KUALA LUMPUR (Nov 6): Haily Group Bhd (KL:HAILY) has secured a contract worth RM89.9 million from Mah Sing Group Bhd (KL:MAHSING) to build terrace homes for a housing project in Taman Tiara Indah, Johor Bharu, Johor, which pushes the value of its outstanding orders past RM1 billion.

The latest win raised the group's new project wins for 2024 to RM617.31 million, over two times its 2023 total of RM272.14 million.

So, Haily now has a portfolio of 27 ongoing projects, with a cumulative value of RM1.01 billion. These projects are anticipated to be completed progressively between this year and 2026, it said in a statement.

The latest job involves the construction of 366 units of double-storey terrace homes, two power substations, two show units, and a guard house, which make up Parcels 2A and 2B of the housing project.

The 15-month contract, to start on a date to be instructed by the architect, was secured through its wholly-owned Haily Construction Sdn Bhd, which on Wednesday accepted the Letter of Award for the project from Venice View Development Sdn Bhd, a subsidiary of Mah Sing.

"We are thrilled to work with Mah Sing on this project, which strengthens our presence in Johor’s residential construction market. The robust demand for high-quality residential properties in Johor aligns well with our vision, and we look forward to delivering a successful project that meets the highest standards,” said Haily's founder and executive director See Tin Hai.

Haily shares closed one sen or 4% higher at 26 sen with a market capitalisation of RM102 million. Year to date, the stock has gained 12 sen or 85.7%.