Saturday 24 Feb 2024
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KUALA LUMPUR (Dec 5): Haily Group Bhd has secured a contract to build landed homes at Mah Sing Group Bhd’s township in Johor Baru for RM64 million.

According to a bourse filing on Tuesday, the construction outfit said its wholly-owned subsidiary Haily Construction Sdn Bhd accepted a letter of award from Meridin East Sdn Bhd to construct 327 units of double-storey terrace houses as well as two substations in Parcel 2G of Mah Sing’s township.

Meridin East is wholly-owned by Mah Sing, with its namesake the Meridin East township being the property developer’s largest township by acreage spanning 1,313 acres.

The job awarded to Haily is split into two phases, comprising: “Parcel 2G1” with 157 units of terrace houses and a double chamber substation; and “Parcel 2G2” with 170 units of terrace houses and a single chamber substation.

Haily said the job is scheduled to be completed within 15 months from the respective commencement dates of Parcel 2G1 and Parcel 2G2, which will be determined later.

The group added that it expects the contract to contribute positively to its earnings and net assets over the duration of the project, assuming no material delays in its completion.

According to Haily founder and executive director See Tin Hai, the group has secured total contracts worth RM272.15 million this year, exceeding 2022’s total contracts.

“We aim to continue building on this momentum by securing more high-value projects,” he added in a separate statement on Tuesday.

Shares in Haily ended half a sen or 1.27% higher at 40 sen, giving the group a market capitalisation of RM71.33 million.

Edited ByLam Jian Wyn
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