Keppel enters South Korea data centre market with planned 60MW facility
Singapore-based asset manager Keppel has announced that its exclusive budget, Keppel Data Centre Fund III (KDCF III), has already obtained a property plot in Ansan, within the Seoul Metropolitan Area (SMA) in South Korea. The site is going to be utilized to develop a 60MW greenfield information center, noting the firm’s initial foray right into South Korea’s data centre market.
The SMA data centre landscape supplies an engaging entry factor for Keppel, observes Lee Hui Fang, primary financial investment officer for data facilities at Keppel. “By securing limited power in a shovel-ready site, we are improving our deep capabilities in data centre fund regulation and advancement to catch the full upside of Korea’s electronic improvement,” she adds.
KDCF III will get a 73% reliable risk in a special objective vehicle that operates the land. The standing 27% is carried by a consortium of South Korean business, consisting of developer Shinyoung, financial services firm NH Securities and construction company Hyundai E&C.
Construction permits and power approvals have been obtained for the site, with the information facility targeted to be functional by 2030.
The Ansan facility are going to join Keppel’s occurring profile of 39 information centers, which had a total gross power capacity of over 800MW as at the end of 2025. The plan even marks the 2nd financial investment by KDCF III, whose fund under supervision has increased to around $2.7 billion as of completion of 2025.
The future facility on the site will be an AI-ready data centre, stated Keppel in a June 9 release. Built with Tier III-equivalent specifications, the data centre are going to be topped to offer hyperscalers, cloud service providers and corporates.
Additionally, brand-new information centre supply in the SMA is limited as regulating requirements and power restraints have curtailed new developments. March information from JLL indicates that the SMA data center industry has a vacancy rate of just 1.4%, whilst the whole supply pipe across 2025 to 2027 has currently been fully pre-leased.
The South Korean information centre industry is expanding swiftly, stated Keppel, backed by cloud shift, AI adoption and the country’s ambition to become an international AI giant. In the SMA, data center power need is expected to strike 2.3 GW by 2030, driven by need from the two international and domestic companies.
