$668M Capital City set to be Iskandar’s iconic venue, M’sia

The integrated mixed development comprises 2 hotel blocks, 3 SOHO loft residential blocks and a 1 million square feet 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.

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 ($30.3B) of investments, said Colin Tan, Hatten Group managing director.

According to him, average hotel occupancy rates in Iskandar Malaysia have reached 75% throughout the year and with the opening of Legoland Malaysia theme park, the occupancy rates have risen another 25% 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.

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 Baru, where more than 20,000 units of serviced apartments are due for completion in the next 3 years.

Johor Baru, he said, is the next growth area after Kuala Lumpur.