The project involves the construction of a 39-storey serviced apartment. Credit: VDZ3 Media via Shutterstock.

Binastra has announced that its wholly owned subsidiary, Binastra Builders, has accepted a letter of award (LoA) for a project in Petaling Jaya, Selangor, Malaysia.  

Awarded by Mightyprop, the contract is worth RM235.48m ($53.90m).  

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It encompasses the construction and completion of earthworks, piling, pile caps, main building works, and infrastructure for a proposed development on Plot 4. 

The project involves the construction work for a 39-storey serviced apartment block with 662 units.  

The development will feature a rooftop ‘Sky Garden’ park and two units of business spaces on level one above a four-level podium parking area. 

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Additional facilities include two underground levels, three basement levels, eight business units, and a main switch station for an 11KV substation. 

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The contract has a completion timeline of 40 months from the commencement date, which will be provided by the architect’s instruction.  

Binastra Builders’ directors, in a statement, said: “The acceptance of the contract is in the best interest of the company.”  

This contract is anticipated to enhance the company’s income over the next four financial years. 

Additionally, it is expected to positively impact earnings and net assets per share for the financial years ending 31 January 2025 to 2028. 

Binastra managing director Datuk Jackson Tan Kak Seng said: “Securing this contract underscores Binastra’s reputation as a trusted and capable partner in delivering complex construction projects.  

“We are confident that this development will further cement our position in the market and drive sustainable growth for the group and shareholder.”  

This award comes after Binastra Builders secured a contract for a residential development in Kuala Lumpur. 

The contract, valued at RM369.95m, was awarded by Exsim Jalil Link.