Binastra Corp gets RM283m KL apartment construction contract

• Its outstanding order book now amounts to RM2.8 billion, which would provide earnings for the next four years.

KUALA LUMPUR (Sept 5): Binastra Corporation Bhd (KL:BNASTRA) said on Thursday it has secured a construction contract worth RM283.33 million for an apartment project in Kuala Lumpur.

Works on the contract are expected to be completed within 32 months once it begins on Sept 17, Binastra said in an exchange filing. The contract is expected to contribute to its income over the next four financial years ending Jan 31 (FY2025 to FY2028).

“We are confident that the group is on track to achieve its full-year target” of RM3.0 billion after reeling in new contracts worth RM1.9 billion to date, said Binastra managing director Datuk Jackson Tan Kak Seng in a separate statement. 

The project from Kaisar Maxim Sdn Bhd involves main building works for the proposed development of three-block, 31-floor apartments totalling 624 units in Taman Desa. The contract also covers four podium levels and five basement levels for parking as well as other related works.

Binastra had earlier secured a piling works contract for the same residential development from Kaisar Maxim owned by Maxim Global Bhd (KL:MAXIM).

The contract would be Binastra’s 10th in FY2025, and the company — formerly known as Comintel Corporation Bhd — has already secured more contracts so far than last year’s wins totalling RM612.2 million.

Its outstanding order book now amounts to RM2.8 billion, which would provide earnings for the next four years, Binastra said.

Binastra will continue to tap on “new opportunities”, especially in data centres as well as engineering, procurement, construction and commissioning, Tan said. “We look forward to deliver more exciting updates to the shareholders in the remaining months of FY2025.”

Shares of Binastra had risen 4.3% to RM1.43 at the midday trading break, ahead of the contract announcement on Thursday. At that price, the company had a market capitalisation of RM1.55 billion.

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