Binastra Corp Bhd has won a substantial RM327.74 million contract to construct two 58-storey serviced apartment blocks for the The Vividz @ Bukit Jalil project. The contract was awarded by Exsim Bukit Jalil City Sdn Bhd to Binastra Builders Sdn Bhd, a wholly-owned subsidiary of Binastra Corp.
Key Details of the Project
Project Name: The Vividz @ Bukit Jalil
Scope: Two 58-storey serviced apartment blocks
Contract Value: RM327.74 million
Construction Start Date: December 9, 2024
Duration: 42 months
Completion: Expected by mid-2028
Shareholding and Transparency
Lee Seng Yong, executive director and 12.95% shareholder of Binastra, holds a 5% stake in Exsim Bukit Jalil City via TRE Towers Holding Sdn Bhd.
The company clarified that the deal is not a related-party transaction, as Lee is not a director of Exsim Bukit Jalil City.
Impact on Financial Performance
Binastra expects the contract to contribute positively to its earnings and net assets per share from FY2025 to FY2029.
With this contract, Binastra's total new contracts secured for FY2025 now amount to RM3.13 billion, raising its outstanding order book to RM3.83 billion.
Market Performance
At the midday close on Tuesday, Binastra’s share price dropped four sen (2.4%) to RM1.66, valuing the company at RM1.81 billion.
Year-to-date, the stock has recorded a 19.4% increase in value.
This significant win underscores Binastra's growing presence in the construction sector, especially in high-value urban projects like those in Bukit Jalil.