Singapore's Mapletree wants to set up data centers in India
What's the story
Singapore-based property developer and investor, Mapletree Investments, is all set to enter India's booming data center market. The company plans to kick off its first project in Mumbai with an investment of $500-700 million. The proposed facility will have a capacity of around 400MW. This move comes as a natural extension of Mapletree's existing focus on office properties and logistics parks.
Growth strategy
Expansion plans in India
Along with Mumbai, Mapletree is also considering Hyderabad, Pune, and Bengaluru for similar data center projects. The company's regional CEO for India, Quek Kwang Meng, recently revealed that their asset portfolio in the country would reach 21.5 million square feet after completing properties under construction in Pune and Mumbai. This indicates a strong growth strategy by Mapletree to expand its footprint in India's real estate market.
Strategic alliances
Strategic partnerships and acquisitions
In 2023, Mapletree partnered with Ivanhoe Cambridge, the real estate arm of Canadian pension fund Caisse de depot et placement du Quebec (CDPQ). The collaboration aims to create a platform that will invest over ₹15,000 crore in tech-focused workplaces in India. Last year alone, the firm acquired a massive 41-acre land parcel in Bengaluru for ₹1,900 crore.
Market potential
Data center boom in India
India's third-party data center capacity is expected to double from 1,250MW in FY25 to 2,400-2,500MW by FY28. This growth will be fueled by an investment of ₹90,000 crore, according to rating agency ICRA. The expansion of the country's digital infrastructure makes it an attractive destination for global players like Mapletree Investments.