Binastra unit accepts RM742.86mil building contract in Johor

KUALA LUMPUR: Binastra Corp Bhd said its wholly-owned subsidiary Binastra Builders Sdn Bhd has accepted a contract from Maxim Pelangi Sdn Bhd for main building works of a 72-storey serviced apartment in Plentong, Johor.

In a stock exchange filing, the group said the contract is valued at RM742.86mil, which includes a contingency sum of RM20mil, but excludes a 6% service tax on construction work services.

The contract commences on March 5, 2026, and is expected to be completed within 38 months.

Under the scope of the contract, Binastra Builders will undertake the construction of 2,743 units over three serviced apartment blocks, a facilities floor, a 13-storey podium car park with three levels of commercial space, a guardhouse and a mechanical and electrical room.

The contract is expected to provide an additional income stream for the group for the financial year ending Jan 31, 2027, to 2030.