Binastra Corp Wins RM327.74 Million Contract for Bukit Jalil Project
Binastra Corp Bhd (KL:BNASTRA) has been awarded a significant RM327.74 million building contract to construct two blocks of 58-storey serviced apartments for The Vividz @ Bukit Jalil. This latest win reinforces Binastra’s position as a key player in Malaysia’s construction sector.
Awarded by Exsim Bukit Jalil City
The contract was awarded by Exsim Bukit Jalil City Sdn Bhd to Binastra’s wholly owned subsidiary, Binastra Builders Sdn Bhd, according to a filing on Tuesday.
Project Scope and Timeline
The contract will commence on Dec 9, 2024, with construction works expected to be completed within 42 months.
With this new addition, Binastra’s total outstanding order book now stands at RM3.83 billion, after securing RM3.13 billion worth of contracts in the financial year ending Jan 31, 2025 (FY2025).
“This project is expected to contribute positively to the company’s earnings and net assets per share from FY2025 through FY2029,” Binastra said in its filing.
Shareholding Details
Lee Seng Yong, who holds a 12.95% stake in Binastra and serves as an executive director, is also a shareholder of Exsim Bukit Jalil City, holding a 5% stake via TRE Towers Holding Sdn Bhd.
However, the company clarified that this contract does not qualify as a related party transaction, as Lee is not a director of Exsim Bukit Jalil City.
The Vividz @ Bukit Jalil
The Vividz @ Bukit Jalil project adds to the ongoing urban transformation in Bukit Jalil, a rapidly developing suburb of Kuala Lumpur. This serviced apartment development aims to blend modern aesthetics with premium living, contributing to the vibrancy of the area.
Outlook for Binastra
This contract strengthens Binastra’s position in the construction sector, with the company continuing to focus on high-value projects.
