KUALA LUMPUR (April 23): Construction outfit Haily Group Bhd has secured a RM109.5 million contract to undertake the construction and completion of 332 units of double-storey terrace houses in Pontian, Johor.
The contract was awarded to Haily’s wholly owned unit Haily Construction Sdn Bhd from Mandy Corp Sdn Bhd, a main contractor appointed by Splendid Pavilion Sdn Bhd, the ACE Market-listed Haily said in a filing to the local bourse on Tuesday.
Both Mandy Corp and Splendid Pavilion are wholly owned subsidiaries of Main Market-listed Gadang Holdings Bhd.
The job involves the construction of Phase 4A and Phase 4B of a housing project in Pontian, Johor. The Phase 4A project comprises 163 units of double-storey terrace houses, while Phase 4B comprises 169 units of double-storey terrace houses and a Tenaga Nasional Bhd (TNB) substation.
The Phase 4A project is scheduled to commence on May 2, 2024 and is to be completed by Jan 1, 2026, while Phase 4B will begin on Aug 2, 2024, and is to be completed by April 1, 2026.
In February last year, Haily also secured a RM78.28 million contract from Mandy Corp to build 262 units of double-storey terrace houses and two TNB substations for the Phase 2 project.
The value of the latest contract is higher than Haily’s market value of RM93.62 million. Including the latest win, Haily has announced four contractor project awards since the start of 2024, with contract value totalling approximately RM247.09 million, all of which are located in Johor.
Earlier this month, Haily secured a RM59.46 million contract to develop 220 units of double-storey terrace houses and one unit of the TNB main switch station in Johor Bahru, from Austin Senibong Development Sdn Bhd.
Earlier in January, the company secured a contract worth RM45.8 million from Property Village Bhd for a housing project in Johor Bahru, as well as a contract worth RM32.33 million from Gunung Impian Development Sdn Bhd for a housing project in Skudai.
Shares in Haily finished one sen or 1.87% lower to 52.5 sen on Tuesday, valuing the group at RM93.62 million. The stock has risen 22.09% year-to-date.