Anyone following the development of Capital City in Johor might have started with the impression it would be a gigantic shopping mall to rival all malls in Johor.

It evokes comparison with VivoCity in Singapore in size.

watchnowWatch for a feel of the size of Capital City in Tampoi, a 15-min drive after crossing from Singapore into Johor Baru 


It is supposed to be a shopping mall with, by the way, an entertainment offering.

But over time, one's perception changed.

Capital City -- the maiden project of Singapore-listed Capital World -- is, firstly and majorly, an entertainment hub. And then there is a shopping component.


Already entertaining visitors is a "musical circus" with regular shows since it premiered last month (Aug).

Another fun section -- "Cartoon Planet" targeting children -- will open in Oct along with the shopping mall.



acrobat8.18Musical circus at Capital City for all ages: Ticket prices for adults (non-Malaysians) range between RM65 and RM250. For information on showtimes and ticket prices, and to do online booking, click here.
Photo: Company.
The entertainment focus of Capital City -- a mini-Disneyland in Malaysia, perhaps -- became more evident in a number of ways:

• Last month (Aug), in a dedicated auditorium, Capital City premiered the first indoor musical circus in Malaysia. (See: )


• In January 2018, Capital City unveiled its indoor theme park concept which reflects the developer's ambition to achieve significance. (See 
SiowChienFu 8.17Siow Chien Fu, CEO of Capital World. NextInsight file photo. Capital City may eclipse attractions in Johor such as Hello Kitty and Angry Bird, each of which represent one intellectual property (IP).

In comparison, Capital City has six international IPs, including Garfield, Jungle Book and Larva, and three in-house IPs.

Capital City will also host concerts, performances (such as the musical circus, which has premiered) and theatrical shows.  

Capital World's CEO, Siow Fu Chien, said: "The theme park is affordable for all walks of life in Malaysia, and we are also targeting visitors from Southeast Asia and China."

30 June year-end

FY18

FY17

Change

Revenue (RM’m)

156.4

183.9

(14.9%)

Gross profit (RM’m)

123.9

136.4

(9.2%)

Gross profit margin

79.2%

74.2%

5.0 p.p.

Net Profit (RM’m)

57.7

70.1

(17.7%)

Net Profit margin

36.9%

38.1%

(1.2p.p.)

Capital World reported a 17.7% decline in net profit to RM57.7 million for FY2018 (ended June).

It corresponded with a decrease in revenue, largely due to a decrease in percentage of completion in FY18 compared to the previous year for Capital City's retail podium component.

Stock price 

4.9 cts

52-week range

4.3 - 10.1 cts

PE (ttm)

3.3

Market cap

S$69 m

Shares outstanding

1.3 b

Dividend 
yield
(ttm)

--

1-yr return

-47%

Source: Bloomberg

The percentage of completion was 83.2% in FY18 compared to 56.5% in FY2017 and 24.8% in FY2016. 

The mall is integrated with the upcoming 315-room Hilton Hotel.

In addition, there will be 
630 units of serviced suites and 690 units of serviced apartments, all of which are yet to be launched for sale.

For the results briefing PowerPoint materials, click here

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