Binastra wins RM458.5m contracts for JB high-rise projects

• The projects involve two serviced apartment blocks, which are a 43-storey tower with 848 units (Plot 1) and a 41-storey tower with 735 units (Plot 2).

PETALING JAYA (April 15): Binastra Corp Bhd’s wholly-owned subsidiary, Binastra Builders Sdn Bhd, has secured two contracts worth a total of RM458.5 million for the construction of two high-rise serviced apartment projects in Johor Bahru (JB), Johor.

The contracts were awarded by Exsim Kebun Teh Sdn Bhd and cover main building and external works for both developments, located along Jalan Kebun Teh.

According to its exchange filing today, the projects involve two serviced apartment blocks, which are a 43-storey tower with 848 units (Plot 1) and a 41-storey tower with 735 units (Plot 2). Both towers will include 10-storey podiums featuring multi-level parking, retail space, and other supporting facilities.

Work on Plot 1 is set to begin on April 29, with completion targeted for Sept 28, 2028. Plot 2 will start at a later date to be confirmed and is expected to be completed within 41 months from commencement.

The podium for Plot 1 will feature nine levels of parking, five retail units on the ground floor and one additional semi-basement parking level. Plot 2 will have similar podium facilities, including a Main Distribution Substation.

These projects are expected to provide a steady income stream for Binastra over the next four financial years, contributing positively to its earnings and net assets from FY2026 to FY2029. There will be no impact on the company’s share capital.

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