Binastra Corporation Berhad has announced the successful award of a RM405 million construction contract for a major residential project in Bukit Jalil, Kuala Lumpur.
The contract, awarded to its wholly owned subsidiary Binastra Builders Sdn Bhd by Exsim Jalil Link Sdn Bhd, involves the construction and completion of two blocks of serviced apartments. Located along Jalan Jalil Perkasa 1, the development will feature 1,004 residential units spread across two towers.
In addition to the apartment blocks, the scope of works includes a shop lot, two commercial units, podium parking, a utility floor with an electrical substation, and a comprehensive range of resident facilities including a guardhouse.
Binastra stated in its filing with Bursa Malaysia that the project is to be completed within 41 months from a commencement date, which will be determined via an architect’s instruction in due course.
The company expects the project to contribute positively to its earnings and net assets per share throughout the financial years ending 31 January 2026 to 31 January 2029.
The contract is categorised as a recurrent related party transaction. Binastra confirmed that its Managing Director, Datuk Tan Kak Seng, and Executive Director, Lee Seng Yong, are deemed interested parties in the transaction. Other than these two individuals, no other directors or major shareholders are involved, either directly or indirectly.
-Bernama
