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KUALA LUMPUR (Jan 16): Binastra Corporation Bhd (KL:BNASTRA) has secured its largest contract to date, following the acceptance of two letters of award worth a combined RM1.2 billion for main building and infrastructure works at Causewayz Square, a landmark high-rise development by Exsim group in Johor Bahru.
According to bourse filing, the contracts were awarded to Binastra’s wholly owned subsidiary, Binastra Builders Sdn Bhd, by Exsim Lumba Kuda Sdn Bhd.
Under the Causewayz Square master plan, the project involves the construction of a 63-storey serviced apartment comprising four residential towers with a total of 4,525 units.
The development, to be executed in five phases, will feature a multi-level podium with parking facilities, retail space, and lifestyle amenities.
Construction is expected to be completed within 34 months from the commencement date, which will be confirmed by the architect in due course.
Binastra managing director Datuk Jackson Tan said the RM1.2 billion award is a major milestone and the company’s largest contract to date, highlighting its strong position in Johor Bahru amid rising demand and investor interest in the southern region.
“As one of the early entrants into the Johor Bahru market, we are encouraged to see our long-term commitment translate into tangible outcomes. Backed by our dedicated Johor team, we remain confident in delivering large-scale, complex high-rise developments with discipline and consistency,” Tan said.
With this latest win, Binastra’s outstanding order book has expanded to a record RM5.8 billion.
“This reflects the scale of opportunities we are capturing as a trusted builder of choice,” Tan added.
Binastra added that the contracts are expected to contribute positively to the group’s earnings over the next three years. To date, the group has secured RM3.4 billion in new contract wins, keeping it firmly on track to achieve its RM4.0 billion target for FY2026.
Shares in Binastra closed down one sen, or 0.5%, at RM2.14, valuing the group at RM2.34 billion. Over the past year, the stock has risen 21%.
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