Keppel Ltd said its private fund Keppel Data Centre Fund III has secured land in Ansan, in South Korea’s Seoul Metropolitan Area, for a 60MW greenfield data center.

The deal marks Keppel’s entry into South Korea’s data center market.

Through the transaction, the fund will acquire an effective stake of about 73% in a special purpose vehicle that owns the land.

The site already has construction permits and power approvals.

The planned AI-ready facility is targeted to be operational by 2030.

The facility will target cloud providers and enterprise customers.

The South Korea project sits within Fund III, which reached first close at US$580 million in April 2025 and is targeting US$2 billion for AI-ready hyperscale data center investments across Asia Pacific.

Market commentary said Ansan offers connectivity to the Seoul area and sizable power allocations.

It also said tighter rules and grid constraints have made new data center capacity in the Seoul metropolitan area harder to secure, with power confirmation in some cases taking about 12 months.

🔗 Source: Keppel

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