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 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

The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

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

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

Keppel DC REIT: An Interesting Play on AI Boom

KT Capital Group

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

Principal investments and advisory firm

Thematic (Sector/Industry)

Singapore Equity real estate investment trusts (reits) / Thematic (Sector/Industry)

<ul>
<li>The 2026 Inference Pivot: AI is shifting to latency-sensitive inference, pushing server rack densities beyond 100kW and requiring massive USD 3M–5M/MW liquid-cooling retrofits that obsolete legacy air-cooled facilities.</li>
<li>LONG Keppel DC REIT: With 35.3% leverage, a 2.8% debt cost, and a 69.3% hyperscaler tenant base, Keppel is perfectly capitalized to fund AI retrofits without equity dilution.</li>
<li>SHORT Mapletree Industrial Trust: Trapped by legacy enterprise assets, 37.2% leverage, and SGD 600M in expiring rate hedges, Mapletree faces a perilous debt trap to fund these mandatory upgrades.</li>
</ul>


The 2026 Inference Pivot: AI is shifting to latency-sensitive inference, pushing server rack densities beyond 100kW and requiring massive USD 3M–5M/MW liquid-cooling retrofits that obsolete legacy air-cooled facilities.
LONG Keppel DC REIT: With 35.3% leverage, a 2.8% debt cost, and a 69.3% hyperscaler tenant base, Keppel is perfectly capitalized to fund AI retrofits without equity dilution.
SHORT Mapletree Industrial Trust: Trapped by legacy enterprise assets, 37.2% leverage, and SGD 600M in expiring rate hedges, Mapletree faces a perilous debt trap to fund these mandatory upgrades.


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