i-Store Self Storage has revealed its business plan for 2023, focusing on continuous growth with plans to open two new branches in response to the expanding self-storage industry in the heart of the city. This initiative aims to address the challenges faced by individuals with limited space but abundant belongings, enhancing services to cater to various lifestyles. The company is collaborating with shareholders and business partners such as WHA, SME D Bank, and SC Asset to strengthen its capabilities and drive revenue growth in line with its targets. Additionally, it plans to issue bonds with a maturity of two years at a fixed interest rate of 6.95% per annum, targeting institutional investors and/or large investors, with a total bond value not exceeding 150 million baht. The subscription period is expected to be from June 19-21, 2023, with the bond issuance anticipated on June 22, 2023.

Mr. Phakdee Aniwat, CEO of Storage Asia Public Company Limited, which operates self-storage services under the i-Store brand, stated that the overall self-storage business in Thailand is showing continuous growth, aligning with the self-storage market trends in Asia, which still has significant expansion opportunities compared to global markets like the United States and Europe. The trend of urban living and decreasing residential space, coupled with the growth of online businesses, has led to an increased demand for storage space among customers.

In light of this trend, the company plans to open two new branches in the second half of 2023, specifically in Udomsuk and On Nut, to meet the storage needs of urban residents in densely populated areas, where there are approximately 150 high-rise projects nearby, which are the company's primary target market. Currently, the company operates four branches: Silom with a 98% occupancy rate, Sukhumvit 24 with 93%, Sukhumvit 71 with 57%, and a new branch in Sathorn One, which opened in April 2023 with a 6% occupancy rate, showing a continuous growth trend due to its prime location in the Central Business District (CBD) where there is a high demand for storage space for both offices and residences.

In addition to self-storage services, which account for 67.21% of the company's revenue, it is also expanding its offerings, including i-Store Go Door to Door Storage, a service that picks up personal belongings from customers' homes through an online management system, providing moving, packing, and storage services while ensuring items are kept in usable condition and returned to customers. Other services include Self-Storage Design & Construction, Storage Management, and the installation and sale of storage cabinets under the i-Store brand in condominium projects or juristic persons.

Moreover, the company emphasizes collaboration with shareholders and business partners, such as SC Asset Corporation Public Company Limited. It is also the first self-storage service provider to be involved with a Real Estate Investment Trust (REIT) through WHA Real Estate Management Co., Ltd., and the SME Development Bank of Thailand through the "SME Venture Capital Fund," reinforcing its business management capabilities and expanding service areas to meet all customer needs.

“The self-storage industry in Thailand still has significant growth potential. Recently, there were only 32 self-storage businesses operating nationwide, equivalent to just 1% of the country's population. Therefore, the company is committed to expanding its service branches while creating convenient, quality, and affordable services, making i-Store feel like an extension of the customers' homes. This aligns with the company's goal of increasing usable space for urban dwellers while growing alongside the expansion of real estate in the CBD and other quality locations, resulting in a continuous increase in occupancy rates per branch. With strong business partnerships and confidence in the company's potential, we expect to achieve our revenue growth targets,” Mr. Phakdee added.

The company is preparing to support its business growth by submitting a registration statement to the Securities and Exchange Commission (SEC) on May 9, 2023, for the issuance of unsecured bonds by Storage Asia Public Company Limited, Series 1/2023, with a maturity of two years, due for redemption in 2025. The bonds are registered to specific holders, non-subordinated, unsecured, and will have a representative for bondholders, with an interest rate of 6.95% per annum, paid quarterly throughout the bond's life, with a total bond value not exceeding 150 million baht, offered to institutional investors and/or large investors (PP-II&HNW). The company is currently in the process of obtaining approval from the SEC and expects to set the subscription date between June 19-21, 2023, with the bond issuance anticipated on June 22, 2023.