KUALA LUMPUR: Haily Group Bhd's wholly-owned subsidiary, Haily Construction Sdn Bhd, has won a RM75.9 million contract from Meridin East Sdn Bhd, a subsidiary of Mah Sing Group Bhd.
The contract is for the construction and completion of 393 terrace houses and two Tenaga Nasional Bhd (TNB) substations in Johor Bahru.
Haily expects the projects to be completed progressively between 2024 and 2026.
"This marks the thirteenth contract win for Haily in 2024, following a series of successful projects that have been secured with contract value totalling approximately RM462.31 million, surpassing the RM272.14 million achieved for the entire year of 2023.
"Haily currently has 26 ongoing construction projects with a total contract value amounting to RM857.93 million," it said.
In a filing with Bursa Malaysia, Haily said the contract award is expected to contribute positively to the financial performance for the financial years ending 2024, 2025, and 2026.
The company said the project reflects the growing demand for residential housing in Johor, driven by both domestic migration and the region's economic development.
Haily founder and executive director See Tin Hai said the project is a testament to the company's capabilities in handling large-scale residential developments.
"We are confident that it will contribute to the overall growth of the Johor property market," he said.