Keppel’s private fund, Keppel Data Centre Fund III (KDCF III), has acquired land in Ansan within the Seoul Metropolitan Area to develop a 60-megawatt (MW) data centre, the company announced in June 2026 [1, 2]. This marks Keppel’s first data centre project in South Korea and the second investment under KDCF III [1, 2].
KDCF III will hold approximately a 73% effective stake in the special purpose vehicle owning the land. The remaining 27% stake is held by South Korean partners including Shinyoung, NH Securities, and Hyundai Engineering & Construction [1, 2].
The project has already obtained construction permits and power approvals. The data centre aims to begin service around 2030 [1, 2]. It will be built to Tier III-equivalent standards to support hyperscalers, cloud providers, and corporate customers with AI-ready infrastructure [1, 2].
The Seoul Metropolitan Area’s data centre market is power-constrained, with very limited new supply and an extremely low vacancy rate of 1.4%, driven by strong demand from AI workloads and cloud migrations [1]. Manjot Singh Mann, CEO of Keppel Connectivity, said South Korea represents a “compelling growth market” because of this strong demand and limited supply [2].
Lee Hui Fang, Chief Investment Officer for Data Centres at Keppel, said, “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” [2].
As of the end of 2025, Keppel’s global data centre portfolio encompassed 39 facilities with over 800 MW total power capacity. KDCF III managed about S$2.7 billion in funds, while the broader Keppel Connectivity segment managed S$13 billion in funds [1, 2].
The Ansan project reflects Keppel’s strategy to expand in power-constrained markets with strong digital growth. Service for the new data centre is targeted for around 2030 [1, 2].
