KUALA LUMPUR: Haily Group Bhd's wholly-owned subsidiary Haily Construction Sdn Bhd has accepted the letter of award from Meridin East Sdn Bhd (MESB) for a residential terrace project in Plentong, Johor Bahru for RM24.5 million.

The contract awarded by MESB is a firm price contract, and this is expected to contribute positively to its earnings and net assets of Hailey throughout the project.

In a filing with Bursa Malaysia, Haily said the project comprises 155 units of double-storey terrace houses, one single unit chamber Tenaga Nasional Bhd (TNB) sub-station, two units double chamber TNB sub-stations and one unit main switch station.

While the commencement date 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 the company's ability to secure new contracts consistently 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.

"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", he said.

As of 18 October 2021, Haily has 19 ongoing building construction projects and two ongoing civil engineering related construction projects.

The total secured contract value from these projects stand at approximately RM477.74 million.