Binastra Corporation Bhd has clinched a RM742.9 million contract to build a high-rise development in Johor Bahru.
In a Bursa Malaysia filing on Wednesday, the group said its wholly owned unit, Binastra Builders Sdn Bhd, received a letter of award from Maxim Pelangi Sdn Bhd for The Address @ Taman Pelangi, a 72-storey serviced apartment project comprising three towers with 2,743 units. The development will also include a multi-storey podium car park, commercial space, and other supporting facilities.
Construction is set to begin on March 5, 2026, with completion expected within 38 months. The contract includes a RM20 million contingency sum.
Managing director Datuk Jackson Tan Kak Seng said the win marks another major project for the company as it closes FY2026, lifting total new contract wins for the year to RM4.2 billion and pushing the outstanding order book to a record RM6.6 billion. The project is expected to contribute positively to earnings from FY2027 to FY2030.
Binastra confirmed that no directors, major shareholders, or related parties have any direct or indirect interest in the contract. Strategically located in Taman Pelangi, the project sits opposite Binastra’s Johor Bahru office and benefits from easy access to commercial, residential, and recreational areas.
Binastra Builders holds a Grade 7 licence from the Construction Industry Development Board, enabling it to undertake construction projects of unlimited value.
