Updated: This article was originally published on 27 Jan 2022 and was updated on 10 Sep 2026
Data centres are an asset class that is highly essential as they are required to store data and provide connectivity. They have grown increasingly important as the demand for cloud computing and artificial intelligence continues to grow.
Unlike traditional industrial properties, modern data centres also require access to large amounts of power, sophisticated cooling systems and reliable connectivity. This has made suitable data centre capacity increasingly valuable, particularly in supply-constrained markets such as Singapore.
In Singapore, there are now three pure-play data centre REITs listed on the SGX. NTT DC REIT is the newest addition, having listed on the SGX Mainboard on 14 July 2025.
- Digital Core REIT (SGX:DCRU),
- Keppel Data Centre REIT (SGX:AJBU)
- NTT DC REIT (SGX: NTDU)
There are also two large diversified S-REITs with meaningful exposure to data centres:
- Mapletree Industrial Trust (SGX:ME8U),
- CapitaLand Ascendas REIT (SGX:A17U)
Valuation of 5 Data Centre REITs in Singapore
| Digital Core REIT | Keppel Data Centre REIT | NTT DC REIT | Mapletree Industrial Trust | Ascendas REIT | |
|---|---|---|---|---|---|
| Stock Code | DCRU | AJBU | NTDU | ME8U | A17U |
| Sponsor | Digital Realty | Keppel T&T | NTT Limited | Mapletree Investments | Capitaland Investment |
| Why Invest? | Exposure to Data Centres in US, Frankfurt and Osaka | Most diversified DC Portfolio across 10 countries. Strong APAC Presence | Exposure to data center assets across key markets in the U.S., Europe, and Asia-Pacific | Diversified industrial REIT with 57.2% of AUM in data centres | Exposure to Data Centres and a diverse range of property assets and geography. |
| Properties | 11 | 25 | 6 | 135 | 234 |
| Total Portfolio Value | US$1,900m | S$6,300m | US$1.670m | S$8,300m | S$20,100m |
| Data Centre Portfolio | 100% | 100% | 100% | 57.2% | 13% |
| Occupancy of Data Centres | 97.3% | 92.5% | 95.9% | 85.0% | Not separately disclosed |
| WALE | 4.3 yrs | 6.7 yrs | 4.3 yrs | 4.5 yrs | 4.0 yrs |
| Gearing | 39.2% | 34.0% | 31.0% | 37.5% | 39.7% |
| Market Cap | US$628m | S$5,260m | US$972m | S$5,480m | S$11,690m |
| P/B | 0.61x | 1.26x | 0.83x | 1.11x | 1.01x |
| Yield | 7.2% | 5.1% | 5.9% | 6.5% | 6.4% |
1) Digital Core REIT
Digital Core REIT (DC Reit) was the newest listed REIT in Singapore. At listing (Dec 2021), it was the only data centre REIT with 100% of its AUM situated in the US. Over the years, it added on properties in Frankfurt and Osaka to improve its overall geographic diversification.
DC Reit provides the highest yield at the point of writing.
2) Keppel Data Centre REIT
Keppel Data Centre REIT (KDCR) was the first pure data centre play to list in Singapore remains the largest and most established of Singapore’s three pure-play data centre REITs. Share prices reaching a high of S$3.04 in Feb 2021, implying a price to book value of more than 2.0x at its peak.
It currently owns 25 data centres across 10 countries with approximately S$6.3 billion in AUM.
Its portfolio remains heavily tilted towards Asia Pacific, which accounts for around 85% of AUM. Singapore alone makes up more than 60% of the portfolio, while Japan has become another increasingly important market.
In September 2026, Keppel DC REIT announced the acquisition of two hyperscale data centres in Greater Tokyo. If completed, the deal would increase AUM from S$6.3 billion to about S$7.6 billion and lift Japan’s contribution to rental income from around 9% to 23%. The acquisition is expected to be immediately DPU-accretive and should also improve tenant diversification.
3) NTT DC REIT
NTT DC REIT became the third pure-play data centre REIT on the SGX when it listed in July 2025.
The REIT is sponsored by NTT Limited, part of Japan’s NTT Group, one of the world’s largest telecommunications and digital infrastructure groups.
NTT DC REIT started with a portfolio of six Tier III or Tier III-equivalent data centres with 90.7MW of design IT load. Four are located in the US, comprising three in Northern California and one in Northern Virginia, while the remaining two are in Vienna and Singapore.
As at 31 March 2026, the portfolio was valued at approximately US$1.67 billion, with the US contributing 63.9% of the portfolio, while Singapore accounted for 18.6% and Vienna 17.5%.
Since listing, leasing momentum has been encouraging. Portfolio occupancy improved from 95.1% in March 2026 to 95.9% as at 30 June 2026, while committed leases would bring occupancy to 99.2%. NTT DC REIT has also made a strong start since listing. In 1Q FY26/27, net property income came in 5.0% above its IPO projection, while distributable income was 10.6% higher than projected, helped by proactive cost management. Management also expects the majority of its committed leases to begin contributing to revenue from 3Q FY26/27.
One of NTT DC REIT’s key strengths is its sponsor. NTT Global Data Centers has more than 160 data centres, with about 1,630MW of IT load launched and another 1,585MW under future development globally. This potentially gives the REIT access to a sizeable pipeline of future growth opportunities. However, its relatively small six-property portfolio still carries some concentration risk. Northern California accounts for 48.9% of portfolio valuation, while its largest customer contributes about 30.5% of monthly base rent.
3) Mapletree Industrial Trust
Mapletree Industrial Trust (MIT) is not a pure data centre REIT, but data centres have become its largest asset segment. As at 30 June 2026, MIT had 135 properties worth S$8.3 billion, with data centres accounting for 57.2% of AUM. Most of this exposure is in North America, which accounts for 46.5% of MIT’s total AUM, while Japan and Singapore data centres make up another 7.2% and 3.5% respectively.
However, its North American portfolio has become a weak spot. Data-centre occupancy stood at 85.0% as at June 2026, while occupancy in the North American portfolio was lower at 82.5%, compared with 90.7% for MIT’s overall portfolio. MIT has responded by backfilling its Hawthorne Data Centre, extending the lease at Sunnyvale and divesting its Philadelphia Data Centre for US$14.5 million.
More significantly, management is targeting another S$500 million to S$600 million of North American divestments, with the proceeds potentially used to repay debt and reinvest in assets offering better long-term growth. As Alvin noted, this could ultimately strengthen MIT’s data-centre portfolio.
5) Ascendas REIT
Ascendas REIT (CLAR) was the one of the first few REITs to be listed in Singapore in November 2002.
It has evolved significantly since then, from a business park and light industrial play into a diversified REIT spanning business space and life sciences, logistics, as well as industrial properties and data centres. As at 30 June 2026, CLAR had 234 properties worth S$20.1 billion. Data centres accounted for 13% of portfolio AUM, up from 8% as at March 2025, implying data-centre assets of roughly S$2.6 billion.
Its data-centre exposure is spread across Singapore, the UK/Europe and, more recently, Japan. CLAR entered the Japanese data-centre market in May 2026 when it acquired a 49% interest in Osaka Data Centre 1 for S$620.7 million.
CLAR provides some exposure to the data-centre growth theme, but at 13% of AUM, it remains primarily a diversified industrial REIT rather than a data-centre play.
Performance of data centre REITs since NTT DC REIT’s listing
Since NTT DC REIT listed in July 2025, performance across the five REITs has been mixed.
- Keppel DC REIT(AJBU): 5.4%
- Mapletree Industrial Trust (ME8U): 2.26%
- Digital Core REIT (DCRU): 0.70%
- NTT DC REIT (NTDU): -1.58%
- Ascendas REIT (A17U): -9.84%
The divergence in performance reflects more than just the strength of the data-centre sector. Keppel DC REIT has benefited from strong operating results and continued portfolio expansion, while MIT has been working through weaker occupancy in parts of its North American data-centre portfolio. NTT DC REIT, meanwhile, is still establishing a track record as a newly listed REIT, while CLAR’s performance is influenced by its much broader industrial and business-space portfolio rather than data centres alone.
This is a reminder that strong demand for data centres does not necessarily translate directly into stronger REIT returns. Valuations, financing costs, portfolio quality and capital allocation also matter.
Singapore is allowing data centres to grow again
Singapore paused the development of new data centres in 2019 amid concerns over their heavy use of electricity and land. The pause was lifted in 2022, but instead of returning to unrestricted development, the government adopted a more selective approach focused on energy efficiency, sustainability and economic value.
In 2023, about 80MW of new capacity was awarded to AirTrunk-ByteDance, Equinix, GDS and Microsoft under the first Data Centre Call for Application. This was followed by Singapore’s Green Data Centre Roadmap in 2024, which outlined at least 300MW of additional capacity and potentially another 200MW or more through green energy solutions.
In August 2026, another 200MW was provisionally allocated to Digital Realty, Equinix, Keppel Data Centres and ST Telemedia Global Data Centres for new facilities on Jurong Island.
Which Singapore Data Centre REIT Should You Choose?
Data centres remain one of the strongest structural growth themes in real estate, supported by increasing demand for cloud computing, artificial intelligence and digital infrastructure. But as the performance of these REITs shows, strong demand for data centres does not automatically translate into stronger investment returns.
The five REITs also offer very different ways to gain exposure to the sector. Keppel DC REIT, Digital Core REIT and NTT DC REIT are pure-play data-centre REITs, while Mapletree Industrial Trust has a significant 57.2% of AUM in data centres but retains a diversified industrial portfolio. For CapitaLand Ascendas REIT, data centres account for just 13% of AUM, making it primarily a diversified industrial REIT rather than a data-centre play.
Ultimately, investors should look beyond the size of the data-centre portfolio. Occupancy, tenant concentration, gearing, lease expiry profile, acquisition pipeline and capital allocation can be just as important in determining future returns.
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