Haily Group Bhd and S P Setia Bhd are making headlines with major wins and profit surges in Malaysia’s property sector. Haily clinched its largest contract of 2024, worth RM115 million, for a residential project in Johor Bahru, while S P Setia recorded a remarkable 93% profit increase in its third-quarter results.
Haily Group Bhd has secured its largest contract for 2024, valued at RM115.10 million (approximately SGD 34.49 million), for a residential development in Bandar Baru Permas Jaya, Johor Bahru. Awarded by Permas Jaya Sdn Bhd, a subsidiary of Bandar Raya Developments Bhd, the project highlights Haily’s growing role in Malaysia’s construction industry.
The contract covers the construction of 184 cluster houses, 12 semi-detached homes, and two bungalows. Ancillary buildings and comprehensive infrastructure, including mechanical and electrical works, are also part of the project.
This contract propels Haily’s total secured projects for 2024 to RM732.41 million (approximately SGD 219.72 million), marking a significant increase compared to last year. With 25 ongoing projects valued at RM1.11 billion (approximately SGD 333 million), Haily’s market presence is expanding rapidly.
S P Setia Bhd reported a 93% increase in its third-quarter profit for 2024, reaching RM100.02 million (approximately SGD 29.97 million), driven by strong land sales in Peninsular Malaysia.
The group’s revenue rose by 16.62% to RM1.26 billion (approximately SGD 377.38 million) for the quarter. For the first nine months of 2024, profits surged over threefold to RM472.38 million (approximately SGD 141.71 million), with revenue hitting RM4.23 billion (approximately SGD 1.27 billion).
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S P Setia is preparing for RM1.97 billion (approximately SGD 589.96 million) in property launches, including the Setia Federal Hill project in Kuala Lumpur and Atlas Melbourne in Australia. The group’s land bank and unbilled sales ensure a solid growth trajectory.
S P Setia’s shares climbed 0.72% to RM1.39 (approximately SGD 0.42) today, valuing the company at RM6.9 billion (approximately SGD 2.07 billion).
These developments signal robust growth in Malaysia’s construction and property sectors. Johor Bahru’s growing residential projects and Peninsular Malaysia’s rising property sales present lucrative opportunities, reinforcing the region’s appeal for real estate investment.
Sources: The Malaysian Reserve (2024)
Keywords: Haily Group, Johor Project, RM115 Million
