KUALA LUMPUR (Feb 17): Construction specialist Haily Group Bhd has won a RM78.28 million contract to build 262 units of landed residential properties in Pontian, Johor.

With the latest new job win, which is its largest contract to date, Haily’s total outstanding orderbook has increased to RM660.77 million, Haily’s statement showed.

The latest contract was secured by Haily’s wholly-owned subsidiary Haily Construction Sdn Bhd from Mandy Corporation Sdn Bhd, a main contractor appointed by Splendid Pavilion Sdn Bhd. The job involves the construction of 262 units of two-storey terrace house and 2 units of Tenaga Nasional Berhad (“TNB”) sub-stations.

Both Mandy Corp and Splendid Pavilion are wholly-owned subsidiaries of Main Market-listed Gadang Holdings Bhd.
 
The contract will be effective for 20 months from the date of commencement, which will be confirmed at a later date.

Haily founder and executive director See Tin Hai said that given the size of this project, it will further accelerate the group’s revenue growth momentum from last year.

“We expect to grow our order book even further this year, riding on the stable recovery of the domestic property sector. With the latest job win, our order book currently comprises 25 ongoing projects with a total contract value of RM660.77 million, and the projects are expected to be progressively completed between 2023 and 2024,” he added.

Haily made its debut on the ACE Market of Bursa Malaysia Securities on July 21, 2021. The group is principally a main contractor involved in constructing residential and non-residential buildings in the Southern Region of Peninsular Malaysia, particularly Johor. It also provides construction machinery for rental purposes.

Haily closed 0.5 sen or 1.16% lower at 42.5 sen on Friday, giving the group a market capitalisation of RM76 million. Compared to its initial public offering price of 68 sen per share, it has declined 37.5%.