KUALA LUMPUR: Binastra Corp Bhd
's wholly-owned subsidiary Binastra Builders Sdn Bhd has secured a RM405mil construction job for The Queenswoodz residential project in Bukit Jalil, Kuala Lumpur.
The contract is deemed a related party transaction as the project owner, Exsim Jalil Link Sdn Bhd (EJL), is a company with shareholders in common with Binastra, including Binastra managing director Datuk Jackson Tan Kak Seng and executive director Lee Seng Yong.
The contract is scheduled to be completed within 41 months from the date of commencement, said Binastra in a stock exchange filing.
It is expected to provide additional income stream to the group over the next four years.
According to Binastra, the job entails the construction of 43- and 44-storey apartment blocks with a combined 1,004 units.
The project will also include a shop unit, two units of commercial spaces, eight levels of podium parking, one level of utility space including one main electrical substation and facilities for residents as well as a guardhouse.
"This marks the continuation of our winning streak — the fourth project awarded to us as main contractor on this prime 17.9-acre land in Bukit Jalil. With this latest award, the cumulative contract value secured for all four projects now stands at approximately RM1.8bil," said Tan in a statement
He said the group has secured RM1.4bil in new projects to date, bringing its total outstanding order book to RM4.6bil.
