18-07-2025
Binastra venturing beyond property projects
PETALING JAYA: Binastra Corp Bhd 's appetite to venture beyond its bread and butter residential property projects may pave way for other types of projects moving forward, says RHB Research.
This is evident from the group's data centre (DC) projects as well as recent awards related to sewage treatment plants.
Citing Binastra's fourth DC job in Cyberjaya, RHB Research stated: 'Timeline-wise, the DC job for MYT DC3 Sdn Bhd is expected to be completed in sections between June and December 2025.'
The Cyberjaya project, which is worth RM250mil with a capacity of about 10.5MW, was awarded in February 2025.
'Based on our observation, the progress is currently 25% to 30% and is considered quite commendable as Binastra has managed to build around three floors (the DC is designed to have six floors) in a span of about four months,' it pointed out.
Binastra is deploying bubbledecks in the structure of the Cyberjaya DC, which reduces the usage of concrete in addition to quicker installation with less formwork required.
Binastra's plan to acquire a 40.8% interest in LF Lansen Sdn Bhd with a call option to increase the stake to 51% for a maximum price of RM45mil, would enable it to have better expertise, particularly in relation to thermal energy storage and distribution DC cooling equipment, and heating, ventilation and air conditioning.
'Based on our estimates, Binastra to date has secured about RM1.2bil worth of DC jobs which represent 18% of the company's RM4.6bil outstanding order book,' RHB Research said
The research house remained cognisant of external factors such as the potential artificial intelligence chip curbs imposed on Malaysia by the United States.
'Nevertheless, we take comfort that potential offtakers for the DCs in Bukit Jalil awarded to Binastra are likely corporations based in Asia,' it added.
Exsim Development has secured an offtaker (set to be the anchor tenant) – a Japanese Fortune 500 company for extension of the phase one of Exsim's Bukit Jalil DC, while it continues to receive strong interest from a large East Asian enterprise and a major local corporate.
