Binastra said its wholly owned subsidiary Binastra Builders Sdn Bhd has accepted the letter of award for the piling works from Exsim on the Causewayz Square @ JBCC development, comprising 4,525 units across four residential towers.
The project covers the construction and completion of 1,004 apartment units, along with podium parking, commercial spaces, resident facilities and infrastructure works.
However, analysts are divided on the margins from new clients, at least in the initial stage, compared with the 9%-10% enjoyed by the company through relationship with key clients such as EXSIM Development Sdn Bhd, Maxim Global Bhd (KL:MAXIM) and Platinum Victory Sdn Bhd.
The latest contract also marks another step in expanding Binastra’s presence in the Klang Valley.
The projects involve two serviced apartment blocks, which are a 43-storey tower with 848 units (Plot 1) and a 41-storey tower with 735 units (Plot 2).
The group made a net profit of RM25.
Binastra said this contract represents its first accomplishment for the new financial year ending Jan 31, 2026 (FY2026).
Relationships with key clients Exsim Development Sdn Bhd, Platinum Victory Sdn Bhd and Maxim Global Bhd, which stretches over five years, could yield potential contracts worth some RM4.
The company said the contract will commence on Dec 9, 2024, and construction works are to be completed within 42 months.
The project will be executed in two phases, with the first phase slated for completion within nine months, while the second phase is to be concluded in 24 months from the commencement date, which is yet to be fixed.
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