Taghill Holdings Bhd has secured a RM166mil construction contract for a commercial development in George Town, Penang, through its wholly owned subsidiary Taghill Projects Sdn Bhd. The award comes from Exsim Waterfront Sdn Bhd and covers the main building works for the project, The Star reported on 29 October.
The filing with Bursa Malaysia sets out a mixed development: 493 serviced apartment units across two towers, 13 shop units on two levels, basement and podium car parks, recreational facilities and a link bridge at Level 21.
The letter of award was accepted for Plot 4 in George Town. Tower A will hold 236 serviced apartment units and Tower B another 257, while the scope, Business Today said, also takes in external works within and outside the site.
Work starts on 18 January 2027 and should finish by 17 January 2029, a 24-month run that allows for extensions permitted under the contract. The contract carries an RM8.3mil performance bond, equal to 5% of its value.
A performance bond is money set aside or guaranteed by a bank to cover the client if the contractor walks away or fails to deliver. On this job the guarantee is about one ringgit for every RM20 of work, held for the life of the build. The clause protects the developer, Exsim Waterfront, while the tower works run.
Taghill expects the job to lift its earnings and net assets from the financial year ending 30 November 2027 and across the project’s duration. Its outstanding order book stood at about RM1.75bil at the end of August 2026, enough to support construction activity for the next 18 to 24 months, The Edge noted.
For the three months to 31 August 2026, net profit rose to RM3.29mil from RM1.59mil a year earlier, even as revenue fell to RM123.35mil from RM210.18mil. Over the 15-month period of its 2026 financial year, the group logged RM4.4mil net profit on RM891.62mil revenue. Taghill shares closed unchanged at seven sen, valuing the group at RM108.93mil.
Work begins in January 2027, so the financial year ending 30 November 2027 is the first that will carry a full year of billings from the job. With completion set for January 2029, the contract spans two full financial years for the group.
The George Town development adds 493 serviced apartment units to a pipeline already tied to a single client. The link bridge at Level 21 joins the two blocks, and the retail podium puts 13 shop units at street and first-floor level.
