KUALA LUMPUR: Johor-based Haily Group Bhd (HGB), through its wholly-owned subsidiary Haily Construction Sdn Bhd (HCSB), secured an RM75.9 million contract from Mah Sing Group Bhd’s subsidiary, Meridin East Sdn Bhd.
The project is located in Taman Bestari Perdana, Johor Bahru, and construction will take 15 months for each section.
It includes the construction of 393 double-storey terrace houses and two TNB substations, which will enhance Johor’s growing residential landscape.
This marks HGB’s thirteenth contract win in 2024, following a series of successful projects secured with contract values totalling approximately RM462.31 million, surpassing the RM272.14 million achieved in 2023.
Further, this contract strengthens HGB’s construction portfolio and underscores its commitment to delivering high-quality residential developments in the region.
Founder and executive director See Tin Hai said the company foresees a long-standing business relationship with Mah Sing Group.
“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,“ he said.
The project reflects the growing demand for residential housing in Johor, which is driven by 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, HGB is well-positioned to capitalise on this momentum through its business relationships with leading developers and its focus on sustainable, high-quality building practices.
This contract award is expected to positively impact the HGB’s earnings for the financial years ending 2024, 2025, and 2026.
The group currently has 26 ongoing construction projects with a total contract value of RM857.93 million.
These projects are expected to be completed progressively between 2024 and 2026 and contribute positively to the group’s revenue and profitability.
