PETALING JAYA: Binastra Corp Bhd has accepted two letters of award from Exsim Kebun Teh Sdn Bhd for main building and external works in Johor Baru, totalling RM458.5mil.
In a filing with Bursa Malaysia, Binastra said the contracts are in relation to the development of a 43-storey serviced apartment (plot 1) and a block of 41-storey serviced apartment (plot 2).
The company said work for plot 1 will commence on April 29, 2025 and is expected to be completed by Sept 28, 2028.
Meanwhile, the commencement date for plot 2 is yet to be confirmed, but will be for a period of 41 months.
“The contracts are expected to provide an additional income stream for the group over the next four financial years.
“The contracts will have no effect on the issued share capital of the company but it is expected to contribute positively to the earnings and net assets per share of the group for the financial year ending Jan 31, 2026 to 2029,” it said.
