According to Keppel, new data centre supply in the vicinity is "limited" due to curbs on power supply. Within the Seoul Metropolitan Area, vacancy rate is just 1.4% and that new supply coming for 2025 to 2027 has been fully pre-leased.
Keppel is entering the data centre market of South Korea after one of its private funds, Keppel Data Centre Fund III, secured land to develop a 60MW greenfield data centre in Ansan, which is situated within the Seoul Metropolitan Area.
The fund will hold an effective stake of 73% in this development and the data centre is targeted to be ready by 2030. The estimated cost of this project, with both construction and power supply permits secured, is not provided.
