Mi Technovation to buy S$103.88m Singapore industrial building for global hub
Semiconductor equipment maker Mi Technovation Bhd plans to acquire a seven-storey light industrial building in Singapore for S$103.88 million to house its vehicle technologies headquarters. The company will seek shareholder approval for the purchase, expected to complete in Q1 2027.
PETALING JAYA – Semiconductor equipment maker Mi Technovation Bhd plans to acquire a seven-storey light industrial building in Singapore for S$103.88 million (RM331.8 million) to house the future headquarters and global operational hub of its vehicle technologies business unit.
In a Bursa Malaysia filing on Oct 30, the company said its wholly owned subsidiary Ohima International Pte Ltd had entered into a conditional sale and purchase agreement with Kim Hup Lee & Co (Private) Ltd for KHL Building at 25 New Industrial Road. Completion is expected in the first quarter of 2027, subject to shareholder approval at an extraordinary general meeting, other applicable approvals and fulfilment of the agreement's conditions.
The vacant property comprises a seven-storey building with a basement carpark on Lot No. 6065C of Mukim 23. It occupies a 3,988.9 sq m site (42,936 sq ft, about 0.99 acres) and has a gross floor area of 10,348.4 sq m (111,389 sq ft). The approximately 24-year-old property is held under an estate in fee simple, a sub-category of freehold tenure. It is designated for Business 1 use, with the existing development approved for manufacturing and factory production.
Mi Technovation said the purchase would support the expansion of its vehicle technologies business, which develops electric powertrain systems and related core components. The unit operates manufacturing and research and development facilities from rented premises in Hangzhou, Xi'an and Chongqing, China, while its existing Singapore headquarters occupies about 568 sq m in a leased building in Queenstown.
The proposed hub is expected to include a main data and computing centre, a digital twin and artificial intelligence centre, product definition and strategy functions, global sales and marketing, finance and legal functions, and a customer experience centre. The business unit intends to relocate its headquarters after its Queenstown tenancy expires on Nov 30, 2028. The company expects the move to generate annual rental savings of approximately S$330,000 (RM1.05 million).
Mi Technovation said the purchase price matched the property's appraised market value as at Sept 17, 2026, based on a valuation by Savills Valuation and Professional Services (S) Pte Ltd and Laurelcap Sdn Bhd. Under an indicative funding plan, the purchase would be financed through S$77.4 million (RM247.22 million) in bank borrowings, S$25.44 million (RM81.26 million) in proceeds raised by Mi Technovation from Mi Material Holding Ltd's listing, and S$1.04 million (RM3.32 million) in internally generated funds. Incidental costs, including stamp duty and legal and technical due diligence fees, are estimated at S$5.31 million (RM16.96 million).
Under the agreement, the vendor must, at its own expense, use all reasonable endeavours to rectify the building's faulty fire protection system within 10 weeks of the agreement's date and obtain written regulatory confirmation waiving the fire certificate requirement. Ohima may rescind the agreement and recover its deposit if the specified issues remain unresolved by their respective deadlines.
