Construction of the terraced houses is set to take 45 months to complete. Credit: chingyunsong via Shutterstock.

Haily Group’s wholly owned subsidiary Haily Construction has accepted a letter of award (LoA) issued by Meridin East for the construction of terrace houses in Johor, Malaysia. 

The fixed-price contract is valued at RM75.9m ($17.76m). 

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The project entails 393 units of double-storey terrace houses and two units of Tenaga Nasional Berhad (TNB) double-chamber substations.  

A performance bond of 5% of the contract sum has been waived.  

Instead, a 10% retention will apply to all certified work, capped at 7% of the contract sum or the anticipated final account sum, whichever is higher. 

Furthermore, the defects liability period for the works is set at 27 months from the date of the certificate of practical completion.

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The commencement date for the project will be instructed in writing by the superintendent officer, who is also the architect, Arcalliance. 

Haily Construction has indicated that the construction of the terrace houses will take 45 months to complete while each TNB double-chamber substation will require six months for completion. 

The company’s board anticipates that the project will have a positive impact on the group’s earnings and net assets.  

Haily Group’s board of directors, in a statement, said: “The board having considered the rationale, prospects and all other aspects of the LoA, is of the opinion that the acceptance of the LoA is in the best interest of the company.” 

Earlier this year, Haily Construction accepted a LoA for a separate project in Johor.

Issued by Gunung Impian Development, the contract is valued at RM32.33m.