A contract worth RM742.86 million has been awarded to Binastra Builders Sdn Bhd, a wholly-owned subsidiary of Binastra Corporation Bhd, for the primary construction of a 72-storey serviced apartment complex in Johor.
The project, which entails building 2,743 units of strata serviced apartments, has been awarded to the company by Maxim Pelangi Sdn Bhd.
“The contract will start on 5th March 2026, and it is anticipated to be completed in 38 months. The contract has no effect on the issued share capital of the company.
In a statement to the stock exchange, the company stated that, “It is expected to contribute positively to the group’s earnings and net assets per share for the financial years ending 31st January 2027 to 2030.”
Built over three blocks, the completed 72-storey serviced apartment complex will consist of 2,743 units.
In a different statement, Binastra Managing Director Datuk Jackson Tan Kak Seng stated that the company’s ability to complete projects worth nearly RM2 billion in Johor Bahru in just two weeks is a testament to the long-term and synergistic relationships that have been developed with clients, as well as to the company’s growing reputation as a reliable contractor, including in Johor Bahru.
“As the 2026 fiscal year draws to a close, we are thrilled to have secured another significant project.
“This development, which is ideally situated in Taman Pelangi, right across from our Johor Bahru office, will continue to enhance the city’s skyline and significantly contribute to the expansion of the urban environment.
“The project benefits from a mature township and has good connectivity, as well as proximity to major commercial, residential, and recreational hubs, making it highly attractive to homeowners and investors,” he stated.
