Setia Awan launches RM1.4b Tanjong Malim Hi-Tech Park

Setia Awan Land Sdn Bhd launched its first industrial project on 21 September 2026: the 447-acre Tanjong Malim Hi-Tech Park in Perak, beside Proton City, with a gross development value of RM1.4 billion. Phase 1 land is priced from RM55 psf and about half of it is already taken up, with China's Ningbo Fresh Technology among the first occupiers. The developer is targeting full completion in the third quarter of 2029.

The park

• Size and value: 447 acres over five phases; GDV RM1.4 billion. In June the group put the project's GDV at RM690.5 million, and said it was keeping a second adjacent parcel of about 200 acres in reserve, to be opened only if the first gained traction
• Phase 1: about 104 acres in 14 industrial plots of five acres and up, with infrastructure in place, for sale or lease. The land is priced from RM55 psf (EdgeProp, August), and about 50% is taken up
• First occupiers: Ningbo Fresh Technology Co Ltd, which already makes automotive components in Tanjong Malim and announced in May an additional RM263 million to expand at the park, and Sheentech Automotive Systems Sdn Bhd. Together they commit up to about RM500 million
• Ionera: a 27-acre commercial component of 168 units for food, retail and services, with shoplots from RM987,000; Billion Group signed as anchor tenant on 17 September, and more than 100 registrations are in
• Utilities: electricity, a natural gas pipeline, water and telecoms to the plots; a 5 MW EV charging hub under an agreement with EV Connection (JomChargeX)
• Later phases: semi-detached and standard-built factories; Setia Awan expects 10,000 to 15,000 jobs across the park when it is fully running

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Who is building it

Setia Awan Group is a Perak-based developer with more than three decades in residential and mixed-use projects, including Astrum Ampang, FonaVista and Sena Residences in Shah Alam. It sold about RM700 million of property in 2025 and is targeting RM1.1 billion to RM1.2 billion this year. The park is held through its associate company Tanjong Malim Hi-Tech Park Sdn Bhd. Executive director Ng Teck Hua described it in June as a measured experiment rather than a shift in the group's business. The group wants to understand demand and pricing before it scales, which is why the second 200-acre parcel stays in reserve.

The project has been a long time coming. Bookings for "Setia Awan Industrial Lots" opened in September 2024; development started in June 2025; the sales gallery opened on 2 August 2026, and the formal launch and groundbreaking followed on 21 September.

The numbers

• Land price: RM55 psf is about RM2.4 million an acre, so the smallest five-acre plot costs about RM12 million
• Against the region: RM55 psf is 10% above the RM50 psf UMW received for 140 acres in Serendah in 2022. It is 38% above the RM40 psf at which Berjaya Property's Bukit Tagar land went into Wanli Tire's plant this year, and well above the RM20 to RM40 psf asked for converted land in Kerling (our report). It is also 22% above the RM45 psf LB Group paid for serviced land in Gurun, Kedah (our report)
• GDV per acre: RM1.4 billion over 447 acres is about RM3.1 million an acre, or RM72 psf of gross land. That figure includes the shoplots and the factories Setia Awan will build, not just land

The corridor

The park sits in the Automotive High-Tech Valley (AHTV) corridor anchored by Proton and its partner Geely. Perak has named the Muallim and Batang Padang districts as its automotive hub under its Perak Sejahtera 2030 plan. The state offers case-by-case help on land premium, quit rent and assessment through InvestPerak, and the "Muallim Speed Lane" has cleared complete applications in as little as two weeks, according to state executive councillor Loh Sze Yee.

Setia Awan is not alone. Kuala Lumpur Kepong's 1,500-acre KLK TechPark in the same town lost its 150-acre anchor when BYD dropped its Tanjung Malim plant this month (our report). Across the border in Hulu Selangor, Chery's plant at Lembah Beringin is due to start operating in 1Q 2027, and Land & General is preparing an industrial park on its estate next to Chery's.

*Cover photo: from left, Tanjong Malim Hi-Tech Park Sdn Bhd director Ivan Ang Ri Xiang, Setia Awan Land executive director Ng Teck Hua, director Datuk Marcus Doh, Perak Menteri Besar Datuk Seri Saarani Mohamad, state legal adviser Datuk Azmir Shah Zainal Abidin, state financial officer Datuk Mohd Zaki Mahyudin and state executive councillor Loh Sze Yee at the groundbreaking on 21 September 2026. Photo: Setia Awan, via EdgeProp. Map: EPIQ, via EdgeProp.*