Mixed-use project in JB with mall and theme park to draw international crowd

By
/ EdgeProp
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March 31, 2018 8:00 AM SGT
Siow Chien Fu, executive director and CEO of Capital World, expects Singaporeans to make a beeline to Capital 21 mall in Johor Bahru when it opens in August. “We are building a one-stop entertainment and shopping haven in the heart of Johor Bahru,” he says.
The mall is part of the 1.2 million sq ft Capital City being developed by Capital World, which was listed on Catalist last year via a reverse takeover of marble producer Terratech Group. The project occupies a 439,726 sq ft site on Jalan Tampoi — a 15-minute drive from Woodlands Causeway and 30 minutes from Senai International Airport. It will consist of a six-storey theme-park-and-mall, 315- room Hilton Garden Inn, 630 hotel-style serviced suites and 690 serviced apartments.
Capital City occupies a 439,726 sq ft site located 15 minutes from Woodlands Causeway
(Image credit: Capital World)
When completed, the indoor theme park will rank among the world’s five biggest and be the largest in Southeast Asia. “An indoor theme park is a very good niche,” says Siow. “We are adapting to the local weather condition by having it indoors.” He reckons the entertainment element injected by the theme park will help the integrated development compete against online retail and the other malls in Johor Bahru.
Billed as a mall within a theme park, the retail component comprises 1,655 units, of which Capital World is retaining 242 for recurring income. Seventy per cent of these units have been leased out, says Siow. Meanwhile, of the 1,413 units available for sale, the developer has sold about 65% at an average price of RM2,600 psf. The serviced apartments, which are priced from RM500 to RM600 psf, will be launched for sale later this year. The price level is aimed at local buyers, says Siow, but Singaporeans would also be able to invest, as the quantum will cross RM1 million ($337,592).