Haily awarded contract worth RM24.5 mln for residential project in Johor Bahru
KUCHING: Haily Group Bhd (Haily) recently announced that its whollyowned subsidiary Haily Construction Sdn Bhd has accepted the letter of award from Meridin East Sdn Bhd (Meridin East) for a terrace residential project in Plentong, Johor Bahru for RM24.5 million.
The contract awarded by Meridin East is a firm price contract. The company expects this to contribute positively to its earnings and net assets over the duration of the project.
In a filing with Bursa Malaysia, Haily said that the project comprises a total of 155 units of double storey terrace houses, one unit single chamber TNB substation, two units double chamber TNB sub-stations and one unit main switch station.
While the date of commencement has not been set, pending instruction from the architect, the project is scheduled for completion within 15 months.
Haily executive director See Tin Hai said in a statement that the company’s ability to consistently secure new contracts is a testament to its proven track record in quality construction works and project delivery.
“Although the past year has been challenging for most in the construction industry, Haily looks to be in good shape for further growth,” See added.
“While our projects on hand are enough to keep us busy for the next few years, we will continue moving forward with our strategy to expand and capture the growing trends in the residential and non-residential sector in the other districts of Johor.”
As at October 18, 2021, Haily has 19 ongoing building construction projects as well as two ongoing civil engineering related construction projects. The total secured contract value from these projects stand at approximately RM477.74 million.
Haily debuted on the ACE Market of Bursa Malaysia Securities on July 21, 2021. Haily is principally a main contractor involved in building construction of residential and nonresidential buildings in the Southern Region of Peninsular Malaysia, particularly Johor, and is also involved in the provision of rental of construction machinery.