CONSTRUCTION player Haily Group Bhd has won a second contract worth RM17.5 mil from property developer Mah Sing Group Bhd in less than a year to build 108 landed residences for the latter’s largest integrated township in Iskandar Malaysia, Johor.
According to Haily, the new contract signifies the confidence of an esteemed developer like Mah Sing in the former’s quality of work and track record.
On Sept 7, 2022, Haily’s wholly-owned subsidiary Haily Construction Sdn Bhd accepted a Letter of Award (LoA) from Meridin East Sdn Bhd, a wholly-owned subsidiary of Mah Sing, for the construction of Parcel 2H3 of the Meridin East township.
The LoA entails the construction of 108 units of 18-inch x 70-inch double-storey terrace houses in Plentong, Johor.
The construction project will take a period of 16 months, with the commencement date to be advised by the project’s superintending officer.
The new contract is a firm price contract and is not subjected to any fluctuation in costs other than variations sanctioned under the conditions of the contract.
In October 2021, Haily won its first contract from Mah Sing, worth RM24.5 mil and entailing the construction of 155 double-storey terrace houses, also for the Meridin East township.
Commenting on the new contract, Haily Group Bhd founder and executive director See Tin Hai said it was an achievement for the group as it focuses on cementing its status to be at the forefront among Johor’s top contractors.
“Aligns with our future growth”
“We are grateful to receive the LoA from Mah Sing, one of the nation’s largest property developers,” he said in a statement announcing the matter.
“This achievement aligns well with our future growth to further solidify our standing within the construction industry.”
Moving forward, Haily expects its performance to be driven by its existing ongoing construction projects as well as new construction projects slated to be secured.
The group is also of the opinion that its financial results for the financial year ending Dec 31, 2022, will remain favourable, See added.
“With the latest job win, our order book comprises 24 ongoing projects with a total contract value of RM578.12 mil, which is expected to be progressively completed between 2022 and 2024,” he said.
To recap, on January 24, 2022, Haily Construction secured an RM41.28 mil contract from Country View Resources Sdn Bhd for the construction of Phase 1 of a tourist resort strata development located in Aurora Sentral, Pulai, Johor.
The contract is the group’s largest contract secured since its listing on the ACE Market in July 2021.
Besides this project, Haily also secured several contracts in 2021, including an RM40.67 mil contract from Austin Senibong Development Sdn Bhd to build 99 units of three-storey shop offices in Tebrau, Johor; an RM14.57 mil contract from Nice Frontier Sdn Bhd for a community housing project in Kulai, and; an RM23.7 mil contract for residential project from Factor Synergy Sdn Bhd. – Sept 11, 2022
Main photo credit: Iskandar Regional Development Authority
