🇲🇾The 4,000 Acres That Built a Property Empire
What became of the 4,000 acres that the See Hoy Chan family sold?
The story traces back to 1990. That year, Liew Kee Sin and Voon were working at the same company. Both understood that their growth would be capped if they stayed. Around that time, a 225 acre parcel of land in Ampang came into view. They established Syarikat Kemajuan Jerai, or SKJ, which became Liew’s entrepreneurial starting point.
In 1996, a pivotal moment arrived. SP Setia, incorporated in 1974 and listed in 1993, acquired SKJ through a share swap, with SKJ’s land and projects injected into the group. Although Liew and Voon together held less than 10% equity, they joined the board and secured effective control of operations.
The real inflection point came in 2002. That year, SP Setia acquired North Hummock in Shah Alam from the See Hoy Chan family. The parcel comprised 4,000 acres of freehold land. According to Liew, the seller was firm: the entire tract had to be taken as a whole, or there would be no deal. At the time, it was a bet on the entire company.
Liew got the bet right, and he did it in just three steps:
First, cash flow. Approximately 605 acres were sold to the Selangor State Development Corporation, PKNS, generating immediate liquidity to reduce debt and financial pressure. This move also transformed the state authority from regulator into stakeholder, easing planning approvals and policy coordination, and removing institutional barriers to subsequent development.
Second, Positioning. Around 791 acres were developed into Setia Eco Park in collaboration with Great Eastern Holdings and Employees Provident Fund. Through a low density, high price point strategy, the group validated its positioning in the premium residential segment.
Third, long term value creation. The remaining 2,600 acres were retained entirely by SP Setia for the development of Setia Alam. This portion was not structured as a joint venture, nor was it designed for short term monetisation. Instead, it was positioned as a long horizon township development, allowing land appreciation, commercial maturation and brand equity to be fully reflected on the group’s balance sheet.
Through these three steps, Liew transformed what could have been a balance sheet burden into liquidity, strategic partnerships and long term assets. The company’s trajectory shifted decisively.
By 2012, SP Setia’s market capitalisation had risen to approximately RM15 billion, and it was widely regarded as one of Malaysia’s leading developers. However, earlier expansion had brought in institutional capital, altering the ownership structure. When Permodalan Nasional Berhad moved to take control of SP Setia, Liew had limited room to resist. In 2014, he stepped down. It was not a retreat, but a deliberate exit after completing a chapter.
What happened next?
Liew Kee Sin went on to found Eco World Development Group Berhad. SP Setia was not the end of the story. It was the start of another empire
by ezyong
Image Source: architectsjournal.co.uk
Sebagai individu yang mengikuti perkembangan hartanah di Malaysia, saya amat tertarik dengan bagaimana SP Setia mengembangkan empayarnya bermula dari pembelian besar 4,000 ekar tanah North Hummock di Shah Alam. Pendekatan berani yang diambil oleh Liew Kee Sin dan pasukannya memperlihatkan betapa pentingnya strategi pengurusan aset yang bijak dalam industri hartanah. Pengalaman saya sendiri ketika membeli hartanah di kawasan pembangunan baru, saya menyedari bahawa kejayaan projek tersebut banyak bergantung pada perancangan jangka panjang dan kerjasama strategik. Contohnya, seperti yang dilakukan SP Setia dengan menjual sebahagian tanah kepada PKNS untuk mendapatkan aliran tunai segera, serta membangunkan Setia Eco Park yang memfokuskan kepada segmen kediaman mewah dengan ketumpatan rendah. Ini bukan sahaja mengukuhkan kedudukan jenama mereka tetapi juga memastikan nilai hartanah meningkat dengan stabil. Selain itu, konsep pembangunan bandaraya yang dirancang dengan teliti seperti Setia Alam yang menfokuskan pembangunan jangka panjang memberi inspirasi kepada saya tentang kepentingan melabur dalam projek yang bukan sekadar mencari keuntungan segera, tetapi juga meningkatkan nilai aset dalam tempoh masa yang panjang. Kerja sama dengan pelabur institusi seperti Kumpulan Wang Simpanan Pekerja juga membantu memperkuatkan kedudukan kewangan projek dan memberi keyakinan kepada pembeli rumah. Pengalaman ini mengajar saya bahawa dalam dunia hartanah, memiliki visi yang jelas serta kesabaran dalam pelaksanaan adalah kunci kejayaan. Kisah Liew Kee Sin yang kemudiannya mengasaskan Eco World Development Group Berhad menunjukkan bahawa perjalanan dalam industri ini sentiasa ada peluang baru asalkan strategi dan pengurusan aset dilakukan dengan baik dan berwawasan.