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A 126-acre piece of industrial land in Melaka World Solar Valley, Alor Gajah, is up for sale via tender. According to an advertisement and after several checks by The Edge on the lot number of the site, the owner of the land has been identified as Singapore-based Maxeon Solar Technologies, Ltd, a company that designs, manufactures and sells industry-leading solar products and solutions. The land is listed on Invest Melaka’s website under Maxeon Solar Technologies (Sunpower) Sdn Bhd, formerly known as SunPower Malaysia Manufacturing Sdn Bhd.
The freehold land in Melaka, which The Edge understands is the biggest tract within the industrial and commercial hub, is situated about 17km from Malacca International Airport. It currently houses a solar panel manufacturing plant.
Based on the advertisement calling for bids, which will close on April 25, the exclusive marketing agent is Savills Malaysia. When contacted, group managing director and head of Savills Malaysia Datuk Paul Khong declined to disclose the owner of the property. “Having a freehold industrial title with a sizeable 126 acres and an existing 800,000 sq ft built-up factory with existing power and water supply makes this site a good ‘plug and play’ opportunity, subject to refurbishments.
“Data centre operators may want to have a peep at this piece, especially with the ongoing US tariff war. This may be a renewed opportunity for Malaysia being at 24% against Vietnam at 48% (tariff imposed by the US at time of writing). This is a quick entry into the Malaysian industrial market with minimal waiting time for approvals and construction. Foreign manufacturers could own a large freehold land and further enjoy benefits from the Malaysian Investment Development Authority if they were to relocate here,” he says.
In terms of the estimated value of industrial land in the area, a local agent tells The Edge that transactions a few years ago for land closer to the northern side were in the range of between RM20 and RM26 per sq ft (psf). Another freehold land in the Pegoh Industrial Park was sold in 2022 for about RM28 psf. Average asking prices for five-acre land in and around Alor Gajah are said to range between RM20 and RM40 psf.
Other industrial players in the area include United Detergent Industries, Yihin Glass and Aluminium, Honda Assembly, Chestronics and Erreppi Manufacturing.
The Edge reached out to Maxeon for confirmation on the sale of its land but the company has not reverted at press time. According to Maxeon’s website, it has manufacturing sites in Asia and the Americas, and operations in more than 100 countries. Its first solar cell facility in the Philippines manufactures interdigited black contact (IBC) cells while its facility in Melaka, which began operations in July 2011, produces IBC, passivated emitter and rear contact, and tunnel oxide passivated contact solar cells.
In its April 5 statement on its strategic business update, the company said it had successfully concluded the previously announced transactions to restructure its business portfolio and geographic market focus to concentrate exclusively on the US market.
It was reported last November that Maxeon was selling off its global sales and marketing assets in Europe, the Middle East, Africa, Latin America and Asia-Pacific to its parent company, China’s TCL Group, with proceeds of about US$94 million added to its balance sheet. TCL Group woud also acquire Maxeon’s manufacturing operations in the Philippines and operate under a new name, TCL SunPower International.
Maxeon was formerly a division of the American company SunPower before its split in August 2020.
In August last year, SunPower filed for Chapter 11 bankruptcy protection in the US and entered into an agreement to sell part of its business to Complete Solaria for US$45 million in cash.
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