HAILY BAGS RM17.5MIL CONTRACT FROM MAH SING TO BUILD 108 DOUBLE-STOREY TERRACE HOUSES
This latest contract increased the value of Haily’s total ongoing projects to RM578.12 million
JOHOR, 10 September 2022 — Construction player Haily Group Berhad (“Haily” or “Group”) has won a second contract worth RM17.5 million from Meridin East Sdn. Bhd (a wholly-owned subsidiary of Mah Sing Group Berhad (“Mah Sing”) in less than a year to build 108 landed residences for its largest integrated township in the Eastern Gateway of Iskandar Malaysia. This new contract signifies the confidence of an esteemed developer like Mah Sing in the Group’s quality of work and proven track record.
Haily’s wholly-owned subsidiary, Haily Construction Sdn Bhd, had on 7 September 2022 accepted a Letter of Award (“LoA”) from Meridin East Sdn Bhd, a wholly-owned subsidiary of Mah Sing, for the construction of Parcel 2H3 of the Meridin East township. The LoA entails the construction of 108 units of 18’ x 70’ double-storey terrace houses in Plentong, Johor.
The construction project will take a period of 16 months, with the commencement date to be advised by the project’s Superintending Officer. The contract is a “Firm Price Contract” and shall not be subjected to any fluctuation in costs other than variations sanctioned under the conditions of contract.
To recap, the first contract won by Haily from Mah Sing in October 2021 was worth RM24.5 million and entailed the construction of 155 double-storey terrace houses for the Meridin East township.
Commenting on the contract, Haily Group Berhad Founder and Executive Director Mr. See Tin Hai said: “This is an achievement for the Group as we focus on cementing our status to be at the forefront among Johor’s top contractors. We are grateful to receive the LoA from Mah Sing, one of the nation’s largest property developers. This achievement aligns well with our future growth to further solidify our standing within the construction industry.”
Moving forward, the Group expects its performance to be driven by its existing ongoing construction projects as well as new construction projects expected to be secured. The Group views that its financial results for the financial year ending 31 December 2022 will remain favourable.”
“With the latest job win, our order book comprises 24 ongoing projects with a total contract value of RM578.12 million, which is expected to be progressively completed between 2022 and 2024,” he adds.
To recap, Haily Construction had on 24 January 2022 secured a RM41.28 million contract from Country View Resources Sdn Bhd for the construction of Phase 1 of a Tourist Resort Strata Development located in Aurora Sentral, Pulai, Johor. The contract is the Group’s largest contract secured since its listing on the ACE Market in July 2021.
Other than that, the Group has also secured several contracts in 2021 which include a RM40.67 million contract from Austin Senibong Development Sdn Bhd to build 99 units of three-storey shop offices in Tebrau, Johor, a RM14.57 million contract from Nice Frontier Sdn Bhd for a community housing project in Kulai and a RM23.7 million contract for residential project from Factor Synergy Sdn Bhd.