KUALA LUMPUR: Binastra Corporation Bhd continued to build on its strong momentum in Johor Bahru, securing another major contract for the main building works of The Address @ Taman Pelangi, a landmark high-rise development in the city.
This RM742.9 million contract was awarded to Binastra’s wholly-owned subsidiary, Binastra Builders Sdn Bhd, by Maxim Pelangi Sdn Bhd.
It involves the construction of a 72-storey serviced apartment comprising 3 residential towers with a total of 2,743 units.
The project will feature multi-level podiums with parking facilities, retail components, and lifestyle amenities designed to meet the needs of
modern urban living.
Construction is scheduled to commence on March 5, 2026, with completion targeted within 38 months.
Binastra managing director Datuk Jackson Tan Kak Seng said the company is thrilled to secure another significant project win as it approaches the close of FY26.
“Being entrusted with nearly RM2.0 billion worth of projects in Johor Bahru within 2 weeks reflects the synergistic, long-standing relationships we have built with our clients and reinforces our position as a trusted builder even in Johor Bahru.
“This represents a strong vote of confidence in our execution capabilities, quality and proven track record,” he said in a statement.
Tan said the development, strategically located in Taman Pelangi, directly opposite to the company’s Johor Bahru office, will further enhance the city’s skyline and contribute meaningfully to its evolving urban landscape.
He said the project benefits from a mature, well-connected township, with close proximity to key commercial, residential, and recreational hubs, making it highly attractive to both homeowners and investors.
The latest contract is expected to contribute positively to the group’s earnings over the next three years.
To date, Binastra has secured RM4.2 billion in new contract wins for FY26, surpassing its full-year target, and lifting the total outstanding order book to a record RM6.6 billion.
