KUALA LUMPUR: Binastra Corporation Bhdms unit, Binastra Builders Sdn Bhd, has received a letter of award from Kaisar Maxim Sdn Bhd for main building works in Taman Desa worth RM283.3 million.
The residential development contract is Binastra's 10th contract for the financial year ending January 31, 2025 (FY25).
The contract brought the company's contract wins for the current financial year to RM1.9 billion, far exceeding last financial year's total contracts won of RM612.2 million.
The project entails the construction of a total of 624 residential units across three 31-storey blocks, four podium levels, and five levels dedicated for parking, amongst others.
Construction is scheduled to commence on September 17 with an expected completion timeline of 32 months.
Binastra Corporation managing director Datuk Jackson Tan Kak Seng said the company is confident in achieving its full-year target of RM3.0 billion.
"We remain dedicated to leveraging our expertise in the construction industry to capitalise on new opportunities, especially in data centres as well as engineering, procurement, construction, and commissioning (EPCC).
"We look forward to delivering more exciting updates to the shareholders in the remaining months of FY25," it said.
As of Sept 5, 2024, Binastra's order book value amounted to RM2.8 billion, which is expected to provide financial visibility in the next four years.
Its share price rose 4.38 per cent or six sen, to RM1.43, bringing its market capitalisation to RM1.55 billion.