ASIA PACIFIC DATA CENTRE CAP DECK

Cushman & Wakefield's data centre capabilities plus regional and local market insights for data centres across Asia Pacific.

DATA CENTRE ADVISORY

OUR CAPABILITIES & MARKET INSIGHTS

UPDATED 20 March 2024 (Q4 Update)

MARKET INSIGHTS

A FORCE

Asia Pacific’s* data centre markets has surpassed the 10GW mark, with ~800MW of new supply added in H2 2023 bringing the total regional live capacity up to 10.6GW. We continue to witness a robust development pipeline with 3.9GW under construction throughout the region and 9.4GW in planning stages, which is an increase of ~900MW since our last update. Many markets across Asia Pacific continue to witness rapid growth in terms of both operational and development capacities. Almost 80% of operational capacity is concentrated in the region’s top 5 markets – Mainland China (3.9GW), Japan (1.3GW), Australia (1.2GW), India (1.1GW) & Singapore (962MW). In H2 2023, India joined Mainland China, Japan and Australia as >1GW-sized markets and we anticipate that Singapore will reach this status sometime in 2024 with 962MW currently live. More than 50% of under-construction activity regionally is concentrated in Mainland China and India. However, with a development pipeline of 2.9GW & 1.7GW of combined under construction and planned activity in India and Japan respectively, we will see these markets on track to rival Mainland China as the only three markets in Asia Pacific to grow larger than 3GW over the next 5 years. However, due to the ongoing issues with power availability in Japan, especially in Tokyo, there may be delays in the overall timeline for the market to reach this milestone. ASIA PACIFIC DATA CENTRE MARKET UPDATE

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*For all analysis, Asia Pacific region includes Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam only.

SIGNATURE DATA CENTRE THOUGHT LEADERSHIP

Cushman & Wakefield is a leader in first-to-market data centre thought leadership with quality market intelligence released regularly each year. We have a number of signature reports that will provide data centre operators, developers and investors insights to help develop their data centre strategies across Asia Pacific.

Asia Pacific Data Centre Market Updates (Biannual publication) This biannual update released at the end of H1 and H2 of each year, provides a comprehensive summary of Asia Pacific’s data centre market, features our Asia Pacific Data Centre Market Maturity Index that forecasts the potential evolution of 30 markets across the region and an in-depth analysis that highlights 12 notable markets. Asia Pacific Data Centre Construction Cost Guide (Annual publication) Cushman & Wakefield’s inaugural Data Centre Construction Cost Guide 2023/24 provides a comprehensive analysis of both land purchase and data centre construction costs across Asia Pacific, as well as a schedule of land banking rates and a summary of key trends within the sector.

Global Data Centre Market Comparison (Annual publication) Our annual Global Data Centre Market Comparison assesses over 60 data centre markets across the globe, within 13 different categories, including fiber connectivity, market size, cloud availability and others, to determine the top overall markets at a global and regional level, along with the top performers in each category..

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OUR CLIENTS & SERVICES

THE ENTIRE DATA CENTRE We have helped our clients navigate the real estate and IT challenges that come with managing their data centre strategies across the entire data centre real estate cycle.

SUSTAINABILITY ADVISORY

DIVESTMENT STRATEGY

CLIENT TYPES  ENTERPRISE USERS  COLOCATION PROVIDERS  HYPERSCALERS  SECTOR INVESTORS  SECTOR DEVELOPERS

FINANCING & LENDING ADVISORY

OCCUPIERS

VALUATION ADVISORY

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SITE DUE DILIGENCE

INVESTORS

KEY CLIENTS

PURCHASE / LEASE NEGOTIATIONS

LOCATION & REQUIREMENT STRATEGY

CONSTRUCTION ADVISORY

BROWNFIELD / GREENFIELD SITE ACQUISITION

PARTNERING WITH YOU AT EACH STEP

Focused on technical requirements and best practices, we undertake strategy, benchmarking and lifecycle cost analysis across each engagement to find opportunities that will drive down operation costs, while advising on real estate strategies that position you for what’s next

FACILITIES MANAGEMENT

PORTFOLIO MANAGEMENT

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01/

DEFINE THE NEED Your requirement is defined by learning your objectives, business drivers, risk profile, infrastructure and redundancy needs, latency requirements and occupancy initiatives. IDENTIFY OPPORTUNITIES We conduct research and create a customised market report using proprietary tools, then assess the market dynamics, opportunities, and risks before we develop a strategy and make recommendations for the mandate. ALIGN WITH CLIENT We coordinate physical tours, identify best options, assist with technical inspections and determining the short list selections for the proposal process, while incorporating all the

BUILD CONSENSUS At the forefront of our services on behalf of our clients is our leadership in building internal consensus and obtaining approvals across IT, finance, real estate and risk departments. GUIDE NEGOTIATIONS Our goal is to help you achieve the best economic, technical and legal advantages in your contract. To that end, we guide and advise you through the course of negotiations. SUPPORT AFTER EXECUTION Following the final stages of internal approvals and contract execution, we continue to serve by providing convenient transaction summaries of contract terms and calendar reminders for future critical dates.

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06/

COLOCATION & IT ADVISORY

03/

TENANT REPRESENTATION

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essential stakeholders. QUALIFY OPTIONS

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From drafting and distributing and managing the LOIs or RFPs, to preparing executive summaries and creating detailed analyses, we assist you with qualifying the most suitable options.

OUR PEOPLE

AUSTRALIA

ALEX MOFFATT Director, Alternatives Australia

CONFIDENTLY GLOBAL, Our Asia Pacific Data Centre Advisory Team as part of our Global Data Centre Advisory Group, has created optimal solutions and location strategies to address highly complex IT requirements for enterprise clients across the region and globally since 2004. Our multi-disciplined team, consisting of experts across a spectrum of advisory services, focus specifically on the data centre market for seamless delivery. Every client requirement is unique; we have the experience to develop long-term strategies that drive wise investment decisions for enterprise users, colocation providers, hyperscalers, sector investors and developers.

ANDREW CHAN Managing Director, Head of Valuation & Advisory Services, Greater China

INDIA

GAURAV PANDEY Associate Director, Leasing Agency, India

JAPAN

TIMOTHY GREGERSEN Senior Manager, Investment Sales, Japan

ASIA PACIFIC DATA CENTRE ADVISORY TEAM & GLOBAL PARTNERS

Click on each name to email them

ASIA PACIFIC

MALAYSIA

TIFFANY GOH Country Manager, Malaysia

TODD OLSON Executive Sponsor, APAC DCAT & Managing Director, Japan & Korea

VIVEK DAHIYA Head of Asia Pacific Data Centre Advisory Team (APAC DCAT)

PRITESH SWAMY Senior Director, Research & Advisory, Data Centres, APAC & EMEA

PHILIPPINES

THERESE CASTRO Director, Head of Tenant Advisory Group, Philippines

DEEPENDRA SHUKLA Director, Data Centres, Cloud & IT Advisory, India

REBECCA JUNG Associate Director, Business Development Services, Data Centres, Asia Pacific

SHIVANI JADON Assistant Vice President Data Centre & Cloud Advisory, India

THAILAND

EMEA

AMERICAS

CHRIS CUFF Data Centre Account Management, Asia Pacific

GARETH POWELL Senior Director, Integrated Facilities Management, Thailand

ANDREW FRAY International Partner & Head of EMEA Data Centre Advisory Team (EMEA DCAT)

JESSICA HOWE Vice President, Global Growth Verticals

ASIA PACIFIC TRACK RECORD*

CENTRES OF EXCELLENCE

GREATER CHINA

JOHN SIU Managing Director, Hong Kong

JACOB ALBERS Head of Alternatives Insights - Global Think Tank

* These statistics show an average of 3 years from 2020 – 2022

LOGISTICS & INDUSTRIAL 249 BROKERS DELIVERING

TOM GIBSON Head of Project Development Services, Asia Pacific

DAVID CHEN Assistant Manager, Valuation Services, Taiwan

US$1.9B IN TRANSACTIONS ACROSS 78M SQFT LAND SOLD & 32M SQFT LEASED

INDONESIA

JAMES NORMANDALE Alternative Assets Lead, Project Development Services, Asia Pacific

WIRA AGUS Director, Industrial & Land Sales, Indonesia

CAPITAL MARKETS

KOREA

270 BROKERS DELIVERING US$10B IN TRANSACTIONS ACROSS 41M SQFT

JOHN PRITCHARD Head of Tenant Advisory Group, Korea

DENNIS YEO Head of Investor Services, Logistics & Industrial, Asia Pacific

NEW ZEALAND

TODD HANRAHAN Head of Project & Development Services New Zealand

GORDON MARSDEN Head of Capital Markets, Asia Pacific

SINGAPORE

PROJECT DEVELOPMENT SERVICES 1,205 PROJECT MANAGERS

DR. DOMINIC BROWN Head of Insight & Analysis, Asia Pacific

BRENDA ONG Executive Director, Logistics & Industrial, Singapore

VIETNAM

US$1B CAPEX MANAGED ACROSS 74M+ SQFT AND 697 PROJECTS

CATHERINE CHEN Director, Capital Markets Research, Asia Pacific

TRANG BUI General Manager, Vietnam

MARKET INSIGHTS

Australia boasts a global primary market in Sydney and Melbourne and expanding edge locations such as Perth and Darwin that serve as landing stations for regional undersea cables. Two new cable systems will be completed in Brisbane over the next few years, connecting the city to the east coast of Australia, Singapore, Indonesia, New Zealand, Hawaii and Los Angeles. The relative lack of land constraints will serve Australia well in coming years as other large regional markets work through these difficulties. Local enterprise and government users have rapidly absorbed new capacity brought to market.

Q4 2023 KEY INDICATORS

35 OPERATORS, 142 DATA CENTRES 1,168MW IN OPERATION 365MW UNDER CONSTRUCTION 1,364MW PLANNED

Local enterprise and government users have rapidly absorbed new capacity brought to market.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS SYDNEY | MELBOURNE SECONDARY MARKETS PERTH | DARWIN | CANBERRA | BRISBANE

OUR TRACK RECORD

TOP FOUR NATIONAL BANKING INSTITUTION Location Sydney

Facilities management Sustainability services Ongoing since 2011

Service

Date

Power

3MW

Size

120,900sqft NLA (11,232m 2 )

Following on from a previous contract, the client re-engaged our services for another 5-year term with exclusive extension terms negotiated for another 2 years. Both contracts involved the facilities management of mission critical infrastructure, including capacity management and environmental reporting to ensure efficient operations, such as tracking the energy, water and waste consumption of the property, and the PUE. Several energy efficiency upgrades were also completed, including decommissioning the trigeneration system, lighting upgrades, installation of PV solar and rainwater harvesting systems.

CONTACTS Click on each name to email them

ALEX MOFFATT Director, Logistics & Industrial, Australia

STEWART ARMSTRONG Associate Director, Client Services, Project Management

WOOLWORTHS LIMITED Location Eastern Creek Service

ASIA PACIFIC DATA CENTRES GROUP Location

Melbourne (M1), Sydney (S1), Perth (P1)

Service

Portfolio disposal advisory

Disposal & leaseback advisory

PETER BATH Valuer, Valuation Services

Date

2018

Date

2015

Value Power

AU$163M

Value Power

AU$74M

37MW total across three data centres

11MW

46,893m 2 total building area

Size

Size

9,500m 2 building area, 3ha land area

The portfolio was strongly contested and acquired by NEXTDC who held a 29.2% interest and were also the sole tenants of the three facilities under long-term lease arrangements. The acquisition was in line with NEXTDC’s plans to build out their significant pipeline of data centre developments across Australia.

The client disposed and leased back the data centre which was acquired by DCI Data Centres.

MARKET INSIGHTS

Greater China, which includes Mainland China, Hong Kong and Taiwan, is a large global data centre market, with massive primary locations in Beijing, Shanghai, and the Greater Bay Area, and an array of secondary cities with their own large-scale capacity. Chinese hyperscale services provide the bulk of the tenancy in core markets, though telcos continue to operate a large number of data centres. Financial institutions, large-scale manufacturers, and state owned enterprises are embarking on their own journeys to the cloud or a hybrid IT structure, with development swelling to meet these needs. Appetite for services continues to grow, although power availability is a concern moving forward for the larger builds. Q4 2023 KEY INDICATORS (Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

TAIWAN

HONG KONG SAR

MAINLAND CHINA

11 OPERATORS, 41 DATA CENTRES 257MW IN OPERATION 49MW UNDER CONSTRUCTION 97MW PLANNED

20 OPERATORS, 51 DATA CENTRES 621MW IN OPERATION 207MW UNDER CONSTRUCTION 110MW PLANNED

36 OPERATORS, 239 DATA CENTRES 3,956MW IN OPERATION 952MW UNDER CONSTRUCTION 1,848MW PLANNED

SECONDARY MARKETS TIANJIN | CHONGQING | CHENGDU | HANGZHOU | NANJING | TAIPEI

PRIMARY MARKETS BEIJING | GUANGZHOU | HONG KONG | SHANGHAI | SHENZHEN

CHUNGHWA POST DATA CENTRE Location Taoyuan City, Taiwan Service

ZOOMLION Location Changsha, Hunan Service

OUR TRACK RECORD

Landlord representation for leasing

Project and construction management

Date

Date

2024 8MW

Ongoing till 2024

Power

Power

3MW

Size 180,000sqft Cushman & Wakefield was consigned by Chunghwa Post to advise them on completing the public tender process for leasing its data centre project in Taoyuan, Taiwan. Following an extensive market research, an overall adjustment of the leasing conditions and the coordination of the electricity acquisition, the Chunghwa Post data centre was successfully leased by a regional data centre service provider. This 20-year lease is the first successful leasing case of its kind initiated by the government-owned company.

Size

182,986sqft (data centre only)

Partnering closely with Zoomlion and HENN Architects, Cushman & Wakefield China have been commissioned to oversee the construction of the client's new headquarters, including their Greater China central data control centre. This iconic project is a central feature of Changsha City's smart industrial and high-tech city plan. Appointed to project manage the greenfield shell + core construction and internal fit-out of this exciting space, the project is currently under construction and is due to complete in 2024.

CONTACTS Click on each name to email them JOHN SIU Managing Director, Hong Kong ANDREW CHAN Managing Director, Head of Valuation & Advisory Services, Greater China

BIG DATA EXCHANGE (BDx) Location Kwai Chung, Hong Kong Service

CENTRAL INDUSTRIAL BUILDING Location Kwai Chung, Hong Kong Service

Tenant representation for lease acquisition

Site acquisition & property valuation

Date

2021

Date

2023 and 2024 10MW + 2MW

RICKY WONG Executive Director, Capital Markets, Hong Kong SUMMER CHEN Senior Associate Director, Valuation & Advisory Services, Greater China EVA DENG Associate Director, Capital Markets, China DAVID CHEN Assistant Manager, Valuation Services, Taiwan

24,336sqft (site area) 277,430sqft (data centre redevelopment)

Size

Power

Size 192,000sqft in three phases Cushman & Wakefield was engaged by BDx in the lease acquisition of their third DC site in Hong Kong for business expansion. Following an extensive market search and thorough technical evaluation of several shortlisted building options, BDx decided to kick off the negotiation for pre-leasing the major portion of a brand-new industrial building developed by Sino Land for data centre conversion. Following an intensive 18-month lease negotiation and legal documentation process, both BDx and Sino Land entered into a legally binding agreement prior to the occupation permit of the building. The transaction was the biggest of its kind in Hong Kong at the time.

Despite strong competition from various buyers and the tight completion time frame the seller aims to divest, our Capital Markets and Industrial & Logistics teams helped our client to secure the site and assured him the power supply for future data centre redevelopment. We successfully managed the seller’s price expectations even though the market was trending upwards. As a publicly listed data centre service provider, the client was required to undergo stringent and comprehensive due diligence process, our Hong Kong Valuation & Advisory team also completed a valuation report to meet client’s requirement.

MARKET INSIGHTS

India has rapidly expanded from an initial core market in Mumbai to six large markets including Chennai, Hyderabad, Delhi, Pune, and Bangalore, with a multitude of international operators moving into the country to compete for hyperscale business. After a gradual initial pace, all major cloud services are now active in-country, most with multiple regions in key markets and with plans to expand further. Sites that can support data centre builds are changing hands quickly, with several half-gigawatt campuses now in planning at final build. As a result, India joined Mainland China, Japan and Australia as >1GW-sized markets in 2023.

Q4 2023 KEY INDICATORS

24 OPERATORS, 101 DATA CENTRES 1,074MW IN OPERATION 1,147MW UNDER CONSTRUCTION 1, 837MW PLANNED

After a gradual initial pace, all major cloud services are now active in-country, most with multiple regions in key markets and with plans to expand further.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS MUMBAI | CHENNAI | HYDERABAD SECONDARY MARKETS DELHI NCR | PUNE | BANGALORE

GLOBAL CLOUD PROVIDER Location Maharashtra state Service

The client exclusively appointed Cushman & Wakefield to source a suitable off-premise data centre colocation service provider located close to the delivery centre in Bangalore. We collated various offers from the market for client to benchmark pricing and ultimately shortlisted three potential sites for client to consider. Despite the client having existing relationships with various providers, we were able to negotiate the terms confidentially on their behalf, securing a competitive lease with NTT Data. GLOBAL COMPUTER SECURITY SOFTWARE COMPANY Location Bangalore Service Colocation rack space leasing Date 2022 Demand Size 100 racks

OUR TRACK RECORD

Site search, evaluation and acquisition

Date

2021

Value Power

US$65M 150+MW

Size

1,568,160+ sqft (36+ acres)

We supported the client in preparing and executing a comprehensive site acquisition strategy for private, leasehold lands over a 12 month period. Two separate sites in Maharashtra were acquired to add to our Client’s presence and set-up a robust availability region. Upon development completion, the IT load for this facility will exceed 150MW. The transactions were concluded in record time even though multiple approvals and condition precedents were to be undertaken before site acquisition.

CONTACTS Click on each name to email them

GLOBAL CLOUD PROVIDER Location Maharashtra state Service

ADANI DATA CENTRES Location Chennai Service

GAUTAM SARAF Managing Director Mumbai & New Business

Site search, evaluation and acquisition

Project & construction management

Date

2021

Date

2022

VIVEK DAHIYA MD& Head of Asia Pacific Data Centre Advisory Team

Value Power

US$50M 200+MW

Power

25MW

Size

400,000sqft

Size

348,480sqft (8 acres)

DEEPENDRA SHUKLA Director, Data Centre & Cloud Advisory

We worked closely with the client to deliver their latest Chennai built-to-order 25MW data centre. Appointed to manage the greenfield shell and core construction, Cushman & Wakefield oversaw the appointment of the project’s builders, worked directly with nominated infrastructure and IT partners as part of this highly successful project that is due for market operation in early January 2023. Our Project Development Services team leveraged our extensive market knowledge, data centre expertise and regional partnerships to deliver this key project on time and within budget.

Involving complex coordination between our teams in Australia, Singapore, Japan, Hong Kong, U.S. and India, we assisted the client in securing a site to build a 200+MW data centre in Navi, Mumbai. 20 site options that were on sales and/or on long lease terms were proposed and underwent strict legal, technical, soil and environment evaluations. The final deal structure was negotiated as a Built-to-Suit on long term lease with option to buy and based on the total development potential of 450,000 sq. ft. in phase 1 followed by an additional 450,000 sq. ft. in potential future planning.

SHIVANI JADON Assistant Vice President, Data Centre & Cloud Advisory

GAURAV PANDEY Assistant Vice President, Data Centres

MARKET INSIGHTS

The Indonesian data centre market has rocketed to major market status over the past few years. Indonesia’s data centre market continues to grow, buoyed by the government investment into the country’s digital economy and its acceleration of digital transformation across all ministries, government agencies, and state owned enterprises. Since the government started to ease its stance on data centre regulations in recent years, Jakarta offers promising investment prospects with government provided tax incentives and exemptions to boost the digital economy.

Q4 2023 KEY INDICATORS

21 OPERATORS, 70 DATA CENTRES 222MW IN OPERATION 147MW UNDER CONSTRUCTION 482MW PLANNED

The Indonesian data centre market has rocketed to major market status over the past few years.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS JAKARTA | SURABAYA | BANDUNG SECONDARY MARKETS MEDAN | BATAM | PEKANBARU

OUR TRACK RECORD

GLOBAL DIGITAL EDGE COMPANY Location Jakarta Service Acquisition advisory Project management

2021 acquisition 2022 – 2023 construction

Date

Value Power

US$17.3M (land)

3MW (post development)

65,000sqft (land) 408,361sqft (GFA post development)

Size

As part of this digital edge company’s national expansion activities and in a move to boost Indonesia as a strategic digital hub in the region, Cushman & Wakefield assisted the client with the procurement of one of the first greenfield data centres projects within the estate. The site needed to be suitable and approved for data centre development and required complex power and fibre optic routes, with all prerequisites discussed and ratified by relevant stakeholders. Post acquisition, we were appointed by the client as project and construction managers for a multi storey, tier 3+ colocation data centre facility on site with maximum total MW critical load across 15 storeys and approximately 408,361ft2. The interior fit-out will include 5 – 8kW racks, office space and other requisites, including mechanical, electrical, and plumbing.

CONTACTS Click on each name to email them

WIRA AGUS Director, Industrial & Land Sales HENDRA SAN Manager, Industrial & Land Sales FENNY SUKARDI Director, Tenant Advisory Group

DWITJE WANGSADIPUTRA Director, Project Management

The site needed to be suitable and approved for data centre development and required complex power and fibre optic routes.

MINA ONDANG Director, Investment

MARKET INSIGHTS

Japan is a more mature data centre market than most regional countries, with advanced telcos building a dense infrastructure of data centres decades before most countries received any sort of deployment. Continuing to the current day, these telcos now compete with an increasingly international array of data centre operators, with Tokyo a global hub and large-scale development underway outside the city proper in Inzai. Osaka has now followed Tokyo’s lead as a data centre destination, with several new projects expanding the local market.

Q4 2023 KEY INDICATORS

37 OPERATORS, 160 DATA CENTRES 1,286MW IN OPERATION 346MW UNDER CONSTRUCTION 1,374MW PLANNED

Japan is a more mature data centre market than most regional countries, with advanced telcos building a dense infrastructure of data centres decades before most countries received any sort of deployment.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS GREATER TOKYO SECONDARY MARKETS OSAKA

OUR TRACK RECORD

CONTACTS Click on each name to email them

GLOBAL CLOUD COMPUTING FIRM Location Inzai Service

LEADING INVESTMENT FIRM Location Tokyo Service Asset Management Power 48MW Size 360,000sqft

TODD OLSON Managing Director, Japan & Korea (North Asia) TIMOTHY GREGERSEN Senior Manager, Investment Sales, Japan

Acquisition advisory & construction management

Power

50MW

Size

4,090,286sqft (380,000m 2 )

Sourced site and introduced an investor to fund land acquisition and construction. We also negotiated a long-term sale-leaseback at favourable terms. We managed construction and provision of power to complete the data centre on time and within budget.

Assisted land acquisition and re-purposing of the buildings into data centres – ongoing projects.

KOSUKE OGI Executive Director, Capital Markets, Japan YASUSHI OTOMO Director, Project & Development Services, Japan

MARKET INSIGHTS

With the growing and rapid interest in Greater Seoul drawing data centre demand to the capital and its surrounds, Korea has earned global status as a primary data centre market. In attempts to decentralise data centre development to other regions of Korea, the government is aiming to promote and incentivise data centre investment into Gangwon, Pohang and Sejong to ease pressure on the grid and appease community concerns in Seoul. Seoul remains the target for hyperscale and colocation groups. However, with the challenges that prevail more attention is being afforded to secondary and tertiary cities such as Busan, Korea’s second largest city.

Q4 2023 KEY INDICATORS

26 OPERATORS, 68 DATA CENTRES 591MW IN OPERATION 236MW UNDER CONSTRUCTION 657MW PLANNED

With the rapid interest in Greater Seoul in recent years drawing data centre demand to the capital and its surrounds, Korea has earned global status as a primary data centre market.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS GREATER METROPOLITAN SEOUL SECONDARY MARKETS BUSAN | DAEJOEN | GWANGJU

OUR TRACK RECORD

CONTACTS Click on each name to email them

K-FLOWER CITY (DEVELOPER) Location Yongin-si, Gyeonggi do Service Disposal advisory Date 2020 Value US$134M Power 200MW Size 380,000sqft (35,331m 2 )

Originally planned to be developed for a different purpose, we advised the client on obtaining approval to secure power to the site in order to market and dispose as a data centre developable site instead.

RORY NEWMAN Senior Manager, Leasing Tenant Advisory JOHN PRITCHARD Head of Tenant Advisory Group, Korea JIYEOUL LEE Associate Director, Capital Markets, Korea DANNY PARK Senior Manager, Tenant Advisory Group

Originally planned to be developed for a different purpose, we advised the client on obtaining approval to secure power to the site in order to market and dispose as a data centre developable site instead. 200MW capability was secured, attracting significant attention from investors. It was the largest data centre deal carried out in the country at time of transaction.

JINWOO JUNG Head of Research, Korea

MARKET INSIGHTS

Malaysia is expected to witness steady growth in the coming years as a prime data centre market in Southeast Asia. The abundant availability of resources and favourable government policies in relation to data centre infrastructures, the competitive cost of power, cheaper access to the site and lower construction costs compared to other Southeast Asia countries has drawn a high level of investments into the market that will continue in coming years. According to our forecasts, Malaysia is the fastest growing market in Asia Pacific, and we anticipate that it will witness a 600% growth in the next 5 years.

Q4 2023 KEY INDICATORS

16 OPERATORS, 41 DATA CENTRES 189MW IN OPERATION 224MW UNDER CONSTRUCTION 951MW PLANNED

Malaysia is the fastest growing market in Asia Pacific, and we anticipate that it will witness a 600% growth in the next 5 years.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

PRIMARY MARKETS KUALA LUMPUR | CYBERJAYA | SELANGOR | JOHOR

SECONDARY MARKETS PENANG | NUSAJAYA

CONTACTS Click on each name to email them TIFFANY GOH Country Manager, Malaysia

PCCW SOLUTIONS Location Cyberjaya Service

INFINAXIS CAPITAL Location Cyberjaya Service

Acquisition advisory

Acquisition advisory Planned for 20 MW

Power

Up to 5MW

Power

60,000sqft data centre on 2 acres of land

Size

Land: 3.1 acre

HEMA JAYARAMAN Manager, Capital Markets, Malaysia

Size

Value

Land : US$5.2M (RM23M)

Date

2020

Date

2022

With aims to expand their data centre footprint in Malaysia, the client appointed Cushman & Wakefield affiliate IVPS Real Estate to carry out a market study that evaluated the data centre market in Cyberjaya. An existing data centre that met the technical requirements of the client was identified and site tours, technical due diligence reviews and price negotiations were coordinated till a successful transaction was completed within 6 months.

We were appointed by the client to source land with access to minimum 20MW for a potential data centre development in Cyberjaya. More than 30 land options were proposed, which were assessed for power availability and fibre connectivity. Two plots of land were identified as suitable for their power and fibre availability, and proximity to telecommunication services. Due diligence and sale and purchase reviews were executed, and the transaction was completed smoothly with limited power attorney provided to expedite on the necessary planning approvals.

MARKET INSIGHTS

Since the lifting of the moratorium and despite the high property and construction costs when compared to other Asia Pacific markets, Singapore continues to be a leading data centre hub for it’s regional and global connectivity. We anticipate in 2024 that Singapore will join Mainland China, India, Japan and Australia as the 5 th market to grow beyond 1GW in operational capacity in Asia Pacific. The sovereign state continues to boast the lowest colocation vacancy rate of 1% within the region, strongly indicating that demand outstrips supply. Demand continues to be fueled by Western and Chinese hyperscalers in the market, as well as key sectors such as banking and finance.

Q4 2023 KEY INDICATORS

25 OPERATORS, 51 DATA CENTRES 973MW IN OPERATION 45MW UNDER CONSTRUCTION 287MW PLANNED

Singapore boasts the lowest colocation vacancy rate of 1% within the region, strongly indicating that demand outstrips supply.

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

KEPPEL INFRASTRUCTURE TRUST & SHIMIZU Location 1-Net North Data Centre Service Disposal advisory Date 2019 Power 50MW Value US$148.2M Size 215,000sqft (GFA) A noteworthy transaction of property with tenancy in the city-state where data centres are rarely offered in the market. Compounded by the government enforced moratorium, the asset was sold with technology security and sustainability certifications attained. The client’s DR site was hosted with an operator in Singapore and appointed Cushman & Wakefield to renegotiate their contract with the existing provider. We evaluated the requirement and benchmarked it again the current requirements achieving 33% cost savings, which included reduction in the power output supplied to the customer and reworking of commercials. GLOBAL BANKING AND FINANCIAL SERVICES CLIENT Service Colocation renegotiation Date 2022 Power 100kW Demand Size 100 racks, 10 seats

BIG DATA EXCHANGE (BDx) Location OneTen Paya Lebar Service Brokerage Date 2024 Power 14MW Size 155,503 sqft (GFA) Value US$104M

OUR TRACK RECORD

In 2022, our Singapore Project Development Services (PDS) team completed the first two phases of construction and fit-out for one of Singapore’s latest greenfield data centre facilities. The scope comprised of both precast and in-situ elements, site infrastructure works, underground equipment chambers, rooftop equipment installations and authority compliance and handovers. The team overcame the challenges of completing the construction through 2021 and 2022 amidst the Covid-19 pandemic control measures, global supply chain and manpower shortages. The team have also secured additional construction management and building consultancy services including providing Registered Inspection (RI) services on this project, and other client project sites. GLOBAL HYPERSCALE CLOUD PROVIDER Service Construction & fit-out Date Ongoing since 2021 Power 50MW Amidst severe scarcity of power supply and data centre colocation provision in Singapore, the sale of the industrial facility by Hwa Hong Corp, generated significant interest. BDx took over the facility and existing lease from Telstra in 2020 and opted to acquire their operating premises when the facility came to market in 2023 to better control occupancy costs and inject more certainty in their future business plans in Singapore, where they relocated their HQ to in 2022.

CONTACTS Click on each name to email them

BRENDA ONG Executive Director, Logistics & Industrial

JAMES NORMANDALE Director, Vertical Practice Group Specialist Projects, Project Management, APAC

CHRISTINE HO Associate Director, Client Services, PDS DARREN LU Senior Manager, Industrial Leasing

SECONDARY MARKETS INSIGHTS

Driven by the increasing adoption of cloud-based services, there is a growing demand for data centre services in New Zealand. Global service providers such as AWS and Google have announced cloud region in the capital of Auckland. Other data centre operators, investors and developers have started to explore the market, seeking to capitalise on the market’s access to network connectivity and power, especially the high level of renewable energy generation (hydro, geothermal and solar), which is cheaper than neighbouring Australia. While New Zealand is located in a high seismic area, there is a sophisticated level of expertise within the country around structural resilience that can advise international operators exploring and entering the market for data centre development.

The Philippines government is making increasing efforts to upgrade the market’s network infrastructure in recent years to bolster connectivity and reduce latency to regional locations across Asia Pacific and Europe, which will increase the appeal of the market for data centre development in coming years. Strengthening trade relations with China, South Korea, and other countries in South-East Asia, America and the European Union will further catalyse economic growth for the Philippines and drive demand for the market’s data centre industry. Power is available in most urban centres and industrial parks in the market, however, growing demand is resulting in an accelerated growth of land prices in recent years.

Q4 2023 KEY INDICATORS

Q4 2023 KEY INDICATORS

22 OPERATORS, 53 DATA CENTRES 75MW IN OPERATION 13MW UNDER CONSTRUCTION 57MW PLANNED

11 OPERATORS, 26 DATA CENTRES 60MW IN OPERATION 74MW UNDER CONSTRUCTION 48MW PLANNED

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

CONTACTS Click on each name to email them

CONTACTS Click on each name to email them

CLARO CORDERO JR. Director, Research, Consulting & Advisory Services, Philippines

THERESE CASTRO Director, Head of Tenant Advisory Group, Philippines

TODD HANRAHAN Head of Project & Development Services, New Zealand

Thailand is growing in its significance as a prominent ASEAN market as it continues to develop and evolve its digital ecosystem. As a result, the market is becoming increasingly popular with data centre investors and operators who are exploring the market, especially, Bangkok, which houses more than 90% of Thailand’s operational data centre capacity. Power availability and reliability is stable and improves away from central Bangkok as does the availability and cost of land. The Thailand Board of Investment (BOI) has established a range of non-tax and tax incentives that promote the growth of the country’s data centre industry, such relaxing restrictions for foreign ownership and corporate tax relief offerings, waivers on machinery imports, and VAT exemptions.

Vietnam remains as a new frontier for data centres in Asia Pacific. However, it is poised for steady expansion as its neighbouring ASEAN markets witness solid growth. In preparation, Vietnam’s digital economy is undergoing signification transformations driven by evolving regulations forced on by the impetus for greater digitalisation. Forward-thinking enterprises such as Apple, Intel, Canon, Samsung, LG, LEGO, Airbus, and other global organisations have begun working with partners based in Vietnam to establish digital transformation strategies as part of a holistic approach to global business. The Vietnamese government has also announced the National Data Centre Project that is planned around more securely storing government data as it moves towards greater digitisation in the public sector.

Q4 2023 KEY INDICATORS

Q4 2023 KEY INDICATORS

25 OPERATORS, 59 DATA CENTRES 65MW IN OPERATION 77MW UNDER CONSTRUCTION 231MW PLANNED

12 OPERATORS, 29 DATA CENTRES 45MW IN OPERATION 15MW UNDER CONSTRUCTION 41MW PLANNED

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

(Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.)

CONTACTS Click on each name to email them

CONTACTS Click on each name to email them

TRANG BUI General Manager, Vietnam

JOHN LE Senior Manager, Leasing Agency – Industrial, Vietnam

NITA ATHAKAIWALVATHI Senior Manager, Investment & Advisory, IFM, Thailand

GARETH POWELL Country Head, Thailand

CONTACTS

VIVEK DAHIYA Head of Asia Pacific Data Centre Advisory Team (APAC DCAT) PRITESH SWAMY Senior Director, Research & Advisory, Data Centres, APAC & EMEA

TODD OLSON Executive Sponsor, APAC DCAT & Managing Director, Japan & Korea

REBECCA JUNG Associate Director, Business Development Services, Asia Pacific

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