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.

Cap21Capital City: Comes with an indoor theme park, a hotel, a retail mall, and serviced suites & apartments. Artist's impression
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.


siowchienfu2.18Siow Chien Fu, CEO of Capital World. NextInsight photoMr. 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. 

RM’m

9M2018

9M2017

Change

Revenue

133.6

120.3

11.1%

Gross Profit

99.1

92.6

7.0%

Gross profit margin

74.2%

77.0%

(2.8pp)

Net Profit after tax

56.3

62.3

(9.5%)

Net profit margin

42.2%

51.8%

(9.6pp)

Capital World's 9MFY18 (end-March 2018) net profit came in at RM56 million, down 9.5% y-o-y.

This was partly due to lower incremental increase in revenue recognition which is based on percentage of completion of the project. 

The project was 75% completed as at end-March 2018.

Notably, the net margin stayed high at 42.2%. 

Capital World's stock, which has fallen 67.5% since RTO, recently traded at 6.5 cents, which is below its Net Asset Value of 23.08 RM cents (about 7.8 SGD cents) a share.

As at end-March 2018, Capital World had cash and bank balances of RM12.1 million.

It has potentially another S$11 million to draw down by issuing convertible bonds to Singapore investor Dato Sri Chong Thim Pheng.  


For the 1Q Powerpoint materials, click here

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Comments  

#1 Derek Wong 2018-12-10 17:22
Hello Mr Leong Chan Teik,
I hope you are well.
I am chinese from Mauritius.
I am trying to get hold of a senior person at the Developer of Capital City 21.
I had cancelled a booking for a Unit there and still waiting for my refund.
Can you help please ?
This is a genuine message.

Kind regards
Derek Wong

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