Singaporean real estate investor Keppel is to develop a data center in Seoul, South Korea.

Keppel Ltd. this week announced that its private fund, Keppel Data Centre Fund III (KDCF III), has secured land to develop a 60MW greenfield data center in Ansan.

KDCF III will acquire an approximately 73 percent effective stake in a special purpose vehicle, which owns the land. The other 27 percent is held by Korean developer Shinyoung, securities firm NH Securities, and construction company Hyundai E&C.

The project marks Keppel’s entry into South Korea’s data center market.

Construction permits and power approvals have been secured for the site, and a Tier III, AI data center is set to be ready for service by 2030.

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 Seoul Metropolitan Area. Building on Keppel’s established track record in developing and operating data centers 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.”

Keppel owns and operates a number of data centers across Europe and Asia via its Keppel DC REIT and Keppel Data Centres units. The company said that it currently has a portfolio of 39 data centers, with 800MW in gross capacity.

APAC data center firm Digital Edge this week announced it had acquired land in Ansan for a 60MW facility. Kakao operates a data center in Ansan that launched in 2024.