PETALING JAYA: Construction firm Bina Puri Holdings Bhd’s subsidiary Bina Puri Sdn Bhd (BPSB) has been awarded a RM195 million contract to construct twin towers in Iskandar Malaysia’s Medini Central Business District.

The 23-storey landmark project, awarded by Medini Development Sdn Bhd, is expected to be completed within 29 months, according to a statement from Bina Puri yesterday.

This brings the total value of new projects that Bina Puri has successfully secured this year to RM738 million, while upping its unbuilt book order to RM2.13 billion to date.

“Securing this project will increase the group’s active involvement in construction and property development in Johor. We have scaled up our involvement in Iskandar Malaysia over the past five years,” said Bina Puri group executive director Matthew Tee in the statement.

“Other previous notable projects in Johor include the RM300 million Royal Malaysia Police’s Battalion 6 Camp Complex in Muar, and the RM293 million Eastern Dispersal Link in Johor Baru, both completed in 2011.

“The group is also active in property development in two properties with a combined gross domestic value of RM314 million. They are the ongoing RM204 million Lakehill Resort in Masai, and the RM110 million Petrie Villa four-storey link houses in Johor Baru,” he said.

Bina Puri said BPSB accepted the letter of award from Medini Development last Monday to undertake the development.

The towers will comprise a 15-storey office block with an eight-storey podium consisting of a seven-storey car park and one-storey lobby area with facilities. There will also be another three-storey basement car park in both towers.

Bina Puri (fundamental: 0.15; valuation: 2) closed at 54 sen yesterday, down 1.5 sen or 2.7%, giving it a market capitalisation of RM116.8 million.

This article first appeared in The Edge Financial Daily, on June 26, 2015.