Koramco Asset Management said on the 28th it will launch a "hyperscale" AI (artificial intelligence) and multi-use data center development project with a 100MW power intake capacity inside "Rhythm City," a mixed cultural convergence complex being developed in Sanjeong-dong, Uijeongbu, Gyeonggi Province.
This project is the largest among the data center developments Koramco has pursued. It is more than twice the size of data centers in Korea that are generally classified as large (about 30–40MW).
Koramco's project, named "K-Square Data Center Uijeongbu," is located at 805 Sanjeong-dong, Uijeongbu (within the mixed cultural convergence complex). It is slated to be built on a site of about 38,050 square meters (about 11,500 pyeong) with a total floor area of about 82,600 square meters (about 25,000 pyeong). Before establishing a PFV (project financing vehicle), the project completed both the contract to use a total of 100MW of electricity based on two 154kV (kilovolt) circuits and the building permits.
Koramco Asset Management will manage the overall project as the asset management company (AMC) of the PFV to be established, while NH Investment & Securities and LG CNS will join the consortium to secure stability in both financing and design/operations. The structure combines a real estate finance-focused manager with corporations specializing in financial and IT infrastructure, which the company said effectively disperses the complex risks accompanying large-scale data center development.
K-Square Data Center Uijeongbu will consist of two buildings. One building is a high-efficiency data center specialized for AI to meet the explosively growing AI demand of global CSPs (cloud service providers), and the other is a multi-use data center accommodating general cloud and financial sector demand. With operation of high-spec AI servers (60kW class) in mind, it will adopt a liquid cooling system (CDU) and ultra–high-density rack design, introducing hyperscale specifications that can simultaneously handle AI and cloud workloads.
K-Square Data Center Uijeongbu is slated to break ground as early as the first half of next year and to be completed and come online in phases starting in 2030. The project is seen as a key milestone in the "2032 mid- to long-term data center strategy" Koramco presented last year. Koramco has outlined a blueprint to invest about 10 trillion won by 2032 and grow into a digital infrastructure platform operating data centers with about 1.4GW (gigawatts) of power intake capacity and 1GW on an IT load basis.
Kim Tae-won, CEO of Koramco Asset Management, said, "Data centers are not just real estate assets; they are core infrastructure supporting the national industry and the digital economy," adding, "Koramco is one of the few domestic investment platforms that can directly design and execute every step—from site acquisition, permits, and power, to financing structures, construction, and operations—and we will help set the standard for Korea's data center market going forward."