Southeast Asia’s data-centre M&A deal flow has seen a mixed year to date (YTD), with Singapore maintaining its anchor role, but Thailand enjoying some positive momentum. However, the real story looks to be in the race for digital infrastructure across the region.

While SEA is keeping pace with 2024 YTD in terms of deal count, there are signs the geographic mix is shifting. Singapore still accounts for an overwhelming amount of volume, whereas Thailand’s two deals mark its highest figure since 2013 even though its USD 8.7m total is dwarfed by Singapore’s USD 2.34bn.

Indonesia chipped in with a USD 100m transaction, but the Philippines, which saw one deal last year, has yet to register any activity in 2025.

Malaysia and Vietnam, both beneficiaries of hyperscaler capex in recent years, have also yet to post any deals so far this year. The more significant story lies, though, in greenfield activity.

Despite Malaysia’s lack of data-centre action, leading construction and property investment firm Malaysian Resources Corporation Berhad (MRCB) announced this month that it is to acquire an 80% stake in Bukit Jalil Sentral Property from Employees Provident Fund (EPF) for MYR 1.58bn (USD 374.1m). MRCB considers the target’s real estate, which lies to the south of central Kuala Lumpur, as a prime location for the construction of hyperscale data centres, underlining how property deals are increasingly linked to digital infrastructure ambitions.

Top data-centre deals in SEA, 2025 YTD

Source: Mergermarket, Data correct as at 09-Sep-2025

Thailand plugs in

Thailand’s increased deal count in 2025 YTD is notable because it comes in a year when M&A activity in the broader market has been weak, with corporate sentiment dampened by slower GDP growth, softer earnings, and muted equity issuance. Against this backdrop, data centres have emerged as something of a bright spot.

While the country’s two transactions this year totalling USD 8.7m are dwarfed by Singapore’s four deals worth USD 2.34bn, its greenfield pipeline is more telling.

In March, the country’s Board of Investment approved three investment applications for data centres worth THB 90.9bn (USD 2.7bn) from China’s Beijing Haoyang Cloud&Data Technology, Singapore’s Empyrion Digital, and Thai firm GSA Data Center 02. It also approved a USD 727m project by Stratus Technology.

Earlier in January, Amazon Web Services launched its first Thai cloud region. Moreover, BlackRock-owned infrastructure investment firm GIP has teamed with Thai conglomerate CP Group’s data centre firm True IDC to launch a USD 1bn-plus digital programme over the next five years.

From no activity to its first digital infrastructure deals since 2013, Thailand is stepping up its game alongside Malaysia’s Iskandar Corridor – a fast-emerging hyperscale hub in Johor that has drawn Microsoft, GDS, Yondr, and Vantage Data Centers – and Indonesia’s hyperscale buildouts led by DCI, Princeton Digital, EdgeConneX, and GDS. The fact that Thailand is closing deals and positioning itself for others when overall ECM and M&A volumes are subdued underscores how digital infrastructure is outpacing traditional sectors in attracting capital.

What’s next?

With hyperscalers driving heavy capex and greenfield buildouts, the current phase is focused on expanding capacity.

The next stage will be characterised by secondary stake sales and bolt-on acquisitions once utilisation rates rise.

In July, Bloomberg reported that KKR had entered advanced negotiations to acquire Singapore-based data-centre operator STT GDC from vendor ST Telemedia. STT GDC is one of the world’s fastest-growing data-centre providers, with more than 95 facilities across 11 geographies, according to an announcement.

Energy-linked joint ventures (JVs) are emerging, too. PTT Group’s renewable energy platform, Global Power Synergy (GPSC), said last month it is evaluating data-centre JVs in Thailand and India that could leverage its power reliability, Mergermarket reported.

Meanwhile, True IDC is partnering with BlackRock-owned GIP to co-develop a greenfield data centre in Thailand, as flagged by Mergermarket. GIP was set to mandate six lenders for a USD 560m loan to finance the project.

Eleswhere in SEA, pipelines are building. In Malaysia, Vantage Data Centers is exploring the acquisition of Yondr’s assets at a valuation of USD 1.6bn, as reported. In Indonesia, Bitera DC launched a stake sale in July to attract strategic investors for its next phase of growth, as per Mergermarket. In Vietnam, Viettel IDC, the 70:30 JV of Viettel and Chunghwa Telecom, is preparing for a 2026 IPO, Mergermarket flagged in June.

While Singapore remains out in front in SEA’s digital infrastructure race, Thailand is starting to pick up the pace and across the region, there are signs of shifting momentum leading many to wonder if a new star could emerge from the chasing pack.