Goodman’s digital infrastructure offering powers ahead with data centre expansion in Asia

Key points:

• Commenced infrastructure works for an available 1,000 MW of power at a new data centre campus in Tsukuba City, Greater Tokyo, Japan
• Entered into a Heads of Agreement with a customer to lease the first 50 MW data centre to be developed at Goodman’s new Tsukuba campus
• Commenced construction of a new 50 MW data centre in Tsuen Wan, Hong Kong SAR with completion due in 2026
• New office in Singapore established and Hugh Baggie appointed as Managing Director, Data Centres, Asia.

HONG KONG, Jan. 25, 2024 /PRNewswire/ — Goodman Group, a leading global industrial property and digital infrastructure specialist, is expanding and advancing its data centre capacity in Asia as part of its focussed global strategy in this sector. Goodman has entered into agreements to deliver up to 1,000 MW of power in Japan, commenced construction of a new 50 MW data centre in Tsuen Wan in Hong Kong SAR, and has opened a new regional office in Singapore to support the growth of its data centre strategy in Asia.

Goodman developed its first data centre in Hong Kong in 2006 and has delivered 0.6 GW of data centres and powered sites globally for its hyperscale and co-location customers in the past few years. Goodman’s global data centre portfolio today includes a number of brand-new data centre and technology hubs. Its global power bank of 3.7 GW includes completed facilities, secured power and potential data centre projects across 12 major international cities.

Goodman’s Head of Asia, Paul McGarry, said, “Our ability to secure land and power in high demand locations in the tier 1 markets of Japan and Hong Kong SAR has resulted in a very valuable power bank of 1.8 GW in Asia. This power bank, combined with our planning, architectural and engineering capabilities, and strong balance sheet, means Goodman is well positioned to continue to meet the growing demand for new, high value, high-tier data centre facilities in major cities across Asia.”

New Tsukuba City Data Centre Campus, Greater Tokyo, Japan

Goodman is establishing a new data centre campus in Japan that will provide 1,000 MW of power. Site preparation and infrastructure works have commenced, with the first data centre facility due for completion in 2026. Goodman has entered into a Heads of Agreement to construct and lease the first 50 MW data centre at this new campus to a customer.

Goodman acquired the 45 hectares of land in Tsukuba City from a local government authority in 2022, and since then has successfully worked with power, water, communications, and other authorities to unlock the full potential of the location. Located 50 kilometres from Tokyo, the Tsukuba campus follows Goodman Business Park in Inzai, Chiba, Greater Tokyo, where Goodman has secured and delivered over 300 MW of data centre projects.

Goodman commences regeneration of Texaco industrial property into a data centre in Hong Kong

The data centre market in Hong Kong is seeing strong demand, with hyperscalers signing US$2 billion of take-up agreements in the past six months alone.

To capitalise on this demand, Goodman has now executed construction contracts to commence the conversion of an existing industrial property it owns in Tsuen Wan into a 50 MW data centre facility. The old industrial building, currently known as Goodman Texaco Centre, is in one of Hong Kong’s three major data centre availability zones.

Goodman is currently the largest provider of data centres in Hong Kong. The completion by Goodman of the Tsuen Wan West campus later this year and Texaco data centre in 2026 will see a total of 392 MW of data centres under management in Hong Kong.

Paul McGarry commented, “Tsuen Wan is a highly sought after availability zone, a key focus location for us since 2014, when we acquired an end-of-life, industrial property. Since then, we have been regenerating the site into the 225 MW Tsuen Wan West data centre campus. Together with the redevelopment of the old Goodman Texaco Centre warehouse, we are demonstrating how we are increasing the value of our existing portfolio through the development of data centres.”  

Specialist data centre capabilities

With Goodman’s data centre development activity set for continued growth, Goodman has opened a regional office in Singapore to support its data centre strategy. Hugh Baggie will lead this initiative as Managing Director of Data Centres for Asia, reporting to Paul McGarry, Head of Asia. Hugh will be responsible for connecting customers and capital partners with Goodman’s data centre development and delivery capabilities across the region. Hugh has over 18 years of real estate and finance experience, and previously managed the US$9 billion Goodman Hong Kong portfolio.

Paul McGarry concluded, “the data centre sector is an area of growth for Goodman, with Asia continuing to be a key focus given the market’s demand and supply dynamic. We’ve got the capital, land and secured power, which combined with our proven engineering and delivery capability, will enable us to continue to deliver large-scale, high value, data centres.”

For more detail about Goodman and its data centre business and projects, please contact:
Goodman Group
Hugh Baggie
Hugh.Baggie@goodman.com
+65 9772 2073

About Goodman

Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom and the Americas. Goodman Group is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist investment managers of industrial property and business space globally. Goodman currently has a 3.7 GW global power bank for potential data centre development spread across 12 major international markets. Over the past 15 years Goodman has delivered 0.6 GW of powered sites and powered shell projects. For more information visit: www.goodman.com