|Johor's largest retail mall, Capital 21 Mall, is on track to open in 3Q this year as it has just received the all-important Certificate of Completion and Compliance from the authorities.
This comes about four years after construction started in 2014 -- and a year after Capital World became listed on SGX via a reverse takeover.
With the certificate, Capital World can collect the final 10% of the sale proceeds from the buyers (most of whom have bank financing).
The cashflow from this, based on sales of units to date, is estimated to be RM50 million.
Mr. Siow Chien Fu, CEO of Capital World, said, “With the CCC, we look forward to the opening of the mall soon.
"The complexity of this integrated project, which houses the biggest indoor theme park and shopping mall in Malaysia with a gross floor area of approximately 1.2 million sq ft in total, epitomises Capital World's executional capabilities.”
The mall is integrated with the upcoming 315-room Hilton Hotel and one of the world's largest indoor theme park -- and 630 units of hotel-style serviced suites and 690 units of serviced apartments.
The entire project, dubbed Capital City, is located on Jalan Tampoi, a 15-minute ride from the Causeway and a 30-minute ride from Senai International Airport.
Capital World reckons that Capital City is poised to be a key tourist attraction in Johor.
Capital World's 9MFY18 (end-March 2018) net profit came in at RM56 million, down 9.5% y-o-y.
For the 1Q Powerpoint materials, click here.