SG Property Intelligence: Singapore Data Centers - Impending PUE caps could accelerate DC upgrades

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SG Property Intelligence: Singapore Data Centers - Impending PUE caps could accelerate DC upgrades

J P M O R G A N Asia Pacific Equity Research

03 July 2026

SG Property Intelligence

Singapore Data Centers - Impending PUE caps could

accelerate DC upgrades

Singapore/ASEAN Property and

REITs

Singapore Data Centers - Impending PUE caps could accelerate DC upgrades AC Terence M Khi

Singapore launched a public consultation for the Digital Infrastructure bill (link)

(65) 6882-1518

on 1 July, with licensed DC operators (≥3MW) required to meet PUE terence.ml.khi@jpmorgan.com

requirements which will be set via industry consultation and aligned with AC Mervin Song, CFA

international benchmarks. We believe this likely implies a PUE ceiling near 1.3– (65) 6882-7829

1.5 for full-load operations, based on Singapore’s Green Data Center Roadmap’s mervin.song@jpmorgan.com

(link) goal to uplift all Singapore DCs to achieve PUE ≤ 1.3 over 10 years, and also J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Germany’s target PUE ≤1.5 by mid-2027 and ≤1.3 by mid-2030 for existing DCs. Morgan Broking (Hong Kong) Limited

We expect this impending legislation to accelerate the upgrading and

redevelopment of older data centers, such as KDCREIT’s SGP 1 (link), which we

estimate has PUE of >1.66. We also anticipate greater scrutiny on PUE of the

existing Singapore DCs in REITs such as CLAR and MINT. Link (Source: J.P.

Morgan)

Jobs boom fades in June The June jobs report wasn’t quite as peppy as the prior

three reports, but it still points to overall general health in the labor market.

Nonfarm employment increased by a smaller-than-expected 57,000, and the prior

two months’ figures were revised down by a net 74,000. The unemployment rate