KUALA LUMPUR (July 8): Binastra Corp Bhd (KL:BNASTRA) on Tuesday secured a RM405 million construction contract from Exsim Jalil Link Sdn Bhd (EJL) for the development of a residential project in Bukit Jalil, Kuala Lumpur.

The latest project was awarded to Binastra’s wholly owned unit, Binastra Builders Sdn Bhd, from Exsim Group’s unit, the construction outfit said in a filing.

The contract is deemed a recurrent related party transaction as Binastra major shareholder cum managing director Datuk Jackson Tan Kak Seng and executive director Lee Seng Yong hold stakes in EJL.

Tan and Lee have indirect stakes through their interests in companies that substantially own EJL. EJL is substantially owned by Tan (9%), Performance Consortium Sdn Bhd (6.00%) and Tre Towers Holdings Sdn Bhd (5.00%).

Tan's influence stems from his direct (11.09%) and indirect (41.19%) interests in JT Conglomerate Sdn Bhd, including his role as a director and his joint ownership of Binastra Construction (M) Sdn Bhd, which controls Performance Consortium.

Lee Seng Yong holds a deemed interest in Exim Jalil through his 100% ownership of Tre Towers.

Meanwhile, the newly secured project, dubbed The Queenswoodz, will comprise two residential blocks with a total of 1,004 units, including parking, commercial units, a guardhouse, and utility facilities.

Construction will span 41 months from the official commencement date, which is pending confirmation from the project architect.

“This marks the continuation of our winning streak — the fourth project awarded to us as main contractor on this prime 17.9-acre land in Bukit Jalil,” Tan said in a statement.

“With this latest award, the cumulative contract value secured for all four projects now stands at approximately RM1.8 billion,” Tan noted.

The contract is expected to provide an additional income stream for Binastra over the next four financial years, the group said.

Including the latest contract, Binastra has secured RM1.4 billion worth of new projects so far in 2025, bringing its outstanding order book to RM4.6 billion, providing “strong visibility into future earnings”, according to Tan.

Meanwhile, Tan added that the group will focus on accelerating job replenishment in the second half of the year.

Shares in Binastra were traded lower by two sen or 1.07% at RM1.85 on Tuesday's noon break, valuing the group at RM2.02 billion.