KUALA LUMPUR: The Malaysian construction sector is projected to grow by 6.7 per cent in 2024, fuelled by new and ongoing large-scale infrastructure projects under national development plans, including the 2024 Budget and the New Industrial Master Plan 2030.
Haily Group Berhad is optimistic that the upcoming 2025 Budget, scheduled for October 18, 2024, will bring positive developments for the construction and property sectors.
The company hopes the budget will include initiatives to support affordable housing and development in strategic areas, aligning with the government's commitment to driving economic growth and ensuring sector stability.
"These initiatives could further bolster Haily's ability to continue its growth trajectory and contribute to Johor's ongoing urban development.
"Additionally, the Johor Bahru-Singapore Rapid Transit System (RTS), which is expected to commence operations by early 2027, shall further enhance cross-border movement, alleviating congestion and facilitating seamless connectivity between the two cities.
"This project will improve the quality of life for commuters and stimulate economic activity, creating new opportunities for Haily in the development of residential and commercial infrastructure to support this increased demand," said See Tin Hai, founder and executive director of Haily, in a statement.
Haily remains upbeat about its growth prospects as it continues to secure contracts and expand its presence in Johor's vibrant property development sector.
With 26 ongoing projects valued at RM857.93 million, the company is well-positioned to capitalise on the state's economic growth and infrastructure developments.
Haily's outlook is further bolstered by strategic developments such as the Johor-Singapore Special Economic Zone (JS-SEZ), which aims to strengthen economic connectivity between Johor and Singapore.
"We are very optimistic about the future, particularly with the strategic initiatives unfolding in Johor, such as the JS-SEZ and the upcoming completion of the RTS, which are set to significantly boost the state's economic landscape."