ASIA PACIFIC DATA CENTRE H1 2025 UPDATE

• ASIA PACIFIC DATA CENTRE MARKETS MATURITY INDEX: 30 markets covered • PRIMARY MARKET OVERVIEWS: Tokyo, Singapore, Sydney, Mumbai, Hong Kong, China, Johor, Seoul, Jakarta • SECONDARY MARKET SPOTLIGHTS: Delhi, Bangkok, Taipei, Auckland, Manila, and Ho Chi Minh City FEATURED IN THIS UPDATE ASIA PACIFIC DATA CENTRE H1 2025 UPDATE

H1 2025

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

Updated 30 Oct 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:  Cloud Service Providers (CSPs)  Hyperscalers  Colocation providers

Site Selection & Acquisitions Colocation & Agency Leasing Capital Markets Research & Consulting Valuations Strategic Advisory

Project Planning Project Development Construction Delivery Specialist Construction Services

 Enterprise users  Sector investors

 Developers  Landowners

MANAGEMENT SERVICES

Facilities Management Asset Services Consultancy Lifecyle Management

Rebecca Jung Associate Director, Business Development,

James B. Normandale Head of Technical Services,

Shanil Patel Head of Management Services, Data Centre Group, Asia Pacific shanil.patel@cushwake.com

Data Centre Group, Asia Pacific rebecca,jung@cushwake.com

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

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

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 .

ASIA PACIFIC DATA CENTRE MARKET OVERVIEW Asia Pacific maintained strong momentum in data centre expansion throughout the first half of 2025, adding close to 2,300MW to its development pipeline. Thailand and Malaysia led this growth, contributing 64% of the total additions, recording the highest increases in development pipelines; 193% and 70% respectively. The region now has around 1,400MW of capacity under active development, with total operational capacity expected to surpass 14GW by the end of the year. Artificial Intelligence (AI), cloud services, and capital investment emerged as dominant themes across the region. Governments and leading technology firms accelerated AI infrastructure development, aligning public policy with private innovation to meet rising demand for cloud computing and large language models (LLMs). Data centre operators are increasingly designing facilities with the flexibility to support AI workloads, reinforcing Asia Pacific’s ambition to be a global leader in AI infrastructure despite evolving geopolitical and regulatory challenges. Capital markets activity remained strong in the first half of 2025, reflecting sustained investor confidence in the region’s digital infrastructure sector. Data centre operators actively raised capital through a mix of debt instruments, equity financing, and Real Estate Investment Trust (REIT) listings, with proceeds earmarked for expansion and strategic growth initiatives. In parallel, operators continued to acquire both greenfield land parcels and built assets to support future development pipelines. The period also witnessed a wave of acquisitions by private equity firms, underscoring the sector’s attractiveness as a long-term investment class and reinforcing the growing institutional appetite for AI-ready and hyperscale data centre platforms across Asia Pacific. Despite reports of a slowdown among some hyperscalers, cloud service providers remained active in Asia Pacific, announcing new regions and zones alongside AI-focused developments. The region continues to attract significant investment and innovation, positioning itself as a critical hub for next generation digital infrastructure. Our H1 2025 Asia Pacific Data Centre Update covers key nuances of eight prominent primary city markets – Tokyo, Singapore, Sydney, Mumbai, Hong Kong, China, Johor, Seoul, and Jakarta, whilst also providing an overview of six city secondary markets of Bangkok, Delhi, Taipei, Auckland, Manila, and Ho Chi Minh City, in order of the size of their current operational capacities. Also included in this report is our Asia Pacific Data Centre Market Maturity Index (through refined methodology complemented with additional data validation efforts), which forecasts the potential evolution of 30 markets across the region over the next decade. The parametric based weighted evaluation of the markets’ factors existing and planned capacities, vacancy rates, operator presence & scale and individual asset level build capacities.

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

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.

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

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 .

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

For quarterly updates on Asia Pacific data centre key indicators at a country level and our track record in these markets, view our capabilities brochure.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

*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.

H1 2025 UPDATE ASIA PACIFIC MATURITY INDEX Our Asia Pacific Data Centre Maturity Index tracks 30 data centre markets across Asia Pacific to compare their current maturity status as well as their potential evolution over the next decade.

While Tokyo and Beijing continue to lead as the two largest markets, Johor is rapidly closing the gap. With operators holding extensive land banks in the area, Johor has the potential to become the largest market in the region. Collectively, the Powerhouse markets account for 50% of Asia Pacific’s operational capacity and 44% of the development pipeline. Due to their maturity and status as preferred data centre hubs, these markets maintain a low vacancy rate of just 7.6%. ESTABLISHED markets – Melbourne, Singapore, Hong Kong, Seoul, Jakarta, Kuala Lumpur, and Bangkok – represent the fastest-growing category in the Asia Pacific region. While these markets collectively account for 23% of the region’s operational capacity, they contribute a larger share (29%) to the development pipeline, underscoring their accelerating momentum. Vacancy rates across these markets have declined to 12.9%, reflecting sustained and rising demand from enterprise and hyperscale clients. The category welcomed two new entrants in H1 2025: Kuala Lumpur and Bangkok. Both markets have attracted significant interest from operators, driven by large-scale expansions by hyperscale cloud service providers. Melbourne also demonstrated strong growth, climbing three positions to become the largest market within the Established category, mirroring Sydney’s trajectory in the Powerhouse segment. DEVELOPING markets – Hyderabad, Osaka, Chennai, Guangzhou, Delhi, and Pune – now comprises six cities following the growth of Kuala Lumpur and Bangkok into the Established Markets category. Notably, four of these six cities host U.S.-based hyperscalers, underscoring their strategic significance and long-term growth potential. Collectively, these markets represent 9% of total operational capacity and 11% of the development pipeline, highlighting a robust growth trajectory.

Our Maturity Index provides a statistical comparison of markets based on fifteen parameters, visually represented in the accompanying graph. It incorporates data on overall stock, including operational, planned, and under-construction data centres. The methodology remains consistent with our H2 2024 update, evaluating markets based on overall stock and vacancy, the presence of colocation players and hyperscalers and build capacities, considering the increasing influence of AI deployment across the region. Each primary parameter consists of five secondary parameters, amounting to a total of fifteen factors used to assess market maturity. Data points for each market are compiled into a parameter matrix and weighted to determine an overall growth score, where higher scores indicate stronger future growth potential. While the Maturity Index reflects the current market landscape, it also serves as a forward-looking indicator of growth opportunities. To enhance relevance and understanding of scale and dynamics, markets are categorized into the following four groups: POWERHOUSE markets – Tokyo, Beijing, Johor, Sydney, Shanghai, and Mumbai – are the largest in the Asia Pacific region, in terms of operational capacity, operator presence, and growth potential. Despite their scale, these markets experienced notable shifts in the first half of 2025. Johor entered the Powerhouse category, driven by a substantial increase in both operational capacity and its development pipeline. The market now represents 4% of the region’s operational capacity and 11% of the development pipeline. Sydney, previously the smallest among the Powerhouse markets, rose two positions to become the third-largest. This growth is fuelled by strong interest from hyperscale cloud service providers and its emergence as a key hub for AI deployments. Operators are making significant investments to establish and expand their presence in the city.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

However, demand has lagged behind capacity expansion, resulting in a cumulative vacancy rate of 23% as of H1 2025. Among key market movements, Hyderabad emerged as the top performer within the category, climbing three positions. This growth was driven by substantial self-build initiatives from AWS and Microsoft, coupled with increasing interest from colocation providers, which significantly accelerated the city's development momentum. EMERGING markets – Auckland, Taipei, Canberra, Manila, Busan, Bengaluru, Batam, Ho Chi Minh City, Perth, Hanoi, and Brisbane – have demonstrated notable progress, doubling their share of operational capacity from 3% in H1 2024 to 6% in H1 2025. Despite being emerging markets, vacancy rate is marginally lower than developing markets at about 22% in H1 2025. The only change in rankings within this category was Auckland overtaking Taipei to become the leading market. While these cities remain in the early stages of development, operators continue to explore opportunistic investments, signalling growing confidence in their long-term potential. Several markets – Perth, Busan, Batam, Auckland, and Manila – are set to benefit from new subsea cable projects currently underway, which are expected to significantly enhance connectivity and act as catalysts for accelerated growth in the coming years. SUMMARY: The Asia Pacific data centre market continues its robust expansion, driven primarily by surging demand for AI and cloud services. These technologies are expected to remain central to investment strategies for both data centre operators and end clients. While U.S. government-led trade and tariff barriers may pose short-term challenges, overall market sentiment remains optimistic. Investors and operators are strategically positioning themselves for long-term growth, underpinned by substantial land acquisitions and significant capital raised over the recent past. As a result, the remainder of the year is likely to see accelerated capital deployment, with a focus on initiating new developments and acquiring operational assets that offer strategic advantages. The region also continues to witness new entrants, particularly real estate developers eager to build infrastructure for both hyperscale and colocation operators. Emerging markets such as Kolkata, Visakhapatnam (Vaizag), Kyoto, Kyushu, Hokkaido, Chengdu, and Lingqui County are beginning to attract attention. These locations exhibit early signs of scalability and may soon be considered for inclusion in the regional maturity index.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW (*Overall stock of markets shown on this graph include Operational, Under Construction & Planned capacities)

GREATER TOKYO ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

1,160MW In Operation

1,724MW Planned

6.0% Colo Vacancy

206MW Under Construction

32 Operators

121 # of Data Centres

Colo Hyperscale Self-build

MARKET OVERVIEW Tokyo continued to solidify its position as the powerhouse market in Asia Pacific, building on the growth momentum from the second half of 2024. In H1 2025, operational capacity increased by 2%, reaching 1,160MW, while the development pipeline - comprising both under-construction and planned projects - expanded by nearly 10% to 1,948MW. Inzai remains as the largest cluster in Tokyo accounting for 32% of the operational capacity and 44% of the development pipeline. Despite the rise in operational capacity, the vacancy rate in Tokyo declined further to 6% by the end of the period, driven by sustained demand from cloud service providers and the accelerating adoption of Artificial Intelligence (AI). AI remained a key focus area, with significant developments from both the public and private sectors. The Japanese government announced an additional investment of US$5.4billion (JPY 802.5billion) - bringing the total to US$11.46billion (JPY1.8trillion) - into its chipmaking startup, Rapidus. The initiative aims to commence commercial 2-nanometer chip production by 2027, positioning Japan to better navigate global semiconductor trade risks. In parallel, NTT introduced its proprietary AI inference chip, designed for real-time processing. The company is actively developing the technology and associated use cases, with plans to commercialize the chip within 2025. Additionally, NTT announced its intention to privatise its Tokyo-listed IT services and data centre subsidiary, NTT Data, through a US$16.4billion (JPY 2.37 trillion) transaction. SoftBank Corp. made a significant leap in AI infrastructure by deploying a 4,000-unit Nvidia B200 DGX SuperPod cluster, for its subsidiary SB Intuitions to support the development of large language models (LLMs). The cluster has since expanded to over 10,000 GPUs. Earlier this year, OpenAI unveiled its Stargate data centre infrastructure platform, backed by a US$500 billion investment over four years. With SoftBank Group as an equity and lead partner, Japan is poised to become a key host market for the Stargate platform. Alcatel Submarine Networks commenced construction of the 12,500km E2A subsea cable, which will connect California, USA, with Maruyama, Japan. The cable will also include landing points in Toucheng (Taiwan) and Busan (South Korea) and is expected to be operational by the end of 2028. This submarine cable project is backed by a consortium comprising SoftBank Corp., Chunghwa Telecom, SK Broadband and Verizon.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

TYO JAPAN

H1 25

IT LOAD EVOLUTION

CONTACTS

3,500

TODD OLSON Managing Director, Japan & Korea Todd.Olson@ap.cushwake.com

3,000

2,500

1,724

RON GORMLEY Director,

1,568

2,000

1,111

Strategic Consulting, Japan Ron.Gormley@cushwake.com

1,346

1,500

MW

206

223

KOSUKE OGI Executive Director, Capital Markets, Japan Kosuke.Ogi@ap.cushwake.com

278

174

1,000

1,160

1,136

1,028

500

949

HIDEAKI SUZUKI Executive Director, Research & Consulting, Japan & Korea Hideaki.Suzuki@cushwake.com

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

Operational DC in the Kanagawa prefecture (50% stake)

$121million (JPY18billion)

Mitsui & Co. Asset Management Holdings Ltd.

20MW

Mar 2025

Undisclosed

Tochigi Inter Industrial Park

32 acres

May 2025

Undisclosed

NTT Data

Undisclosed

$685.82million (JPY100billion)

Sharp Sakai Factory Site

450,000 sqm Mar 2025

SoftBank Corp.

Sharp

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

SINGAPORE ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

1,002MW In Operation

226MW Planned

2% Colo Vacancy

20MW Under Construction

26 Operators

50 # of Data Centres

MARKET OVERVIEW 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. 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.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

SGP SINGAPORE

H1 25

IT LOAD EVOLUTION

CONTACTS

1,400

BRENDA ONG Executive Director, Logistics & Industrial, Singapore brenda.ong@cushwake.com XIAN YANG WONG Head of Research, Singapore xianyang.wong@cushwake.com

1,200

287

216

357

226

28

20

1,000

45

94

800

600

MW

1,016

1,002

973

876

400

200

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$) BUYER

SELLER

$364million (S$471million)

CapitaLand Ascendas REIT (CLAR)

CapitaLand Data Centre Trust

20,305 sqm

May 2025

9 Tai Seng Drive

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

SYDNEY ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

733MW In Operation

874MW Planned

5.2% Colo Vacancy

232MW Under Construction

20 Operators

49 # of Data Centres

MARKET OVERVIEW Sydney’s data centre market continued its upward trajectory in H1 2025, underscoring the city’s growing importance as a regional data centre hub. Despite the absence of major additions to operational capacity during this period, the market demonstrated robust fundamentals. Notably, the vacancy rate declined sharply from 9% to 5.2%, reflecting sustained demand for cloud services and artificial intelligence (AI) workloads. The development pipeline remained active, with new entrants continuing to enter the data centre segment. In addition to Doma Infra and Markham entry in H2 2024, ISPT, a prominent real estate investment firm, submitted an application to develop a 170MW data centre in North Ryde, further reinforcing Sydney’s strategic appeal. Macquarie Data Centres entered into a put and call option agreement to acquire a land parcel in Sydney valued at US$157 million. The site is earmarked for a potential 150MW data centre campus. Meanwhile, Stack Infrastructure is planning a significant 450MW campus at Erskine Park, with an initial investment of US$405.3 million, marking one of the largest single-site developments in Sydney. In a notable acquisition transaction, Partners Group, in addition to acquiring Digital Halo in Singapore, acquired GreenSquareDC in Australia. The Group has committed US$759 million to establish GreenSquareDC as a next-generation data centre platform catering the demand from hyperscalers and AI. The fibre and enterprise connectivity segment also saw major consolidation activity. Vocus Group is set to acquire TPG Telecom’s fibre infrastructure assets and its Enterprise, Government, and Wholesale (EG&W) fixed business. The Australian government has approved the US$3.42billion deal, which is expected to close by year-end. Cloud adoption continues to accelerate in this market. The Commonwealth Bank of Australia (CommBank) completed its migration to Amazon Web Services (AWS), while the Department of Defence signed a five-year, US$324.71 million agreement with Microsoft for cloud services. CareSuper, a leading superannuation fund, also announced plans to transition its applications and data to Microsoft Azure. Overall, Sydney’s data centre market remains resilient and dynamic, supported by strong demand fundamentals, strategic investments, and continued digital transformation across sectors.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

SYD AUSTRALIA

H1 25

IT LOAD EVOLUTION

CONTACTS

1,000 1,200 1,400 1,600 1,800 2,000

JOSH PHEGAN National Industrial & Logistics, Valuation & Advisory josh.phegan@cushwake.com

874

810

756

614

232

MW

177

0 200 400 600 800

126

160

733

733

729

667

2022

2023

2024

1H 2025

Operational

U/C Planned

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

MUMBAI ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

594MW In Operation

852MW Planned

6.6% Colo Vacancy

337MW Under Construction

17 Operators

49 # of Data Centres

Colo Hyperscale Self-build

MARKET OVERVIEW Mumbai maintains its position as India’s largest and most dynamic data centre market, demonstrating sustained momentum in both operational capacity and development activity. Over the past six months, the city added approximately 52MW to its live data centre stock, underscoring its critical role in supporting India’s digital infrastructure. With around 180MW of the 337MW currently under construction slated for completion within the next six months, Mumbai’s total operational capacity is projected to reach nearly 800MW by the end of 2025 – provided developments proceed as scheduled. The Thane-Belapur Road cluster remains the epicentre of data centre activity in the region, accounting for nearly 70% of the city’s operational capacity and over 82% of the development pipeline. However, due to extensive land acquisitions in this cluster over the past 2–3 years, securing suitable land parcels for future expansion has become increasingly difficult in this cluster. As a result, operators are actively exploring alternative locations in the extended metropolitan region, with areas such as Palava emerging as potential hubs for new developments. Despite a 10% increase in operational capacity, the vacancy rate increased marginally from 6% in H2 2024 to 6.6% in H1 2025 – indicating that demand continues to outpace supply. This surge in demand is primarily driven by hyperscale cloud service providers and banking institutions, both of which are expected to remain key contributors to capacity take-up in the near term. Additionally, the market is beginning to see early-stage deployments of AI-driven workloads, which are anticipated to further accelerate demand for high-density, scalable infrastructure. Key developments in H1 2025 include PDG’s launch of its second facility DC2 at the Airoli campus, which has a total capacity of over 150MW across five facilities. NTT announced plans for its 500MW NV2 campus, while the Blackstone-Panchshil joint venture also announced its plan to develop a 500MW campus in Navi Mumbai. Complementing these large-scale developments, Mumbai continues to enhance its subsea cable connectivity. Three new cables – India Europe Xpress (IEX), SeaMeWe-6, and Raman – are on track for deployment by 2026, further strengthening the city’s position as a strategic digital gateway.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

MUM INDIA

H1 25

IT LOAD EVOLUTION

CONTACTS

1,000 1,200 1,400 1,600 1,800 2,000

SAREEN PENTA Head of Data Centre Advisory & Transactions, India Sareen.Penta@cushwake.com SHVETA MAHAJAN Director, Head of Data Centres, Industrial & Mobility, Strategic Consulting, India Shveta.Mahajan@cushwake.com

852

888

894

711

MW

0 200 400 600 800

337

335

311

555

594

542

537

380

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

Pantheon Buildcon and Tusshar Infra Developers

Chandivali

2.39 acres

Q2 2025

$99.7M

NTT GDC

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

HONG KONG, CHINA ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

581MW In Operation

507MW Planned

19% Colo Vacancy

161MW Under Construction

21 Operators

47 # of Data Centres

MARKET OVERVIEW Hong Kong’s data centre market, with an established capacity of approximately 600MW, remained broadly stable over H1 2025. Overall colocation vacancy in the city edged down to 19%, from 21% in H2 2024, primarily driven by the commitment of a major cloud service provider in Tseung Kwan O. While the market has yet to show robust momentum, a gradual recovery is anticipated over the next 6 to 12 months. Demand for data centres continues to be driven by the Banking & Financial Services and Telecom sectors, both of which are showing steady growth. Investor sentiment remains cautiously optimistic, as reflected in several key announcements during H1 2025. In June, Grand Ming Group divested two data centre assets in Fanling for approximately US$275 million, making Hong Kong’s first data centre sales transaction since 2022. Bain Capital is understood to be the purchaser. Meanwhile, the Goodman Group launched a dedicated US$2.7billion investment platform – the Goodman Hong Kong Data centre Partnership (GHKDC) – focused exclusively on the city’s data centre market. This move signals long-term confidence in Hong Kong’s strategic relevance. BDx also secured project financing from a consortium comprising Clifford Capital, UOB, and SMBC for its first hyperscale data centre in Kwai Chung. Looking ahead, amid the new phase in AI development, although Hong Kong data centres are not directly involved in AI model training, the market will stand to benefit over the medium term as cloud and AI adoption accelerates. Cost efficiencies from new models will drive enterprise usage, boosting demand for low-latency inference hosting in metro locations. Hong Kong’s robust subsea cable infrastructure will be further enhanced with the addition of four new cables – Asia Link Cable (ALC), Cambodia-Hong Kong, SEA-H2X, and Southeast Asia-Japan Cable 2 (SJC2) – set to become operational between H2 2025 and 2026. These upgrades will significantly improve regional connectivity and reinforce Hong Kong’s role as a digital gateway. In a move aligned with its Climate Action Plan 2050, the Hong Kong Government has amended the Buildings Energy Efficiency Bill to include data centres, effective August 2025. Under the revised legislation, operators will be required to conduct periodic energy audits and report Power Usage Effectiveness (PUE) metrics. This regulatory shift will improve buildings’ energy efficiency and reduce carbon emissions, promoting sustainability in the sector.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

HKG GREATER CHINA

H1 25

IT LOAD EVOLUTION

CONTACTS

1,400

JOHN SIU Managing Director, Hong Kong john.siu@cushwake.com

1,200

490

1,000

507

110

ROSANNA TANG Head of Research, Hong Kong rosanna.tang@cushwake.com THOMAS CHAN Associate Director, Research, Hong Kong thomas.chan@cushwake.com

800

215

318

208

161

600

MW

134

400

605

581

581

417

200

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

iTech Tower 3.1

89,500 sq ft

Q2 2025

$192M

Bain Capital

Grand Ming Group

iTech Tower 3.2

95,500 sq ft

Q2 2025

$83M*

Bain Capital

Grand Ming Group

*The balance of the consideration will be based on the remaining construction costs to compete Tower 3.2, plus a development management fee on such costs, which is yet to be determined.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

JOHOR ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

560MW In Operation

1,324MW Planned

1.1% Colo Vacancy

422MW Under Construction

12 Operators

15 # of Data Centres

MARKET OVERVIEW Since our last update in H2 2024, Johor has added 160MW of new operational capacity – a 40% increase in just six months. Under-construction capacity has surged by 87% to 422MW, while planned capacity has grown by 61% to 1,324MW. At this pace, Johor is on track to become a 1GW market by end-2026. Initially developed to absorb spillover demand from Singapore, Johor has rapidly matured into a regional hub for cloud and AI deployments, serving customers across Southeast Asia. Some notable developments highlighting the accelerated deployment of advanced technologies in Johor include BrightRay’s initiative to complete its facility within eight months using a prefabricated modular data centre solution. Yondr also made significant strides by delivering a fully fitted out and rack-ready asset six months ahead of schedule. In February 2025, STT GDC announced the construction of a hyperscale data centre in Nusa Cemerlang Industrial Park, with Phase 1 – offering 16MW of capacity – scheduled for completion by end-2026. Effective 1 July 2025, Malaysia introduced its new power tariffs. Following the announcement, several analysts and media outlets projected a 10% to 14% increase in power costs for data centre operators. However, despite the anticipated rise, Malaysia continues to rank among the top three markets with the lowest power tariffs in the Asia Pacific region. As such, we do not expect any significant changes or disruptions to Johor’s position as a leading cloud and AI hub. Market activity remains strong, with new entrants continuing to expand the landscape. Currenc Group, a fintech firm, announced its entry into the data centre sector with a 100-acre, 500MW hyperscale AI campus in Johor. Similarly, Stack Infrastructure unveiled plans for a 220MW campus in Iskandar Puteri, with the first phase scheduled for delivery by Q4 2026. While development remains concentrated in Nusajaya/Iskandar Puteri and Sedenak, emerging locations such as Kulai, Tebrau, and Pasir Gudang are gaining traction. These areas now account for nearly 400MW – approximately 23% – of the total development pipeline. On the regulatory front, the Malaysian government has introduced new export controls on US-made AI chips to curb unauthorized semiconductor trade. Effective July 14, 2025, high-performance AI chips of US origin are now classified as Strategic Items, requiring a Strategic Trade Permit and a mandatory 30-day advance notification before export, transshipment, or transit. This move, led by the Ministry of Investment, Trade and Industry (MITI), aims to close regulatory gaps and enforce the Strategic Trade Act 2010. The policy aligns with broader US efforts to tighten chip export restrictions.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

JH MALAYSIA

H1 25

IT LOAD EVOLUTION

CONTACTS

TIFFANY GOH Country Manager, Malaysia tiffanygoh@ivpsmalaysia.com

2,000

1,324

1,500

RAY KIT ray.kit@ivpsmalaysia.com

822

1,000

MW

422

226

500

397

46

560

401

182

132

27

94

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$) BUYER

SELLER

Nusa Cemerlang Industrial Park

22.548 acres

Jan 2025

$28.8M

Confidential

Crescendo

Eco Business Park 1

138.532 acres

Feb 2025

$166.5M

Confidential

Eco World Malaysia

Axis Steel Centre @ SiLC

26.96 acres

Jan 2025

$38.0M

Stack Infrastructure Axis REIT

LA Lim Family Holdings

SILC Industrial Park

27.23 acres

Feb 2025

$102.7M

Airtrunk

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

GREATER SEOUL ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

533MW In Operation

520MW Planned

6.6% Colo Vacancy

195MW Under Construction

23 Operators

50 # of Data Centres

MARKET OVERVIEW Seoul’s data centre market continued its upward trajectory during H1 2025, with operational capacity reaching 533MW. The development pipeline also expanded, rising 12% to a combined total of 715MW across under-construction and planned projects. In addition, operators hold land banks that could support a further 250MW of capacity when fully developed, indicating strong long-term growth potential. However, development dynamics in Seoul are evolving – with constraints such as limited power availability in certain zones, high land costs, and a scarcity of suitable development sites leading to a more dispersed pattern of data centre construction. Unlike traditional markets where clusters dominate, Seoul is witnessing a decentralised build-out. As a result, the cumulative region outside of key clusters has emerged as the second-largest submarket after the Incheon/West Gyeonggi cluster, now accounting for 32% of operational capacity and 15% of the development pipeline. Beyond the capital, alternative locations across South Korea are gaining traction. Notably, SK Group and Amazon Web Services (AWS) have committed to developing an AI-focused data centre in Ulsan, which is expected to house up to 60,000 GPUs upon completion. Similarly, Changhae Development announced plans for an AI data centre in Yeongdo-gu, Busan, supported by a Memorandum of Agreement with TurboScale and BKB Energy to provide 50,000 GPUs. These developments reflect a growing trend of regional diversification driven by AI demand. Subsea connectivity is also being enhanced, reinforcing South Korea’s digital infrastructure. Four new subsea cables are set to land in Busan and Ulsan. The JAKO and Bridge One cables will link South Korea with Japan, while the Southeast Asia-Japan Cable 2 (SJC2) will connect the country with Southeast Asia, Hong Kong, Chinese mainland, Taiwan, and Japan. The E2A cable will provide direct connectivity to the U.S., further strengthening international bandwidth and resilience. Additionally, the cloud services sector remains active. Alibaba Cloud announced the launch of its second data centre in Seoul, aimed at meeting rising demand for cloud computing and AI services from South Korean enterprises. This expansion underscores Seoul’s growing importance as a regional hub for digital transformation. Seoul will continue to see steady growth in its data centre market, fuelled by decentralised development, regional diversification, and increasing demand for AI and cloud services.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

SEL SOUTH KOREA

H1 25

IT LOAD EVOLUTION

CONTACTS

1,400

JOE KIM Data Centre Lead, Korea joe.kim1@cushwake.com

1,200

1,000

512

421

424

SUKI KIM Head of Research suki.kim@cushwake.com

800

201

193

600

467

MW

208

CHLOE KWON Assistant Manager,

400

Logistics & Industrial Research chloe.kwon@cushwake.com

148

533

520

453

200

203

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$) BUYER

SELLER

Pangyo Cloud Data Centre

30MW

May 2025

$36M

SK Broadband

SK C&C

Giheung-gu, Yongin-si, Gyeonggi-do

26,666 sqm

May 2025

$60M

Gvesco IM

GA Metaverse

Hang-dong, Guro-gu, Seoul

7,402 sqm

Feb 2025

$104M

Pacific AMC

Hayang Energy

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

GREATER JAKARTA ASIA PACIFIC PRIMARY MARKET

H1 2025 KEY INDICATORS*

278MW In Operation

607MW Planned

31% Colo Vacancy

102MW Under Construction

29 Operators

55 # of Data Centres

MARKET OVERVIEW The Jakarta data centre market continued its steady growth in H1 2025, although more measured compared to other primary Southeast Asian markets. The total development pipeline – comprising both under-construction and planned capacity – expanded by nearly 30%, reaching 709MW. Operational capacity, however, remained relatively stable, indicating a lag between new investments and commissioning timelines. Despite the slower pace of expansion, demand from retail and enterprise customers remained steady, contributing to a notable decline in vacancy rates – from 36% in H2 2024 to 31% in H1 2025. Cikarang remains the dominant hub, accounting for approximately 47% of Jakarta’s operational capacity and 61% of its development pipeline, underscoring its strategic importance in the region’s digital infrastructure. The first half of 2025 witnessed significant activity from both colocation and hyperscale cloud providers. Microsoft launched its first cloud region, Indonesia Central, in Jakarta, as part of its US$1.7billion investment commitment. This AI-ready hyperscale infrastructure offers in-country data residency, low latency, and enhanced security, positioning Jakarta as a key node in Microsoft’s global cloud network. Google, which has operated a cloud region in Jakarta since 2020, announced an expansion of its computing capacity to meet rising customer demand. Oracle also revealed plans for a new cloud region, Indonesia North, to be hosted in DayOne’s facilities at Nongsa Digital Park in Batam, further diversifying Indonesia’s cloud landscape. Equinix entered the market with its first International Business Exchange (IBX) data centre, JK1, located in Jakarta’s Central Business District. Developed through a joint venture with Astra International Tbk, JK1 is designed to support AI workloads and features liquid cooling capabilities. Digital Realty expanded its footprint via a 50:50 joint venture with Bersama, aimed at developing and operating data centres across Indonesia. Additionally, Aslan Energy Capital, in partnership with Jakarta Industrial Estate Pulogadung (JIEP), announced its entry into the market with the Aslan Jakarta Data Centre (AJDC). Upon completion, AJDC will deliver 40MW of power capacity.

Colo Hyperscale Self-build

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

JKT INDONESIA

H1 25

IT LOAD EVOLUTION

CONTACTS

1,200

WIRA AGUS Director, Industrial & Land Sales, Indonesia wira.agus@ap.cushwake.com

1,000

800

ARIEF RAHARDJO Director,

607

Strategic Consulting, Indonesia Arief.rahardjo@ap.cushwake.com

600

456

MW

428

459

400

102

96

76

200

47

278

278

202

138

0

2022

2023

2024

1H 2025

Operational

U/C Planned

SIGNIFICANT RECENT SALES

SITE / PROPERTY

SIZE

SALE DATE

SALE PRICE (US$) BUYER

SELLER

50,000 sqm

Q1 2025

Undisclosed

DAMAC Digital

GIIC

Cikarang

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

APAC SECONDARY MARKETS

H1 25

ASIA PACIFIC SECONDARY MARKETS DELHI NCR KEY INDICATORS* 9 / 17 Operators / Data Centres 146MW In Operation

CONTACTS

SAREEN PENTA Head of Data Centre Advisory & Transactions, India Sareen.Penta@cushwake.com SHVETA MAHAJAN Director, Head of Data Centres, Industrial & Mobility, Strategic Consulting, India Shveta.Mahajan@cushwake.com

24MW / 209MW UC / Planned

44% Colo Vacancy

Operational capacity in the Delhi NCR data centre market rose from 129MW in H2 2024 to 146MW in H1 2025, marking a 13% increase. Vacancy rate, however, surged to 44% due to slower demand uptake and the commissioning of new supply. With only around 20MW expected to become operational in the remainder of 2025 and a gradual absorption of existing capacity, the vacancy rate is projected to decline in H2 2025. Overall absorption remains modest, largely driven by retail and enterprise clients, with limited hyperscale activity. This demand profile has contributed to stable colocation rents, which have remained largely unchanged over the past six months. Noida and Greater Noida continue to be the preferred destinations for data centre development, accounting for 92% of the 233MW currently in the development pipeline. These locations offer strategic advantages in terms of infrastructure and scalability. Beyond the active pipeline, an additional 360+MW is in early stages of development, with land already secured by operators for future expansion. The operators are expected to adopt a phased and demand-aligned approach to bringing new capacity online, ensuring that supply additions are paced in line with demand trends. Notably, there are no new entrants expected in the Delhi NCR market in the near term. The entire development pipeline and land reserves are held by the same nine operators who currently have operational facilities. All in all, although the Delhi NCR market has shown signs of tightening, the upcoming supply and a cautious demand environment will require operators to remain agile and responsive to evolving market dynamics.

BANGKOK

KEY INDICATORS*

NORASAK SUPHAKORNTANAKIT Head of Capital Market & Investment, Thailand norasak.sup@cushwake.com NITA ATHAKAIWALVATHI Senior Manager, Capital Market & Investment, Thailand nita.ath@cushwake.com

25 / 53 Operators / Data Centres

109MW In Operation

169MW / 515MW UC / Planned

16% Colo Vacancy

Building on strong momentum from the second half of 2024, Bangkok’s data centre market continued its rapid expansion in the first half of 2025. Over the past six months, under construction capacity surged by 267%, rising from 46MW to 169MW, while planned capacity increased by 177%, from 186MW to 515MW. Although operational capacity grew only marginally, demand remains robust, as evidenced by a drop in vacancy rates from 24% in H2 2024 to 16% by the end of H1 2025. Bangkok is increasingly gaining strategic importance and is quickly emerging as a key data centre hub in the Asia Pacific region. Investment commitments continued to rise in H1 2025. Following major announcements from AWS, Google, Microsoft, and DayOne, ByteDance declared in March 2025 its intention to invest US$8.8 billion in Thailand. This wave of high-value investments has significantly accelerated Bangkok’s development pipeline. With substantial capital inflows and anticipated deployments in the coming months, Bangkok is poised to be reclassified as a primary market. Much of this expansion is aimed at supporting the digital infrastructure for cloud computing and AI-driven workloads. However, recent geopolitical developments may pose challenges. The U.S. government’s recent announcement on its plan to restrict AI chip exports to Thailand could impact the pace and scope of ongoing and proposed developments. While the U.S. Department of Commerce is reportedly working on a revised strategy to replace the AI diffusion rule, the specifics remain unclear. Although U.S.-based firms may be granted exemptions, concerns around the unauthorized use of GPUs continue to be a key issue for U.S. authorities.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW

APAC SECONDARY MARKETS

H1 25

ASIA PACIFIC SECONDARY MARKETS TAIPEI

CONTACTS

KEY INDICATORS*

DAVID CHEN Data Centre Lead, Taiwan david.il.chen@cushwake.com

10 / 27 Operators / Data Centres

107MW In Operation

50MW / 108MW UC / Planned

2.7% Colo Vacancy

Taipei sustained its growth momentum in the first half of 2025. With no new capacity added during this period and demand remaining steady, vacancy rates dropped below 3%, which is among the lowest in Asia Pacific. Of the 50MW currently under construction, only 30MW is expected to be delivered by year-end. Government-imposed power supply restrictions have constrained data centre capacity growth in northern Taiwan in recent years. However, with policy shifts now promoting expansion into central and southern regions, and power resources gradually being made available, Taiwan’s data centre supply is poised for growth. The cloud services landscape also advanced, with Amazon Web Services (AWS) announcing the launch of its first cloud region in Taiwan–AWS Asia Pacific (Taipei). This new region enables organizations, particularly in regulated sectors, to store data locally while retaining full control over data residency and movement. In parallel, Nvidia and Foxconn unveiled plans to build an AI supercomputer powered by 10,000 Nvidia Blackwell Ultra GPUs, with a total design capacity of 100MW. The system will be used by Taiwan’s National Science and Technology Council to provide AI cloud computing resources across industries. Foxconn is expected to leverage the infrastructure to enhance automation and operational efficiency, while researchers from TSMC will also gain access to the supercomputer. Taiwan’s subsea cable connectivity also continues to improve with six new subsea cables under development – Apricot, E2A, ORCA, Southeast Asia–Japan Cable 2, Taiwan–Matsu No.4, and TPU. These cables are scheduled for completion between 2025 and 2028. Notably, three of them will have direct connections to the U.S., underscoring Taiwan’s growing strategic importance in the global digital infrastructure landscape.

AUCKLAND

KEY INDICATORS*

TODD HANRAHAN Data Centre Lead, New Zealand todd.hanrahan@cushwake.com

17 / 26 Operators / Data Centres

99MW In operation

9MW / 167MW UC / Planned

9.6% Colo Vacancy

Auckland continued to cement its role as a key data centre hub in H1 2025, with 26MW of new capacity added – marking a 36% increase in operational stock. As a result, vacancy rose from 4% in H2 2024 to 9.6% by mid-2025. However, with only 9MW currently under active development and steady demand from government and BFSI clients, vacancy is expected to decline below 5% in the coming months. Additionally, the New Zealand government announced that it has initiated a significant digital transformation, focusing on enhanced data collection, analytics, and application to improve public sector decision-making and efficiency. A major milestone in this journey is the planned shift from a traditional paper-based census to a fully digital system by 2030. These initiatives are anticipated to further stimulate demand for data centre infrastructure, particularly from government agencies. In a notable development, Microsoft became the first global Cloud Service Provider in New Zealand to receive certification from the Government Chief Digital Office (GCDO). This certification, aligned with the Protective Security Requirements (PSR), recognizes operators that meet stringent standards in governance, physical infrastructure, and personnel security. Meanwhile, Spark New Zealand has initiated a process to divest a stake in its data centre business. While no deal has been finalized, media reports suggest interest from investors including Stonepeak, Pacific Equity Partners, QIC, and Igneo Infrastructure Partners, with potential acquisitions of up to 50% being considered. Connectivity enhancements are also underway, with three new subsea cables in development. The Tasman Ring Network and SX Tasman Express (SX-TX), expected to be completed in 2027 and 2028 respectively, will enhance links with Australia. The Honomoana cable, scheduled for completion in 2026, will provide direct connectivity to the U.S. West Coast, further strengthening New Zealand’s digital infrastructure.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW