A shopping center in Malaysia’s southern state of Johor will soon be attracting more international crowds upon completion, in line with reports.
According to Siow Chien Fu, executive director and CEO of Capital World, Singaporeans will head to the Capital 21 mall in Johor Bahru when it opens in August.
“We are building an entertainment and shopping oasis in the heart of Johor Bahru,” he says.
The mall is a component of the 1.2 million-square-foot Capital City being developed by Capital World, which went public on Catalist last yr through a reverse takeover of marble manufacturer Terratech Group.
The project covers a 439,726 sq m plot in Jalan Tampoi, a 15-minute drive from Woodlands Causeway and half-hour from Senai International Airport. It will consist of a six-story theme park and shopping center, a 315-room Hilton Garden Inn, 630 hotel-style suites and 690 serviced apartments.
When it’s done, the indoor theme park shall be one in all the five largest on this planet and the most important in Southeast Asia. “The indoor theme park is a very good niche,” Siow says.
“We adapt to local weather conditions by placing them indoors.” He believes the entertainment element introduced by the theme park will help the integrated project compete with online retail and other shopping malls in Johor Bahru.
The retail component, advertised as a theme park mall, consists of 1,655 units, of which Capital World retains 242 units as a part of its fixed income.
Seventy percent of those units have been rented, says Siow. Meanwhile, of the 1,413 units available on the market, the developer has sold about 65% at a median price of US$672.76 (RM2,600) psf. The serviced apartments, which range in price from US$129.37 (RM500) to US$155.25 (RM600) psf, will go on sale later this yr.
The price level is aimed toward local buyers, Siow says, but Singaporeans can even have the opportunity to speculate as the quantity exceeds RM1 million ($337,592).
Despite concerns about oversupply in Johor, Siow is confident the apartments shall be well received. “As long as the location and product are good, demand will exist regardless of oversupply in the larger market,” he explains.
The theme park is at the top of the whole project, he adds. Spanning levels three and 4 of the retail podium, it is going to feature several themed attractions including Movie Planet, Cartoon Planet and Music Planet.
Film and Animated Attractions will integrate augmented and virtual reality, while Music Planet will feature circus, musical and theater performances. The retail part can even include thematic zones inspired by five continents – America, Europe, Australia, Asia and the Middle East.
Combined with reasonably priced ticket prices, the attractions will ensure a continuing inflow of normal customers. This is the important thing to a theme park’s success, notes Siow.
The groups it targets include day trippers from Singapore, local Malaysians, in addition to other nationalities using Senai International Airport, which operates international flights from China, Indonesia, Macau, South Korea and Thailand.
Once fully accomplished in 2020, the capital shall be a spot where people can live, shop and rejoice. It can even be a showcase of Capital World’s capabilities as a developer and a springboard to other markets.
Source : https://sg.finance.yahoo.com/news/mixed-project-jb-mall-theme-000000028.html
