Singapore-based property developer and investor Mapletree is preparing to enter India’s rapidly expanding data centre market, according to sources familiar with the development.

The company is looking to invest $500–700 million in its first data centre project in Mumbai, which will have an estimated capacity of around 400 MW. Mapletree is also scouting locations in Hyderabad, Pune, and Bengaluru for similar facilities, marking what insiders describe as a “natural extension” of its portfolio beyond offices and logistics parks.

Mapletree owns many data centres in Singapore through its real estate investment trust (REIT).

Mapletree has $2 billion of assets under management across office, logistics properties in India. Upon competition of its under-construction properties in Pune and Mumbai, its portfolio is expected to touch 21.5 million sq ft, Quek Kwang Meng, regional CEO, India, Mapletree said.

In 2023, Mapletree tied up with Ivanhoe Cambridge, the real estate subsidiary of Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) to set up a platform that will invest over Rs 15,000 crore in technology sector-focused workplaces in the country. Last year, Mapletree acquired a 41-acre land parcel in Bengaluru for Rs 1900 crore.

Third party data centre capacity in the country is expected to double to 2,400-2,500 MW by FY28 , up from 1,250 MW in FY25. This growth will be driven by investment of Rs 90,000 crore, rating agency Icra said.