NTT DC REIT IPO Reinforces Singapore's Data Hub Leadership

NTT DC REIT’s $773 million IPO marks a major milestone for Singapore’s real estate investment trust (REIT) market, representing the largest REIT listing on the Singapore Exchange (SGX) in a decade.

Surpassing previous listings like Manulife US REIT ($519M) and United Hampshire US REIT ($599M), it positions Singapore as a leading hub for specialized REITs, especially in the fast-growing data center segment. With Keppel DC REIT, Digital Core REIT, and now NTT DC REIT listed, Singapore boasts a maturing ecosystem catering to digital infrastructure investments. 

Key Highlights

• NTT DC REIT’s $773M IPO is the largest Singapore REIT listing in 10 years
• GIC’s 9.8 percent stake underscores institutional trust in digital infrastructure
• Singapore cements its leadership in specialized data center REITs

Institutional interest is evident, with GIC taking a 9.8 percent stake, reflecting strong sovereign support and investor confidence in data centers as resilient, future-proof assets. NTT’s choice of Singapore over Japan and the U.S. for the listing underscores the city-state’s regulatory appeal, efficient capital markets, and REIT-friendly frameworks. The listing is timely, given that the global data center market is projected to double to $584.8 billion by 2032, and Singapore’s own data center market is forecasted to grow at a 5.08 percent CAGR through 2030.

The 90 percent occupancy at NTT’s Singapore facility illustrates the supply-demand mismatch in high-density, high-security digital infrastructure. Despite land constraints and energy usage concerns, Singapore is proactively addressing these challenges through the Green Data Centre Roadmap and exploring innovative solutions like floating data centers.

Also Read: NTT Plans $864M Data Center REIT IPO on SGX in 2025

By enabling retail access to institutional-grade assets, NTT DC REIT signals a new chapter in democratized digital infrastructure investment—with Singapore at its core.