The latest contract also marks another step in expanding Binastra’s presence in the Klang Valley. So far this year, the company has secured RM976.9 million worth of new contracts.
KUALA LUMPUR (June 11): Binastra Corporation Bhd (KL:BNASTRA) on Wednesday said it has secured a contract worth RM268 million to build serviced apartments.
The contract, involving the construction of one block of 45-storey serviced apartments comprising 1,269 units for Tuan Heritag3 in Segambut, was awarded by TNJ Development Sdn Bhd, a subsidiary of boutique developer CPI Land Sdn Bhd, according to an exchange filing.
The company, formerly known as Comintel Corporation Bhd, said the construction is scheduled to commence on Aug 15 and is expected to be completed by Dec 14, 2027.
“We are honoured to secure this contract from a new client beyond our existing main clientele,” said Binastra managing director Datuk Jackson Tan Kak Seng.
Binastra expects the contract to begin contributing income in the immediate financial year ending Jan 31, 2026 (FY2026), until FY2028.
The latest contract also marks another step in expanding Binastra’s presence in the Klang Valley. So far this year, the company has secured RM976.9 million worth of new contracts.
Binastra added that it now has outstanding jobs worth RM4.3 billion in its books that will keep the company busy for the next four financial years.
Shares of Binastra were unchanged at RM1.80, giving it a market capitalisation of RM1.96 billion ahead of the contract announcement.
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Source: EdgeProp.my
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