KUALA LUMPUR (Sept 2): Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, has secured a RM235.5 million contract from Mightyprop Sdn Bhd to undertake construction work for a 39-story serviced apartment in Petaling Jaya, Selangor.

The scope of work for Binastra's subsidiary, Binastra Builders Sdn Bhd, involves constructing a 39-story serviced apartment building with 662 units, including earthworks, piling and infrastructure.

The latest contract win boosts Binastra's year-to-date new contract total to RM1.6 billion, with the group’s outstanding order book valued at RM2.5 billion as of September 2.

The project features a rooftop "Sky Garden," facilities above a four-level parking podium, business spaces, and an 11 kilovolt(kV) substation.

Binastra noted that the project is expected to be completed within 40 months from the commencement date, which will be notified in due course by the architect's instruction.

"Securing this contract underscores Binastra’s reputation as a trusted and capable partner in delivering complex construction projects," said Binastra Corp Bhd managing director Datuk Jackson Tan Kak Seng.

He added that this achievement will further strengthen the group’s position in the market and drive sustainable growth.

For the first quarter ended April 30, 2024 (1QFY2025), Binastra’s net profit surged over threefold to RM18.1 million from RM5.73 million in the same period a year earlier, as revenue more than doubled to RM179.63 million from RM59.29 million.

At the closing bell on Monday, Binastra gained eight sen or 6.35% to RM1.34, giving it a market capitalisation of RM1.46 billion.