Taghill wins RM166m job for Exsim’s 493-unit Penang towers

Taghill Holdings Bhd's construction arm, Taghill Projects Sdn Bhd, has accepted a RM166 million letter of award from Exsim Waterfront Sdn Bhd for the main building works of a serviced-apartment development on Plot 4, George Town, Penang. It accepted the award on 29 October 2026. Work starts on 18 January 2027 and is due to finish on 17 January 2029.

The filing names only "Plot 4, George Town". Its two towers with 493 units match Keeperz Suites, which Penang Property Talk, summarising the approved sales brochure, lists as Exsim Waterfront's project at The Light Waterfront in Gelugor, next to Exsim's The LightHauz.

The project

• Towers: Tower A with 236 serviced-apartment units and Tower B with 257, joined by a link bridge at Level 21
• Podium: one basement car park level, two levels of shops (13 units), two levels of podium car park and recreational facilities
• Outside works: external works inside and outside the lot boundary are part of the job
• Units (brochure): about 484 sq ft, or 581 sq ft for a dual-key layout, from about RM844,000 (indicative)
• Land: a commercial-titled parcel near the Tun Dr Lim Chong Eu Expressway

The contract

• Sum: RM166 million, excluding service tax
• Period: 24 months, subject to extensions of time allowed by the contract
• Performance bond: RM8.3 million, 5% of the contract sum
• Defects liability period: 27 months from completion
• Interests: no Taghill director or major shareholder has an interest in the award

Exsim's other tower next door

In August, Exsim Waterfront gave Nestcon Bhd a RM243 million contract for a 57-storey serviced-apartment project on PT 224 (reclaimed land, Plot A1-8), Section 8, Bandar George Town, running to 17 December 2029. Land title records show Exsim Waterfront owns PT 224, a parcel of 33,217 sq m, about 8.2 acres. The filings do not say whether Plot 4 is part of it.

Both contracts start on the same day, so about RM409 million of building work for one developer begins together on 18 January 2027.

Taghill already builds for Exsim. In July 2024 it accepted a RM176.18 million award from Exsim Noordin Sdn Bhd for Noordinz Suites, a 29-storey, 603-unit serviced-apartment block in George Town that also restores a two-storey heritage building; Exsim targets completion in the third quarter of 2027. In June 2026 Taghill also took a RM133 million job from Exsim MX4 Sdn Bhd for a 440-unit block at Kwasa Damansara, Selangor.

Taghill's position

• Name: the company was called Siab Holdings Bhd until September 2024, after buying Taghill Projects that May
• Order book: about RM1.75 billion at 31 August 2026, with RM876.12 million still to be billed, enough for 18 to 24 months of work
• Latest quarter (to 31 August 2026): revenue of RM123.35 million and a gross loss of RM7.40 million, after higher estimated costs to complete and extra rectification work. A RM1.67 million pre-tax loss became a RM3.13 million profit after a RM4.80 million tax credit
• Restructuring: the High Court placed subsidiary Siab (M) Sdn Bhd under judicial management on 29 June 2026, so Taghill no longer consolidates it, which brought a one-off RM38.51 million gain. A similar application for Siab Construction Sdn Bhd is still before the court
• Size: at 7 sen a share on 30 October, Taghill's market value was about RM109 million, less than this one contract

The numbers

• Per unit: RM166 million ÷ 493 units ≈ RM336,700 of main building work per apartment
• Exsim with Taghill: RM176.18 million + RM133 million + RM166 million ≈ RM475 million of awards since July 2024