Savills Korea and KT has signed an MOU for a joint development of a new 9,000km submarine cable in APAC, connecting South Korea, Japan, Taiwan, Indonesia, the Philippines, and Singapore, in response to fast-growing demand for global data capacity growth.
Based on the MOU, KT will conduct consulting based on its years of experience in design, construction, and operation of submarine cables. KT will also participate as a strategic investor. Savills Korea will be in charge of Asset Management, services such as business planning and implementation, attracting investors, contracting, and licensing.
Savills Korea is the South Korean branch of Savills, a UK-based global real estate service provider established in 1855, and provides consulting services in commercial real estate businesses, including data centers. Savills Korea was involved in data center transactions with a total of 140MW in the Seoul metropolitan area, including two data centers established and operated by a joint venture between Equinix and GIC, Singapore's sovereign wealth fund.