KUALA LUMPUR: TT Vision Holdings Bhd has via its wholly-owned subsidiary TT Vision Technologies Sdn Bhd entered into a 60-year lease with Penang Development Corporation for 156,800 sq ft of industrial land in Bayan Lepas Industrial Park for RM25.1mil.
According to TT Vision, the parcel is in proximity to the group's existing manufacturing site, offering a strategic location to support the development of its new facility focused on the production of equipment for the semiconductor, solar and battery industries.
Additionally, it said its location within Penang’s established industrial ecosystem offers advantages such as infrastructure accessibility, proximity to key customers and supply chain partners, and access to skilled talent.
"As Bayan Lepas Industrial Park is well established and in close proximity to our existing manufacturing operations, the site offers significant advantages including improved operational efficiency, enhanced supply chain connectivity, and access to a highly skilled talent pool," said TT Vision's CEO and executive director Goon Koon Yin in a statement.
He said the new lease would increase its total production capacity by several times.
"The development of a purpose-built facility on this newly secured site will enable the Group to further enhance its manufacturing capabilities and better support the semiconductor, solar, and battery industries.
"This strategic expansion is expected to unlock a new avenue for growth and will reinforce our commitment towards sustainable growth and long-term value creation for our stakeholders.”