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KUALA LUMPUR (Jan 22): Binastra Corporation Bhd (KL:BNASTRA) has secured a RM742.9 million contract for the main building works of a high-rise development in Johor Bahru.
In a filing with Bursa Malaysia on Wednesday, the group said its wholly owned subsidiary, Binastra Builders Sdn Bhd, had accepted a letter of award from Maxim Pelangi Sdn Bhd for the construction of The Address @ Taman Pelangi.
The contract, inclusive of a RM20 million contingency sum, involves a 72-storey serviced apartment development comprising three towers with a total of 2,743 units.
The project will also feature a multi-storey podium car park, commercial space and supporting facilities.
Construction is scheduled to commence on March 5, 2026, with completion targeted within 38 months.
“We are thrilled to secure another significant project win as we approach the close of FY2026 ([financial year] ending Jan 31, 2026),” said managing director Datuk Jackson Tan Kak Seng in a separate statement.
The contract lifted its total new contract wins for the financial year to RM4.2 billion, exceeding its full-year target and pushing its outstanding order book to a record RM6.6 billion.
The group said the contract is expected to contribute positively to earnings from FY2027 through to FY2030.
Binastra added that none of its directors, major shareholders or persons connected to them has any interest, direct or indirect, in the contract.
Strategically located in Taman Pelangi, the project is situated opposite Binastra’s Johor Bahru office and within a mature township with access to key commercial, residential and recreational areas.
Binastra Builders holds a Grade 7 licence from the Construction Industry Development Board, allowing it to undertake construction contracts of unlimited value.
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