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- The project covers the construction and completion of 1,004 apartment units, along with podium parking, commercial spaces, resident facilities and infrastructure works.
PETALING JAYA (July 8): Binastra Corporation Bhd’s wholly-owned subsidiary, Binastra Builders Sdn Bhd, has secured a RM405 million contract from Exsim Jalil Link Sdn Bhd to build two residential towers in Bukit Jalil, Kuala Lumpur.
In a bourse filing today, the group said the project covers the construction and completion of 1,004 apartment units, along with podium parking, commercial spaces, resident facilities and infrastructure works.
The construction company said the project is slated for completion within 41 months and is expected to boost the group’s earnings across four financial years until 2029.
The deal is classified as a related-party transaction, as Exsim Jalil Link is partly owned by Datuk Tan Kak Seng, Binastra’s managing director, and Lee Seng Yong, its executive director.
Despite this, Binastra’s board (excluding the interested directors) believes the contract is in the best interest of the company.
The project site sits on PT 50270, Jalan Jalil Perkasa 1, Bukit Jalil and includes Block A (43 storeys, 494 units) and Block B (44 storeys, 510 units).
The group expects the contract to contribute positively to its net assets and earnings per share for the financial years ending January 2026 to 2029.
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