Binastra Corp bags RM132m piling job in Johor Bahru

• Binastra said its wholly owned subsidiary Binastra Builders Sdn Bhd has accepted the letter of award for the piling works from Exsim on the Causewayz Square @ JBCC development, comprising 4,525 units across four residential towers.

KUALA LUMPUR (Aug 21): Builder Binastra Corp Bhd (KL:BNASTRA) has secured a RM132 million contract from Exsim Lumba Kuda Sdn Bhd to carry out piling works for a new 63-storey serviced apartment project in Johor Bahru.

In a filing with Bursa Malaysia on Thursday, Binastra said its wholly owned subsidiary Binastra Builders Sdn Bhd has accepted the letter of award for the piling works from Exsim on the Causewayz Square @ JBCC development, comprising 4,525 units across four residential towers. Construction is slated to begin on Sept 2, with completion expected within 16 months.

This contract is set to provide an additional revenue stream for the group over the next two financial years ending Jan 31, 2026 and 2027.

In a separate statement, Binastra managing director Datuk Jackson Tan Kak Seng noted that the group has now secured four contracts in Johor Bahru, comprising two main building works and two substructure/piling works across three major property developments, totalling RM628.8 million in value.

"We are also actively exploring opportunities to participate in the related main building works, which, if successful, will collectively deliver over 11,000 residential units, including future phases. This will further underscore Binastra’s strong capabilities in meeting the strong housing demand in the southern region," he added.

With this latest contract win, Binastra’s year-to-date contract awards have reached RM1.5 billion, lifting its outstanding order book to RM4.5 billion.

On Thursday, Binastra shares closed down two sen or 1.14% at RM1.73, giving the company a market capitalisation of RM1.89 billion. The stock has fallen 2.8% so far this year.

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