Table of Contents
Singapore and Hong Kong remain two of APAC’s most strategically important data center hubs
In sum — what to know
Regulatory and land constraints – Swamy said Singapore has stayed “close to a thousand megawatt capacity” for years as approvals remain tightly controlled, with only 300 MW expected soon.
U.S. operators dominate APAC’s growth pipeline – U.S.-owned or invested data centers make up “close to 30%” of planned and in-progress capacity, underscoring sustained American influence.
Private equity and joint ventures – Swamy said private equity funds have become major backers, while real estate-operator partnerships increasingly split capex to deliver large-scale projects.
Singapore and Hong Kong remain two of Asia-Pacific’s most strategically important data center hubs, but their growth trajectories are increasingly shaped by regulatory and land constraints, according to Cushman & Wakefield’s Pritesh Swamy.
“Singapore has developed much faster and it has been at a similar, close to a thousand megawatt capacity for the last maybe five years,” he said in an interview with RCR Wireless News, noting that government restrictions have slowed new approvals. The earlier DC-CFA program allowed just 80 MW of new development, and operators are now awaiting the next allocation. “We are anticipating additional 300 megawatts will be released in the DC-CFA2,” he said, with details expected later this year or in early 2026.
By contrast, Hong Kong has grown steadily but remains a smaller market at roughly 500-600 MW of operational capacity. Swamy said the city’s expansion will continue, with expectations of “maybe 300 to 500 megawatts of new capacity” over the next several years, bringing it close to the 1 GW threshold.
U.S.-based operators and investors continue to play an outsized role in shaping the region’s data center landscape. “The U.S. currently accounts for almost 25% of the operational capacity,” Swamy said. For under-construction and planned sites, “US owned or invested data centers will account for close to 30% of the capacity,” a trend he expects to hold despite regulatory tensions.
Financing models have also shifted dramatically. Private equity now plays a central role in funding the region’s rapid buildout. “Private equity funds have shown significant interest… supporting or deploying capital within the platform,” he said. In markets like India, Malaysia and Indonesia, joint ventures between real estate developers and data center operators have become a common model for splitting land and infrastructure investment.
These shifts reflect the scale of the region’s pipeline: Swamy noted that Asia-Pacific data center development through 2030 will require more than $150 billion in capital — a figure increasingly supported by global investors and shared-development structures.
