Binastra Corporation Bhd, through its wholly-owned subsidiary Binastra Builders Sdn Bhd, has secured a RM327.7 million contract from Exsim Bukit Jalil City Sdn Bhd to build two 58-storey serviced apartment blocks in Kuala Lumpur, according to a press statement dated Dec 3 circulated by Binastra.
The letter of award has been accepted, bringing the group's year-to-date contract total to RM3.1 billion, surpassing the RM3.0 billion full-year target for the financial year ending January 2025.
The proposed development of the two apartment blocks comprises 1,138 units. The construction of the project will commence on 9 December, 2024, and the project is scheduled to complete within 42 months.
To date, Binastra's total outstanding order book stands at an all-time-high of RM3.7 billion, providing robust earnings visibility for the next five financial years.
Managing Director Datuk Jackson Tan Kak Seng said, "Our vision has been clear, which is to elevate Binastra's brand in line with the tagline 'Build with Pride'. Our solid foundation in the construction industry for over 40 years, along with the unwavering support of our clients, has been pivotal... Looking ahead, we anticipate 2025 to be a strong year as we actively pursue opportunities in Johor Bahru, where we see thriving construction activities, while exploring more EPCC projects."
Binastra, formerly known as Comintel Corporation Bhd, was founded in 2003, and became a publicly listed company in 2004. Its wholly-owned subsidiary Binastra Builders specialises in construction services and has obtained a Grade 7 license issued by Construction Industry Development Board, allowing it to tender and undertake large construction contracts of unlimited value.
