Bina Puri wins RM195m job in Iskandar Malaysia

PETALING JAYA (June 25): Construction firm Bina Puri Holdings Bhd's subsidiary Bina Puri Sdn Bhd (BPSB) has been awarded a RM195 million contract to construct a 23-storey twin tower in Iskandar Malaysia’s Medini Central Business District.

The iconic landmark project, awarded by Medini Development Sdn Bhd, is expected to be completed within 29 months, according to a statement from Bina Puri today.

This brings the total value of new projects that Bina Puri has successfully secured this year to RM738 million, and upping its unbuilt book order to RM2.13 billion, to date.

“Securing this project will increase the group’s active involvement in construction and property development in Johor state. We have scaled up our involvement in Iskandar Malaysia over the past five years,” said Bina Puri group executive director Matthew Tee in the statement.

“Other notable projects in Johor state previously include the RM300 million Polis DiRaja Malaysia’s Batalion 6 camp complex in Muar, Johor, and the RM293 million Eastern Dispersal Link in Johor Bahru, both completed in 2011.

“The group is also active in property development in two properties with a combined GDV of RM314 million. They are the on-going RM204 million Lakehill Resort in Masai and RM110 million Petrie Villa four-storey link houses in Johor Baru,” he added.

The company’s statement said BPSB accepted the letter of award from Medini Development on June 15 this year to undertake the development.

The towers will comprise 15-storey office space, with an 8-storey podium made up of a 7-storey car park and 1-storey lobby area with facilities. There will also be another 3-storey basement car park under both towers.

As at 3.49pm today, Bina Puri was trading at 54 sen, down 1.5 sen or 2.7%. The current price gives it a market capitalisation of RM116.8 million.