KUALA LUMPUR: Johor-based construction company Haily Group Bhd's (HGB) wholly-owned subsidiary Haily Construction Sdn Bhd (HCSB) has accepted a letter of award (LoA) from Nice Frontier Sdn Bhd (NFSB), a member of IOI Properties Group Bhd, for a community housing project in Kulai, Johor worth RM14.57 million.
HGB executive director See Tin Hai said this contract shall increase the value of the company's projects which now amounts to a total of RM543.22 million, involving 22 building construction projects and two ongoing civil engineering-related construction projects.
"This latest contract shall keep us busy for the next 16 months and will contribute to the HGB's earnings and net assets for the financial year ending 31 December 2022 and 31 December 2023," he said in a statement today.
A filing with Bursa Malaysia today showed that the contract involves the construction and completion of 216 strata townhouses measuring 20ft by 60ft (9 blocks), a management office, and a Tenaga Nasional Bhd (TNB) sub-station.
The contract length will be for sixteen months from the start date, which will be notified to HGB in advance.
To recap, HCSB had, on 5 November 2021, accepted a residential project awarded by Factor Synergy Sdn Bhd, a wholly-owned subsidiary of TA Global Bhd, for RM23.70 million.
HCSB had also, on 2 November 2021, accepted a housing project by Gunung Impian Development Sdn Bhd for a residential project located in Tebrau, Johor, for RM27.21 million.
See said securing the latest project is another testament to HGB's capabilities as a Grade G7 contractor with the Construction Industry Development Board (CIDB).
He believes that the recent announcement by the government in Budget 2022 to rejuvenate the local property sector shall boost the construction industry's recovery next year.
HGB debuted on the ACE Market of Bursa Malaysia Securities on 21 July 2021.
The company is the main contractor involved in constructing residential and non-residential buildings in Johor.