Singapore's notable data centre deals revealed

Development remained subdued in H1 2025.

According to a report from Cushman and Wakefield, the data centre development activity in Singapore remains subdued owing to the ongoing restrictions on new development, therefore, the key indicators remained largely unchanged since our H2 2024 update.

However, investors kept the market very active from a capital markets perspective.

Here’s more from Cushman and Wakefield:

Among operators, Princeton Digital Group (PDG) announced the signing of a definitive agreement with Stonepeak for a preferred equity investment of US$1.3billion. This investment follows PDG’s recently announced US$1.2billion debt financing. Together, PDG raised US$2.5billion in H1 2025 to support its expansion across Asia Pacific.

Partners Group, in addition to acquiring GreenSquareDC in Australia, acquired Digital Halo from ARCH Capital. Partners Group plans to initially commit around US$400million alongside ARCH Capital, which will remain as a minority shareholder. The group intends to transform Digital Halo into a 500MW data centre platform across Asia Pacific.

NTT Data announced listing of its NTT DC REIT on the Singapore Exchange. The portfolio comprises of six operational data centres across the U.S., Austria and Singapore, together valued at US$1.57billion. Through this REIT, the company aims to accelerate the capital recovery cycle and generate capital for new investments and growth.

Keppel announced the first close of its Keppel Data Centre Fund III, raising US$580million in initial capital from various global institutional investors, including pension funds, sovereign wealth funds and asset managers. Keppel plans to invest these funds in a portfolio of AI-ready hyperscale data centres across Asia Pacific.

Nxera secured a US$475.9million five-year green loan to finance the development of its 58MW data centre in Tuas. The consortium financing the loan include DBS, OCBC, Standard Chartered, HSBC, and UOB. The facility is scheduled to go live in 2026.

Separately, Alibaba Cloud launched an AI Global Competence Centre (AIGCC) in Singapore, providing a platform for businesses and developers to collaborate on advanced AI models and computing resources. The centre also aims to partner with universities and institutes to train professionals on AI.