SOUTHERN region-based builder Haily Group Bhd has through its wholly-owned subsidiary Haily Construction Sdn Bhd secured a RM75.9 mil contract from property developer Mah Sing Group Bhd’s subsidiary Meridin East Sdn Bhd.
This contract further strengthens the ACE Market counter’s construction portfolio while underscoring its commitment to delivering high-quality residential developments in the southern region.
The awarded project which includes 393 units of double storey terrace houses and two Tenaga Nasional Bhd (TNB) double chamber substations is poised to enhance Johor’s growing residential landscape.
This marks the 13th contract win for Haily in 2024 following a series of successful projects that have been secured with contract value totalling RM462.31 mil, surpassing the RM272.14 mil achieved for the entire year of 2023.
This momentum positions Haily as one of the key players in the Johor residential market, hence continuing the group’s growth trajectory.
Currently, Haily has 26 on-going construction projects with a total contract value amounting to RM857.93 mil. Slated for progressive completion between 2024 and 2026, these projects will contribute positively to the group’s revenue and profitability during this period.
“We are thrilled to continue our long-standing business relationship with Mah Sing Group,” commented Haily’s founder and executive director See Tin Hai.
“This project is a testament to our capabilities in handling large-scale residential developments and we are confident that it will contribute to the overall growth of the Johor property market.”
The Mah Sing project further reflects the growing demand for residential housing in Johor that is driven by both domestic migration and the region’s economic development.
With the Malaysian construction sector experiencing a robust recovery and growth – projected to expand by 6.7% in 2024 – Haily is well-positioned to capitalise on this momentum through its business relationship with leading developers and its focus on sustainable, high-quality building practices.
This contract award is expected to contribute positively to the financial performance of the Haily group for the financial years ending 2024, 2025 and 2026.
At the close of today’s trading, Haily was up 2.5 sen or 6.85% to 39 sen with 1.68 million shares traded, thus valuing the company at RM153 mil. – Sept 18, 2024
