Capital 21 mall to be largest in Johor Baru
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Being built by Singapore-listed Capital City Group, Johor Baru’s largest mall Capital 21 will have a gross floor area of 1 million sqft (92,903 sqm) when it opens early next year.
The mall will be part of Project Capital City, which includes a hotel and residential component. More than 60 per cent of the retail units have been sold.
Capital City CEO Siow Chien Fu says he is bullish about prospects. “Johor Baru is the second-largest city in Malaysia and it still lacks this type of large shopping centre.”
Capital City will have 690 serviced apartments and 630 hotel-style serviced suites.
While the serviced suites have not been launched, 28.6 per cent of the units have been sold.
“People have been talking about an oversupply of housing in Kuala Lumpur for years, but there has still been good take-up. I’m not worried. Johor Baru is big enough and the state is doing a lot of development, like industrial parks,” says Siow.
Capital City is the company’s first development and veteran architect-turned-developer Siow is confident of its asset-light business strategy. Unlike traditional property developers, Capital World will not own land. Instead, it works with landowners in joint ventures to develop assets.
Its pipeline of projects includes another integrated development of retail, office, hotel and residential apartments in Johor Baru.
Questions & Answers
Q.Which company is responsible for building the Capital 21 mall?
Which company is responsible for building the Capital 21 mall?
The Capital 21 mall is being built by the Singapore-listed company, Capital City Group. This development marks their first project, as stated in the article, and it is part of the larger Project Capital City.
Q.When is Capital 21 mall expected to open for business?
When is Capital 21 mall expected to open for business?
The Capital 21 mall is anticipated to open early next year. The article specifies that the mall will have a gross floor area of 1 million sqft (92,903 sqm) upon its completion and opening.
Q.How many retail units have already been sold within the Capital 21 mall?
How many retail units have already been sold within the Capital 21 mall?
More than 60 per cent of the retail units within the Capital 21 mall have already been sold. This figure indicates a significant portion of the commercial spaces are already committed ahead of the opening.
Q.What is the business strategy of Capital World regarding land ownership?
What is the business strategy of Capital World regarding land ownership?
Capital World operates an asset-light business strategy, meaning it does not own land. Instead, the company works with landowners through joint ventures to develop its various assets, including the Capital 21 mall.
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