Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

The AI Inference Supercycle: Which SG REITs Can Survive the 100kW Upgrade?

The 51% Rent Reversion Anomaly: Backing Keppel DC REIT Amidst Singapore's Data Center Power Squeeze

Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

Keppel DC REIT: An Interesting Play on AI Boom

Asia Data Center REITs: The AI-Driven Generational Investment Opportunity

A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>As a pure-play data center REIT, Keppel DC REIT offers investors direct exposure to the digital economy without the dilution of traditional real estate sectors</li>
<li>KDCREIT reported 45% rental reversion for latest year, driven by the scarcity of DC capacity in hubs like Singapore, where demand from hyperscalers for AI-ready space is outstripping supply.</li>
<li>KDCREIT is shifting its focus toward hyperscalers, as hyperscalers (such as Microsoft, Google, Amazon) are allocating massive CAPEX (north of $400 billion globally in 2026) to scale AI infrastructure.</li>
</ul>


As a pure-play data center REIT, Keppel DC REIT offers investors direct exposure to the digital economy without the dilution of traditional real estate sectors
KDCREIT reported 45% rental reversion for latest year, driven by the scarcity of DC capacity in hubs like Singapore, where demand from hyperscalers for AI-ready space is outstripping supply.
KDCREIT is shifting its focus toward hyperscalers, as hyperscalers (such as Microsoft, Google, Amazon) are allocating massive CAPEX (north of $400 billion globally in 2026) to scale AI infrastructure.


Keppel DC REIT as the Primary Beneficiary of the Global AI Inference Pivot