a leading self-storage operator in Asia. We will continue leveraging our fund management capabilities, project sourcing expertise, and global client network to drive ESA's growth and capture opportunities in major markets across the Asia-Pacific region."
Tim Alpe, Managing Director and Head of Extra Space Asia, highlighted the driving demand for self-storage due to urbanization, rapid e-commerce consumption, and increasing space constraints in densely populated urban areas. He aims to expand ESA's portfolio to approximately S$2 billion (around 230 billion yen) by 2028. As one of the largest self-storage operators in Asia, ESA continues to grow its footprint in Singapore, Japan, South Korea, Taiwan, Malaysia, and Australia, maintaining over a 90% occupancy rate across its portfolio. The acquisition of land for the flagship self-storage facility in Singapore is a significant milestone that demonstrates our development capabilities. With favorable market trends supporting industry expansion, we aim to seize opportunities to further strengthen our leading market position.
The development of the new flagship facility in Singapore, expected to be completed by 2028, will enhance ESA's presence in the eastern cluster of Singapore and serve as a strategic hub to meet the projected population growth in the Tampines West area and the new urban developments following the relocation of the Paya Lebar Air Base post-2030.
This facility will feature both ambient and wine storage options and will serve as a testing center for incorporating the latest IoT functionalities into operations. A virtual analytics security system will also be implemented to enhance operational efficiency.
In succession to the recent acquisition of two industrial sites at Taiseng and Commonwealth for S$100 million (approximately 11.5 billion yen), which are now being converted into self-storage facilities, ESA is committed to continuing the acquisition of high-quality self-storage assets near densely populated residential areas, especially focusing on Tokyo and the Osaka metropolitan area with its "Storage Pit Plus" and "PrivateBox by Extra Space" brands.
Furthermore, ESA has prioritized its commitment to ESG excellence, currently holding EDGE1 certification for all of its properties, with over 90% achieving the EDGE Advance certification. In the 2025 GRESB Real Estate Assessment, ESA ranked third globally among private non-listed self-storage companies and first in Asia, underlining its strengthened dedication to environmental, social, and governance (ESG) initiatives.
As part of CLI's expansive growth in self-storage across Asia, in 2022, CLI partnered with APG Asset Management N.V. to jointly acquire ESA through Storage Ventures Asia Pte. Ltd. Since then, ESA's portfolio has continued to expand, now encompassing over 100 assets with a total floor area exceeding 270,000 square meters, across seven major gateway cities including Hong Kong, Kuala Lumpur, Osaka, Seoul, Singapore, Taipei, and Tokyo.
In conclusion, with these strategic developments in both Singapore and Tokyo, Extra Space Asia stands poised for substantial growth in the years to come, adapting to the trends and opportunities presented by the ever-evolving market dynamics. CLI's commitment to sustainability and societal well-being ensures a balanced approach as it continues to develop and expand its significant footprint in the self-storage sector across Asia.
Topics Business Technology）
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