Binastra Builders has received a letter of award from Kaisar Maxim for main building works for a proposed development in Kuala Lumpur, Malaysia.  

Valued at RM283.33m ($65.43m), the contract entails the construction of three blocks of apartments. 

The project, located on Lot 481970 (first phase), will feature 31-floor apartment buildings comprising a total of 624 units in Taman Desa.  

The scope of work includes the construction of four podium levels and five basement levels dedicated to parking facilities.  

The development will also encompass a Tenaga Nasional Berhad unit, with each block housing 208 units, and an additional developer's apartment unit situated on the rooftop level of Block C. 

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

This contract follows a previous agreement where Binastra Builders was awarded the piling works for the same residential development by Kaisar Maxim. 

The commencement of the latest contract is set for later this month, with an expected completion timeline of 32 months. 

This contract is expected to boost the company's revenue over the next four financial years. 

In addition, the completion of this contract is anticipated to have a positive effect on Binastra's earnings and net assets per share for the financial years ending 31 January 2025 to 2028.  

This news comes on the heels of another recent award for Binastra Builders, for a project in Petaling Jaya, Selangor, Malaysia, from Mightyprop, worth RM235.48m.