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Singapore is where Asia’s data centre landlords list and where new capacity is rationed by tender. This door follows who gets paid from Keppel DC REIT and Digital Core REIT to the 200 MW DC-CFA2 allocation, which step is stuck, and the dates that matter. Education only, not investment advice.
Singapore
Keppel DC REIT has completed its purchase of two full, powered data centres in Inzai, Greater Tokyo, for about S$1.37 billion. Rents are estimated at least 30% under market. Sellers and tenants are paid first; unitholders wait on lease dates in a grid that is full.
Singapore
Singapore passed its Digital Infrastructure Bill on 7 Oct 2026. Every data centre of 3 MW or more now needs a licence, and only 200 MW of new halls were handed out in August. Owners of full halls get paid first. Power and the licence set the pace.
Singapore is the AI data centre landlord door. Land and power are scarce, so the government rations new capacity. On 21 August 2026 EDB and IMDA provisionally allocated 200 MW through the second Data Centre Call for Application (DC-CFA2): 50 MW each to Digital Realty, Equinix, Keppel and ST Telemedia Global Data Centres (EDB). The projects are expected on Jurong Island’s low-carbon data centre park. That builds on the 2024 Green Data Centre Roadmap, which set out at least 300 MW of new capacity (EDB).
Singapore is also where Asia data centre REITs list. Keppel DC REIT owns halls in Singapore, Australia, Europe and elsewhere. Digital Core REIT, sponsored by Digital Realty, lists in Singapore but owns buildings in the US, Canada, Germany and Japan. For the layer map, read AI Data Centers.
As at October 2026, the step is allocation: who gets the next megawatts, and how fast they are switched on.
| Step | Who | How they get paid | Status (Oct 2026) |
|---|---|---|---|
| New capacity | EDB / IMDA (DC-CFA2) | 50 MW each to four operators | Allocated, not built (21 Aug 2026) |
| Keppel DC REIT | Listed landlord | DPU 5.714 cents 1H26, +11.3% | Contracted power ~95% · leverage 34.0% |
| Digital Core REIT | Listed landlord (US/Canada/Germany/Japan assets) | DPU 1.80 US cents 1H26, flat | Occupancy 97.3% · Linton Hall lease from 1 Dec 2026 |
| Operators with SG allocation | Digital Realty, Equinix, Keppel, STT GDC | Lease revenue once halls open | Build and green-power conditions apply |
Status is Second Order’s read from EDB/IMDA, Keppel DC REIT and Digital Core REIT filings.
| Name | What they do | Which step |
|---|---|---|
| Keppel DC REIT | Data centre REIT; Singapore, Australia, Europe and other assets | Landlord |
| Digital Core REIT | Data centre REIT sponsored by Digital Realty; 11 facilities outside Singapore | Landlord |
| Keppel (sponsor) | Developer; 50 MW in DC-CFA2 | Developer / operator |
| Equinix, Digital Realty, STT GDC | Operators; 50 MW each in DC-CFA2 | Operator |
Examples of exposure roles only — not recommendations.
| Date | Event | What to look for |
|---|---|---|
| 1 Dec 2026 | Digital Core REIT: 10-year cloud lease at 8217 Linton Hall starts | Occupancy toward 98% |
| Open | DC-CFA2 projects move from provisional allocation to build | Build dates, green-power sourcing |
| Early 2027 | Keppel DC REIT and Digital Core REIT full-year 2026 results | DPU, renewals, leverage |
It is a landlord and capital hub. Two data centre REITs list on SGX, and the government decides how much new capacity can be built through allocation rounds such as DC-CFA2 (200 MW, 21 Aug 2026).
Distribution per unit: the cash a Singapore REIT pays per unit, usually twice a year. Keppel DC REIT paid 5.714 cents for 1H 2026.
No. It lists in Singapore, but its 11 facilities are in the US, Canada, Germany and Japan.
No. This door maps who gets paid and which step is stuck. It is education only.
Updated 8 Oct 2026 · Next update after Keppel DC REIT’s next SGX update
Not investment advice. Do your own research.