• The planned 60MW facility is Keppel's first data centre in South Korea, adding to a portfolio of 39 data centres with more than 800 MW of gross power capacity.
• Second project under KDCF III, whose FUM has grown to S$2.7 billion.

Keppel Ltd. (Keppel) is pleased to announce that its private fund, Keppel Data Centre Fund III (KDCF III), has secured land to develop a 60MW greenfield data centre in Ansan, which is situated within the Seoul Metropolitan Area (SMA) of South Korea. The project marks Keppel’s strategic entry into South Korea’s data centre market, which is one of Asia’s fastest-growing data centre markets. Through the transaction, KDCF III will acquire an approximately 73% effective stake^[1] in a special purpose vehicle, which owns the land.

Having secured construction permits and power approvals for the site, the planned AI-ready data centre is targeted to be ready for service by 2030. It is envisioned to be built to Tier III-equivalent specifications, priming it to serve hyperscalers, cloud service providers and corporates.

Mr Manjot Singh Mann, CEO of Connectivity Division, Keppel, said, “South Korea represents a compelling growth market for digital infrastructure, underpinned by strong demand from cloud service providers and hyperscalers, alongside limited new supply in the SMA. Building on Keppel’s established track record in developing and operating data centres for hyperscalers across Asia Pacific and Europe, this project will allow us to leverage our deep technical expertise and operational capabilities to deliver scalable, high-quality and AI-ready infrastructure solutions that meet the evolving needs of our customers.”

Ms Lee Hui Fang, Chief Investment Officer, Data Centres, Keppel, said, “South Korea is one of Asia’s most exciting data centre investment markets, and this project positions Keppel at the heart of it. The convergence of burgeoning AI workloads and a power-constrained market in SMA creates a compelling entry point for Keppel. By securing scarce power in a shovel-ready site, we are building on our deep capabilities in data centre fund management and development to capture the full upside of Korea’s digital transformation to offer our investors compelling investment opportunities with attractive, risk-adjusted returns.”

Driven by cloud migration, artificial intelligence adoption, and South Korea’s national ambition to become a global AI powerhouse, the Korean data centre market is growing at a rapid pace. Specifically, SMA’s new data centre power demand is projected to be approximately 2.3GW through 2030, driven by international cloud service providers and leading domestic technology firms.

In addition, new data centre supply in the SMA is limited, with recent regulatory measures restricting power supply applications for projects exceeding 10MW significantly curtailing the development pipeline. The SMA data centre market currently records a vacancy rate of just 1.4%^[2], with the entire 2025–2027 supply pipeline already fully pre-leased. These conditions create a highly favourable environment for Keppel’s greenfield development, which is well-positioned with secured power.

KDCF III’s entry into South Korea data centre market, through this project, will add to Keppel’s data centre portfolio of 39 data centres, which has a gross power capacity^[3] of over 800 MW as at end 2025. The project is also the second investment by KDCF III, whose Fund under Management (FUM) had grown to approximately S$2.7 billion as at end 2025. Keppel’s total FUM under Connectivity, which includes KDCF III, had approximately S$13 billion as at end 2025.

The above-mentioned agreement is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel Ltd. for the current financial year.

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About Keppel

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.

^[1] The other 27% stake is held by Korea’s leading developer, Shinyoung, leading securities firm, NH Securities, and leading construction company, Hyundai E&C.

^[2] Source: JLL, March 2026

^[3] Includes projects under development