Haily Secures RM17.5mil Contract from Mah Sing to Construct 108 Double-Storey Terrace Houses

Construction player, Haily has secured a second contract worth RM17.5 million from Meridin East (a wholly-owned subsidiary of Mah Sing) in less than a year to build 108 landed residences for its largest integrated township in the Eastern Gateway of Iskandar Malaysia.

Specifically its wholly-owned subsidiary, Haily Construction, had on 7 September 2022 accepted a Letter of Award (LA) from Meridin East, for the construction of Parcel 2H3 of the Meridin East township.

The LA 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 will 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.

“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 LA 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,” Haily’s Founder and Executive Director Mr. See Tin Hai (photo) said.

“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,” he added.

“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 stressed.

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