SOUTHERN region-based builder Haily Group Bhd is continuing its strong growth trajectory with a new contract win worth RM38.20 mil.
The contract awarded to the group’s wholly-owned subsidiary Haily Construction Sdn Bhd by Meridin East Sdn Bhd which is a subsidiary of Mah Sing Group Bhd entails the construction of 168 units of double-storey terrace houses in Taman Bestari Perdana, Johor Bahru.
“We are delighted to work with Meridin East once again to deliver quality homes in Johor Bahru,” commented Haily’s founder and executive director See Tin Hai.
“This contract win reinforces our expertise in residential construction and our commitment to meeting the needs of both developers and homebuyers.”
The project located in Parcel 1B, Taman Bestari Perdana will be developed in three phases: Phase 1B1 (59 units), Phase 1B2 (61 units) and Phase 1B3 (48 units).
The contract also includes the construction of a Tenaga Nasional Bhd (TNB) substation and two units of show houses.
Haily Construction will undertake piling, main building works, ancillary infrastructure and mechanical and electrical installations. Each phase is expected to be completed within 15 months with the TNB substation and show houses to be completed within six months and four months respectively.
With this latest award, Haily’s total secured contract value for 2024 has risen to RM770.61 mil, significantly exceeding the RM272.14 mil secured in 2023.
The company’s number of on-going projects has grown to 26 with a cumulative total contract value exceeding RM1.14 bil.
Currently, the Malaysian construction sector, particularly in Johor, presents strong growth opportunities.
Economic initiatives such as the Johor-Singapore Special Economic Zone (SEZ) and the upcoming completion of the Johor Bahru-Singapore Rapid Transit System (RTS) are expected to further drive demand for residential properties in the state.
This RM38.20 mil contract is expected to contribute positively to Haily’s financial performance for the financial years ending 2025 and 2026, thus further solidifying its position as one of the leading building contractors in the southern region of Peninsular Malaysia’s construction industry.
At the close of today’s mid-day (Dec 10) trading, Haily was unchanged at 25 sen with 1.66 million shares traded, thus valuing the company at RM98 mil. – Dec 10, 2024
