SOUTHERN region-based builder Haily Group Bhd through its wholly-owned subsidiary Haily Construction Sdn Bhd has secured its highest contract of 2024 at RM115.10 mil from Permas Jaya Sdn Bhd which is a subsidiary of property developer BRDB Developments Sdn Bhd.
This contract involves the construction and completion of a stratified residential development project in Bandar Baru Permas Jaya which is a suburb in Johor Bahru.
The proposed development consists of two phases comprising a total of 184 units of double storey cluster houses, 12 units of double storey semi-detached houses, two units of double storey bungalow houses and ancillary buildings such as a clubhouse and management office, one bin centre, two Tenaga Nasional Bhd substations and one guard house.
Haily Construction which is renowned for its commitment to timely completion and strong safety record will undertake the piling, main building construction, ancillary buildings, infrastructure and mechanical and electrical works for the project.
“This contract win underscores Haily’s commitment to delivering high-quality residential developments that meet the needs of homeowners in Johor,” commented Haily’s founder and executive director See Tin Hai.
“We are proud to contribute to the development of Bandar Baru Permas Jaya and provide high-quality homes for the community. This project aligns perfectly with our strategic focus on delivering exceptional value to our clients and stakeholders.”
Haily’s recent contract win brings the group’s total secured contract value for 2024 to about RM732.41 mil which significantly surpasses the RM272.14 mil secured in 2023.
With the latest RM115.10 mil project award, Haily now has a portfolio of 25 on-going projects with a total contract amounting to about RM1.11 bil.
Spanning residential, commercial and industrial developments, these projects are expected to be progressively completed between 2024 and 2026, hence ensuring sustained revenue visibility and profitability for Haily for its FY2025 and FY2026.
This milestone reflects Haily’s strong position in Johor’s construction market, particularly as the state benefits from strategic developments such as the Johor-Singapore Special Economic Zone and the upcoming completion of the Johor Bahru-Singapore Rapid Transit System (RTS).
Projected to grow by 6.7% in 2024 and 9.4% in 2025, Malaysia’s construction sector does provide a favourable environment for Haily to capitalise on these opportunities.
At the close of today’s market trading, the ACE Market-listed Haily was unchanged at 24 sen with 135,100 shares traded, this valuing the company at RM94 mil. – Nov 25, 2024
