Haily buys 4-acre Pulai plot in Skudai for RM6.45m

Haily Group Bhd, the ACE Market-listed Johor building contractor, is buying 1.6415 hectares (about 4.06 acres) of freehold agricultural land in Mukim Pulai, Johor Bahru district, for RM6.45 million, or about RM36.50 psf. Its subsidiary Haily Capital Sdn Bhd signed the sale and purchase agreement with the landowner, Kee Chin See, on 8 October 2026. Completion is expected in the fourth quarter of 2026.

The land

• Title: Geran 32835, Lot 23025, Mukim Pulai; freehold, free of charges and caveats, sold with vacant possession
• Size: 1.6415 ha, about 176,690 sq ft or 4.06 acres
• Location: EdgeProp's EPIQ map places the lot in Skudai, on the south side of Jalan Pontian Lama, beside SMK Taman Desa Skudai, with Jalan Sejahtera 5 along its eastern edge and Taman Universiti to the north-west
• Land use: agriculture. The title says the land must be planted with rubber and fruit trees and protected from erosion as the land administrator orders, and Haily is buying it subject to those conditions

The deal

• Price: RM6.45 million, a 5.15% (RM350,000) discount to the RM6.8 million market value set by One Asia Property Consultants (South) Sdn Bhd on 2 October 2026 using the comparison method, which works out to about RM38.50 psf
• Payment: a 10% deposit of RM645,000 was paid on 10 September 2026 under an agreement to sell; the RM5.805 million balance is due within three months of the agreement, with an automatic one-month extension at 8% a year
• Funding: bank borrowings and internal funds, in a mix still to be decided
• Approvals: none needed from shareholders or the authorities; the highest percentage ratio under Bursa's rules is 5.51%
• Why: Haily calls it a strategic investment that secures land "for future development and operational requirements"

Haily's first land

Haily's 2025 annual report lists no land or buildings among its fixed assets, only vehicles, machinery, office equipment and leased (right-of-use) assets, so this would be the group's first piece of land. Haily is a Grade 7 contractor that builds homes and commercial, industrial and institutional buildings, mostly in Johor. It also rents out construction machinery and harvests durian and other fruit, and it had an order book of about RM1.30 billion from 27 projects at 31 March 2026. The buyer, Haily Capital, was set up in August 2022 for farming, trading and property investment and gives its address at the group's base in the Indahpura industrial area, Kulai.

The Pulai comparison

Earlier this month Scientex agreed to buy 502.6 acres of freehold agricultural land in Mukim Pulai for RM580.16 million, or RM26.50 psf (our report). Haily's RM36.50 psf is about 38% higher, for a four-acre plot in Skudai against a 500-acre block next to Scientex's own townships.

Cover map: EPIQ, via EdgeProp.