JOHOR BAHARU: The RM2.2 billion gross development value of the Capital City project in bustling Tampoi here will be an iconic venue for locals and foreigners in Iskandar Malaysia, say the developers.
The integrated mixed development comprises two hotel blocks, three SOHO loft residential blocks and a 1 million sq. ft. (92,903 sq. m.) retail concept mall, Capital 21.
The development, undertaken by Hatten Group Sdn Bhd, Sunbuild Development Sdn Bhd and Gadang Holdings Bhd, is set for completion in early 2018.
"Capital City is set to be an iconic venue that everyone will know and recognise in the region, making it an easy place to locate and gather, be it for shopping, entertainment, work or leisure.
"It is the perfect hub," said Hatten Group managing director Colin Tan at the launch of Capital City here today.
The success of Iskandar Malaysia has been the main attraction for the joint venture to expand in the special economic region which thus far has attracted more than RM100 billion of investments, Tan said.
According to him, average hotel occupancy rates in Iskandar Malaysia have reached 75 per cent throughout the year and with the opening of Legoland Malaysia theme park, the occupancy rates have risen another 25 per cent within a short period.
"We are certain that Capital City will have the same tourist attraction and appeal," he said, adding that one of the hotel blocks has already had offers from international chains while a hotel block will be occupied by Hatten Hotel.
To a question, Tan said the company will embark on a marketing drive in Malaysia, Singapore, Thailand, China, South Korea and Taiwan but is confident that 70 per cent of the buyers of its residential units will be Malaysians.
Meanwhile, Sunbuild group managing director Siow Chien Fu said both hotels will have a combined 1,000 rooms to cater to the expected hike in the numbers of visitors to Johor Baharu, where more than 20,000 units of serviced apartments are due for completion in the next three years.
Gadang group managing director Tan Sri Kok Onn said the Capital City project will be a success with a high take-up rate due to the rapid development of Iskandar Malaysia.
Johor Baharu, he said, is the next growth area after Kuala Lumpur. -- BERNAMA
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