KUALA LUMPUR (April 15): Binastra Corp Bhd (KL:BNASTRA) has secured two construction contracts worth a combined RM458.5 million to build serviced apartments along Jalan Kebun Teh in Johor Bahru, Johor.
The contracts, which marked the group's debut projects in Johor Bahru, were awarded to Binastra’s wholly owned Binastra Builders Sdn Bhd by Exsim Kebun Teh Sdn Bhd, according to the group’s filing with Bursa Malaysia.
The first contract, valued at RM243.6 million, is for the development of a 43-storey serviced apartment block comprising 848 units. Construction is scheduled to begin on April 29, to be completed by Sept 28, 2028.
The second contract, worth RM214.89 million, involves the development of a 41-storey serviced apartment block with 735 units. The commencement date is yet to be confirmed, while the project is slated for completion 41 months from its start date.
“We are proud to make our debut in Johor Bahru with close to half a billion ringgit in new contract wins. This milestone not only reinforces our geographical diversification strategy but also reflects the strong synergy we have built with our client, Exsim, as we continue to follow its strategic expansion footprint into the southern region," said Binastra managing director Datuk Jackson Tan Kak Seng.
Binastra’s year-to-date new contract wins now amount to RM708.8 million, including the job it secured from MYT DC3 Sdn Bhd in February this year to build a data centre for AIMS Group in Cyberjaya. "With 26 ongoing projects and a total outstanding order book of approximately RM4.2 billion, the group has secured earnings visibility for the next four financial years," according to a statement from Binastra.
The builder achieved record high earnings for its financial year ended Jan 31, 2025 (FY2025), with net profit more than doubling to RM90.26 million from RM40.77 million in FY2024, as revenue jumped to RM946.6 million from RM425.2 million, driven by increased construction activities.
Binastra shares rose 10 sen or 5.92% to close at RM1.79 on Tuesday, giving the group a market capitalisation of RM1.84 billion.