Keppel Corporation Limited today announced its proposed acquisition of Singapore Press Holdings Limited for $1.6bn USD (S$2.2bn), which owns a property portfolio comprising retail, student accommodation, senior living, and data center assets (Genting Lane). Specifically, Singapore Press Holdings owns a 40% stake in a joint venture, named Memphis 1 Pte Ltd, for the development of a new data center to be located on Genting Lane in Singapore.

Notably, Keppel Data Centres Holdings (KDCH), a 70%/30% joint venture between Keppel Telecommunications & Transportation and Keppel Land Limited, owns the remaining 60% stake in the Genting Lane data center, via the Memphis 1 joint venture with Singapore Press Holdings.

Genting Lane – Keppel Corporation’s Data Center in Singapore

In June 2020, Keppel Data Centres Holdings (KDCH) and Singapore Press Holdings announced the 60%/40% Memphis 1 joint venture for the development of a new data center at 82 Genting Lane (Lot 6205N of Mukim 24) in Singapore. Indeed, this is a site which was formerly the headquarters of Singapore Press Holdings.

At the time of acquisition, Keppel and Singapore Press Holdings committed to contribute $286m USD (~S$400m) in funds for both the initial land purchase ($36m USD) and development capital expenditures ($250m USD).

During 2021, Keppel and Singapore Press Holdings commenced construction of the Genting Lane data center. In terms of timing, the facility is expected to be service-ready in 2023.

Keppel – Singapore Data Centers and Beyond

Keppel Group (includes Keppel DC REIT and Keppel Capital) and Keppel Data Centres own and operate 26 colocation data centers. Collectively, these facilities are operating in 10 countries and comprise >2 million sqft of lettable area.

Singapore Data Centers

In addition to Genting Lane, Keppel controls 6 data centers in 4 locations across the Singapore island. As of June 30, 2021, these 6 facilities comprised 588k sqft and were valued at $1.2bn USD (S$1.7bn).

  1. Serangoon: Keppel DC Singapore 1 (SGP1)
  2. Tampines: Keppel DC Singapore 2 (SGP2), Keppel DC Singapore 3 (SGP3), Keppel DC Singapore 4 (SGP4)
  3. Tanjong Kling (Jurong): Keppel DC Singapore 5 (SGP 5)
  4. Woodlands: DC 1
Keppel Singapore Data Centers Map


Temasek Holdings, a Singaporean sovereign wealth fund, is a key shareholder of the various Keppel entities. Firstly, Temasek owns 23.0% of Keppel DC REIT. Secondly, Temasek controls 21.0% of Keppel Corporation, which in turn owns another 20.9% of Keppel DC REIT.

Mary Zhang covers Data Centers for Dgtl Infra, including Equinix (NASDAQ: EQIX), Digital Realty (NYSE: DLR), CyrusOne, CoreSite Realty, QTS Realty, Switch Inc, Iron Mountain (NYSE: IRM), Cyxtera (NASDAQ: CYXT), and many more. Within Data Centers, Mary focuses on the sub-sectors of hyperscale, enterprise / colocation, cloud service providers, and edge computing. Mary has over 5 years of experience in research and writing for Data Centers.


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