ASIA PACIFIC DATA CENTRE CAP DECK

ASIA PACIFIC DATA CENTRE GROUP OUR CAPABILITIES

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

Updated 18 December 2025

ABOUT US

SERVICING THE ENTIRE DATA CENTRE REAL ESTATE LIFE CYCLE

Our Asia Pacific Data Centre Group (DCG) helps our clients navigate their data centre strategies across the entire real estate cycle. We have the experience to offer both the practical services capabilities to provide optimal, end-to-end commercial real estate solutions and the problem solving expertise to address highly complex IT requirements for our clients.

Client types we work with:

Site Selection & Acquisitions Colocation & Agency Leasing Capital Markets Research Services Valuations Strategic Advisory Operator / Partner Search

Project Planning Project Development Construction Delivery Specialist Construction Services

 Cloud Service Providers (CSPs)

 Hyperscalers

 Colocation providers

 Enterprise users

 Sector investors

 Developers

 Landowners

MANAGED SERVICES

Facilities Management Asset Services Consultancy Lifecyle Management

TOM GIBSON President, Data Centre Group, Asia Pacific tom.gibson@cushwake.com

ANDREW GREEN Head of Data Centre Group, Asia Pacific andrew.m.green@cushwake.com

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

 CONFIDENTLY GLOBAL, EXPERTLY LOCAL

The ongoing maturation of the data centre sector in Asia Pacific continues to bring both opportunities and challenges to local markets and the region. Every client requirement is unique in this fast-growing and ever changing data centre landscape. With over 20 years’ experience across Cushman & Wakefield’s global network of data centre professionals in 400 locations across 60 countries, we have the ability to work collaboratively with local, regional and global teams to find the right tailored solution for any data centre client requirement.

Asia Pacific

12 Markets

64 Offices India Indonesia Japan Korea Malaysia

Australia Greater China:

New Zealand Philippines Singapore

Chinese Mainland Hong Kong, China Taiwan, China

Thailand Vietnam

250+ Data centre specialists

4.3M+ SQM land acquired

5GW+ Completed & ongoing projects

EMEA

Americas

ERIN BRUNER Vice President, Sector Marketing & Sales Enablement erin.bruner@cushwake.com

ANDREW FRAY Head of EMEA Data Centre Advisory Team andrew.fray@cushwake.com

Transactions Services

Advisory Services

Site Selection & Acquisitions Our trained, expert site acquisition managers across the region understand: ▪ Land acquisition of greenfield sites which suitably qualify to be developed as data centres ▪ Build to Suit transactions: create solutions with developers & investors that suite hyperscale/operator needs and structure long term leasing / acquisition solutions ▪ Powered Land & Shell: acquire or dispose assets (land or building) which have been prepared for data centre purposes ▪ Brownfield site acquisition: triple net lease of existing commercial or industrial assets by data centre firms Colocation Leasing We specialise in working with enterprises and occupiers to secure the most optimal terms for their data centre lease requirements by: ▪ Working with CRE & IT teams to secure best terms from a strategic, operational & financial perspective ▪ Support in site selection of most suitable colocation data centre as per enterprise needs & requirements

Research & Consulting Our bespoke research allows our clients to create and support their business cases. We offer: ▪ Quarterly reports / subscriptions to cover required markets providing latest demand & supply statistics ▪ Colocation market updates which cover operator profile, colocation statistics

OUR SERVICES

Our successful track record around transactions & advisory services stems from the shared vision of our multi-disciplinary teams across the region working together to help clients develop their data centre strategies across Asia Pacific. TRANSACTIONS & ADVISORY

Market & competitor benchmarking

▪

Valuations Our valuation experts across the region provide accurate market assessments and reports, as per client needs. They cover:

Land & building

▪

M&E equipment

▪

Operational data centres

▪

Data centre portfolios

▪

Strategic Advisory Our specialist data centre advisors understand both the local markets & industry requirements to advise on: ▪ Data centre market reports, highest & best use studies, business / commercial due diligence studies ▪ Location advisory and site feasibility study for site selection, latency, fibre and power related analysis

Transaction management

▪

Contract lease negotiations

▪

Preparation of portfolio strategy

▪

Agency Leasing We help ensure our operator and investor clients’ data centre investments yield high value and long-term tenants through:

▪ Market entry / Go-to-Market strategy

Ewan Smith Head of Business Development, Data Centre Group, Asia Pacific ewan.smith@cushwake.com

▪ Portfolio and asset review: Property / project review, benchmarking

▪ Attracting tenants to existing / upcoming data centres

▪ Risk analysis and financial assessment

▪ Preparing marketing / leasing plans to achieve higher occupancy or rents

Lease vs buy analysis

▪

Market research / surveys

▪

▪ Participate in industry events, create interest from CTO / CIOs

Capital Markets We deliver tailored investment strategies for data centre real estate assets and portfolios, including:

Global Data Centre Market Comparison 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.

Buying and selling data centres

▪

Global partner & investor searches

▪

▪ Partnership / JV formulation of market entry

▪ Secure relevant investment / finance for data centre development, recapitalisation.

TRACK RECORD

GLOBAL HYPERSCALER 1

HWA HONG CORP - BDx

Location

Location

Malaysia, Indonesia and India

Singapore

Service

Service

Land acquisition

Sale

Value

Value

US$449M

US$140M

Power

Power

1.5+ GW

14MW

Size

Size

2.5Msqft

155,000+sqft

Date

Date

2021 – 2024

2024

Bespoke Consulting Assignments

REGIONAL COLOCATION OPERATOR

Location

Malaysia and Indonesia

KfW DEG

Location

Hong Kong

Service

Land acquisition

Location

Jakarta, Indonesia

Service

Leasing

Value

US$120M

Commercial due diligence, market analysis, and financial model review

Service

Value

US$80M

Power

~1GW

Power

16MW

Size

5.4Msqft

Date

2024

Size

320,000+sqft

Date

2023 – 2025

SIME DARBY

Date

2023 – 2024

Location

Malaysia, Singapore, and Indonesia

Feasibility study, market analysis, and strategic advisory

Service

CENTRAL BANK OF INDIA SUBSIDIARY

GLOBAL HYPERSCALER 2

Location

Hyderabad and Gift City, India

Location

Navi Mumbai, India

Date

2024

Service

Colocation leasing

Service

Built-to-Suit with option to purchase

ELCOT

Value

US$2.1M

Value

US$80M

Location

Tamil Nadu India

Power

300kW

Power

100MW

Service

Policy advisory and consulting

Size

50 racks

Size

900,000sqft

Date

2021

Date

2023 – 2024

Date

2021

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

Project Planning

Construction Delivery

Development Advisory

Construction Management Our direct oversight of construction activities, ensuring quality, safety, schedule adherence, and successful delivery of technically complex data centre projects:

OUR SERVICES

We assess infrastructure, capacity and risks to provide actionable insights, starting with an initial consultation to understand client needs, feasibility studies, project roadmaps, and risk mitigation strategies:

TECHNICAL SERVICES

▪ Site preparation, development & deliveries operations services.

▪ Quality inspection & controls assurance services.

Market evaluation.

▪

▪ Health, safety & environmental management.

▪ Site inspection & building condition assessments.

▪ Project scheduling & construction activity coordination.

▪ Financial modelling, development & commercial advisory.

Our clients require skilled project and development teams that can transform any idea or strategy into a tangible reality in the built world. This means going above and beyond to find practical solutions that outthink and outdo the most difficult construction challenges facing our clients and communities. Our Technical Services teams deliver end-to-end solutions globally.

Specialist Construction Services Enabling & Pre-Construction Works Principal Contracting Our comprehensive site preparation and infrastructure development contracting services, allowing foundational construction elements to proceed ahead of main data centre asset development, allowing for scalability, parallel construction activity and speed to completion:

Pre-Construction Services Our pre-construction advisory services are designed to ensure your data centre project is set up for success from the very beginning. We offer comprehensive support through the following key areas:

▪ Feasibility advice & technical due diligence.

Infrastructure assessment.

▪

▪ Land clearance, demolition, security works & land management.

▪ Procurement, vendor & contractor selection advice.

Utilities installation & connectivity.

▪

Budget planning.

▪

▪ Foundation, sub-structure, road & access construction works.

▪ Drainage & stormwater management.

Project Development

White Space Contracting Execution of white space fit-out, integrating critical infrastructure like cooling systems, power distribution units, and network cabling to ensure operational readiness, performance, and scalability. All systems are tested and validated to meet stringent standards. Our design and fit-out service optimizes space utilization and ensures readiness for current and future demands.

Cost Management We provide comprehensive budget control, cost monitoring and value engineering to optimize spending while maintaining transparency and protecting client interests:

James B. Normandale Head of Technical Services,

▪ Cost estimation, planning & management & budget control.

Data Centre Group, Asia Pacific james.normandale@cushwake.com

▪ Procurement management & contract administration.

White space design

▪

▪ Value engineering, cost monitoring & reporting.

▪ Procurement and construction of data hall white space and support zones.

Project Management We provide strategic leadership across all stages, encompassing planning, governance, quality control, risk mitigation, scheduling and EHS management:

▪ Commission and ready for service management

Asia Pacific Data Centre Construction Cost Guide A comprehensive annual analysis of both land purchase and data centre construction costs across Asia Pacific and looks at some of the key trends influencing the sector’s development: power availability and cost, AI, and investment.

Design & engineering oversight.

▪

▪ Procurement leadership & vendor selection.

Consultant team management.

▪

▪ Construction project management.

▪ Commissioning delivery, snagging & defects management.

TRACK RECORD

NEUTRADC (BY TELKOM INDONESIA)

GLOBAL CLOUD INFRASTRUCTURE PROVIDER

DIGITAL EDGE

Location

Location

Cikarang, Indonesia

Chennai, India

Location

Jakarta, Indonesia

Project

Project

Data hall fit-out

Greenfield base build construction

Project

Greenfield base build & data hall fit-out

Service

Service

Project, construction & safety management

Construction & project management

Service

Construction & project management

Power

Power

12MW

25MW

Power

35MW

Size

Size

112,000+sqft

400,000sqft

Size

190,000sqft

Date

Date

Nov. 2024 – Nov. 2025

Jan. 2023 – Apr. 2025

Date

May 2022 – Current

GLOBAL HYPERSCALER 2

DIGITAL INFRASTRUCTURE PROVIDER

Location

Location

Singapore

Bangkok, Thailand | Cikarang, Indonesia | Incheon, South Korea | Saitama, Japan | Sydney, Australia Asia Pacific Site Acquisition & Regional Portfolio Build Out Land Banking & Asset Management + Principal Construction Contracting

Location

Batam, Indonesia

Project

Data hall fit-out

Greenfield base build construction, internal & data hall fit-out Project, construction, safety & procurement management

Project

Procurement, construction and quality assurance management

Project

Service

Service

Power

60MW

Service

Power

21.6MW

Size

580,000+sqft

Size

590,000sqft

Date

2022 – Current

Date

Jun. 2023 – Mar. 2025

Date

Oct. 2024 – Apr. 2026

Facilities Management Cushman & Wakefield has the capability of providing a full suite of services that are aimed at maximizing operational uptime. Through the provision of qualified technical experts, we can perform planned and predictive maintenance and provide 24/7 technical manpower support, whilst ensuring that operational risks are identified and mitigated. ▪ Technical Operations: 24/7/365 Operational management of day-to-day technical operations through certified professionals, with backup support ▪ Predictive, Preventative, and Corrective Maintenance of systems and equipment to ensure maximum uptime within a live mission critical environment ▪ Management of Vendors to ensure quality control of services delivered by external vendors providing technical maintenance, including outsourced Soft FM Services, specifically Cleaning, Landscaping, Pest Control, and Security ▪ Management of operational risks, identifying system risks and prepare mitigation plans to avoid business impact ▪ Vacant Land Management of vacant land parcels that await construction through regular inspection, maintenance and patrolling

Asset Services Consultancy Our team of experts deliver consultancy services and advice to optimise the management the critical building and system assets. These services include cost benefit analysis when making decisions on the repair, overhaul, or replacement of major equipment and systems. ▪ Asset Tracking and Inventory Management: Maintaining detailed records of all assets, including their condition, location, and usage ▪ Cost-Benefit Analysis: Evaluating whether to repair or replace assets based on their remaining value and repair costs ▪ Optimisation: Consultation to ensure assets are used efficiently to meet organizational goals ▪ Lifecycle Replacement Planning: Using specific digital tools to plan asset replacement in line with business activities for critical assets to maintain uptime Lifecyle Management Our experts can professionally manage projects from inception to completion, including design and installation for alternations, refurbishments, adaptations, and asset replacements. ▪ Lifecycle: Management of minor and major asset replacement projects, general alternations and adaptations, and refurbishments.

OUR SERVICES

MANAGED SERVICES

Cushman & Wakefield has been a leader in delivering integrated facilities services for over 50 years, helping clients drive down operating expenses, increase efficiency and uptime, and make strategic business decisions. We have expanded our facilities management services to include data centres, providing clients innovative choices in management, consulting and service delivery, along with efficient, skill-specific staffing.

Commercial Models We commit to our clients a transparent and value-focused commercial solution. We will align our solution to drive maximum value for our clients and their shareholders.

Caine Boesenberg Head of Managed Services,

Data Centre Group, Asia Pacific caine.boesenberg@cushwake.com

LEAST TRANSPARENT

MOST TRANSPARENT

Cost Reimbursable + Glidepath • Highly transparent • Simple to bill • Flexible to changes • Fee ‘at risk’ • Requires clearly defined scope & services • Faster start-up

Managing Agent • Full transparency • Management fee disclosed • Vendor costs disclosed • Requires vendor contracts directly with operator

Fixed-price Contract • Less transparent • Simple model to administer • Requires clearly defined scope & SLAs • Risk transferred to supplier • No savings share • Long due-diligence period • Potential increase through variations

Cost Plus Model • Highly transparent • Simple to bill • Flexible (change in scope & service) • Share of savings (optional) • Management fee disclosed • Faster start-up

TRACK RECORD

GLOBAL COLOCATION PROVIDER

NATIONAL BANKING INSTITUTION

Location

Chennai, India

Location

Sydney, Australia

Services

Planned preventative maintenance

Facilities management & planned preventative maintenance

Services

GFA

470,000sqft

GFA

70,000sqft

IT Load

25MW

Power

3MW

Contract

3 years

Contract

5 years

Location

Chennai, India

INTERNATIONAL BANKING INSTITUTION

Services

Planned preventative maintenance

Location

Singapore

GFA

124,000sqft

Services

Planned preventative and corrective, cleaning

IT Load

5.5MW

GFA

10,000sqft

Contract

3 years

Contract

5 years

Location

GOVERNMENT AGENCY

Kolkata, India

Location

Services

Singapore

Planned preventative maintenance

GFA

Planned preventative maintenance & management of soft services

25,000sqft

Services

IT Load

2.5MW

GFA

50,000sqft

Contract

3 years

Power

1MW

Contract

4 years

OUR SERVICES

Site selection

▪ Climate risk assessment - during site selection and while in operations ➢ Adaptation and mitigation plans, periodic reporting on current and future climate risk

Our sustainability solutions for data centres are focused on helping you align with corporate net zero targets, mitigating carbon emissions, providing access to clean energy, drive uninterrupted operations, bringing cost savings and attracting investors. We can integrate sustainability solutions across these four key stages of the data centre real estate lifecycle: SUSTAINABILITY SOLUTIONS

Design & Construction

▪ Embed net-zero strategies into design, optimizing systems for efficiency, resilience, and certification

▪ Advise on planning, equipment, and commissioning to

minimize emissions from day one ➢ Certifications: LEED, Green Star

Operations

▪ Cut operational emissions by auditing energy use and fine-tuning systems. Track performance, lower PUE and guide upgrades with clear ROI ➢ Certifications: Green Mark, NABERS

Reporting

▪ Monitor energy/carbon/water usage & efficiency performance and report against goals, commitments, KPIs ➢ For funds: GRESB advisory

Matt Clifford Head of Sustainability & ESG, Asia Pacific matthew.clifford@cushwake.com

A new trinity for measuring data centre sustainability In this report, we explore how PUE, in combination with Water Usage Efficiency (WUE) and Carbon Usage Effectiveness (CUE) can form a more holistic measure of sustainability performance.

TRACK RECORD

TOWNGAS TELECOMMUNICATIONS COMPANY LIMITED

LEADING SEA INVESTMENT BANK

GLOBAL ASSET MANAGER

Location

Location

Dalian, China

Indonesia | Singapore

Location

Global

Project

Project

Greenfield base build construction

Asia Pacific pre-acquisition

Project

Fund-level disclosure and reporting

Service

Service

LEED certification consultancy

Physical climate risk analysis

Service

GRESB consultancy

Size

Size

1 Property 172,000+sqft

4 Properties

Size

2 Funds

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

OUR SERVICES

H1 2025 UPDATE

Asia Pacific* expands development pipeline by 2,282MW in H1 2025, reaching 16,620MW – 3,281MW under construction and 13,339MW in planning . Operational capacity increased to 12,634MW .

RESEARCH & INSIGHTS

Australia , India and Japan to become 2GW markets , with Chinese mainland reaching 5GW by end of 2028.

Cushman & Wakefield is a leader in first-to-market data centre thought leadership with quality market intelligence released regularly each year as well as the ability to take on bespoke consulting projects customised to our clients’ requirements. We collate and track data centre key indicators and insights from over 90 clusters within 26 cities across Asia Pacific to provide comprehensive regional and local market intelligence for our clients.

Chinese Mainland remains the largest market, representing 37% (4.5GW) of operational capacity .

50% of under construction capacity concentrated in six cities – Johor (422MW), Mumbai (337MW), Sydney (232MW), Shanghai (222MW), Tokyo (206MW), and Seoul (201MW).

Japan (1.5GW), Australia (1.3GW), India (1.3GW), and Singapore (1.0GW) rank as the largest markets after Chinese Mainland , contributing 40% of operational capacity and 50% of Asia Pacific’s development pipeline .

Johor added 160MW of new operational capacity in H1 2025, likely to become a 1GW market by end of 2026. Sydney and Mumbai will follow Johor to become 1GW markets by 2028 .

Pritesh Swamy Head of Research & Insights, Data Centre Group, Asia Pacific pritesh.swamy@cushwake.com

Asia Pacific Data Centre Update 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 signature Data Centre Market Maturity Index that forecasts the potential evolution of 30 markets across the region and an in-depth analysis that highlights notable primary & secondary markets.

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

Q2 2025 KEY INDICATORS^

GREATER CHINA

HONG KONG

AUSTRALIA

MAINLAND

TAIWAN

21 OPERATORS, 47 DATA CENTRES

43 OPERATORS, 153 DATA CENTRES

32 OPERATORS, 249 DATA CENTRES

12 OPERATORS, 41 DATA CENTRES

581MW IN OPERATION

1,283MW IN OPERATION

4,638MW IN OPERATION

267MW IN OPERATION

161MW UNDER CONSTRUCTION

436MW UNDER CONSTRUCTION

542MW UNDER CONSTRUCTION

50MW UNDER CONSTRUCTION

507MW PLANNED

1,923MW PLANNED

1,544MW PLANNED

108MW PLANNED

INDIA

INDONESIA

JAPAN

KOREA

28 OPERATORS, 129 DATA CENTRES

34 OPERATORS, 113 DATA CENTRES

35 OPERATORS, 171 DATA CENTRES

27 OPERATORS, 74 DATA CENTRES

1,220MW IN OPERATION

333MW IN OPERATION

1,482MW IN OPERATION

712MW IN OPERATION

621MW UNDER CONSTRUCTION

123MW UNDER CONSTRUCTION

335MW UNDER CONSTRUCTION

231MW UNDER CONSTRUCTION

2,323MW PLANNED

714MW PLANNED

2,455MW PLANNED

770MW PLANNED

MALAYSIA

SINGAPORE

NEW ZEALAND

PHILIPPINES

22 OPERATORS, 53 DATA CENTRES

26 OPERATORS, 50 DATA CENTRES

22 OPERATORS, 53 DATA CENTRES

14 OPERATORS, 34 DATA CENTRES

689MW IN OPERATION

1,002MW IN OPERATION

113MW IN OPERATION

82MW IN OPERATION

529MW UNDER CONSTRUCTION

20MW UNDER CONSTRUCTION

14MW UNDER CONSTRUCTION

23MW UNDER CONSTRUCTION

1,951MW PLANNED

226MW PLANNED

171MW PLANNED

105MW PLANNED

THAILAND

VIETNAM

A picture containing text, businesscard, vector graphics, silhouette Description automatically generated

26 OPERATORS, 61 DATA CENTRES

12 OPERATORS, 29 DATA CENTRES

SIGN-UP TO RECEIVE REGULAR UPDATES

114MW IN OPERATION

57MW IN OPERATION

169MW UNDER CONSTRUCTION

17MW UNDER CONSTRUCTION

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

518MW PLANNED

97MW PLANNED

CONTACTS

TOM GIBSON Head of PDS, Sustainability & ESG, and Data Centre Group, Asia Pacific tom.gibson@cushwake.com

JAMES NORMANDALE Head of Technical Services, Data Centre Group, Asia Pacific james.normandale@cushwake.com

ANDREW GREEN Head of Data Centre Group, Asia Pacific andrew.m.green@cushwake.com

CAINE BOESENBERG Head of Managed Services,

PRITESH SWAMY Head of Research & Insights, Data Centre Group, Asia Pacific pritesh.swamy@cushwake.com

EWAN SMITH Head of Business Development, Data Centre Group, Asia Pacific ewan.smith@cushwake.com

Data Centre Group, Asia Pacific caine.boesenberg@cushwake.com

ABOUT CUSHMAN & WAKEFIELD

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW