Currently, CW has one project under development, Project Capital City (PCC). The project is located along Jalan Tampoi in Johor Bahru and is an integrated development with a gross development value of about MYR3 billion ($97.2 million) and a total GFA of about 209,216 sqm, excluding carpark space. The development comprises a retail mall (54% of GFA), a 16-storey hotel with 315 rooms (6%), an 18-storey tower with 630 serviced suites (16%) and three 15-storey blocks with 690 serviced apartments (24%). As of 17 March, 63% of retail space and 29% of serviced suites have been sold. Plans are for sales of its serviced apartments to open in 2H17 while the hotel, which will be operated by Hilton Garden Inn, will be retained in the initial years. PCC is slated to be completed by end-2020.
Meanwhile, JV agreements to develop 2 other projects in Malaysia – Project Austin in Johor Bahru and Project Sitiawan Wellness Hub in Perak — have also been signed by CW.
As of 30 September 2016, CW has minimal borrowings. However, according to management, the company may explore borrowings if attractive future projects arise. Siow Chien Fu, CW’s CEO and CCG’s founder, is the group’s largest shareholder with a 40% interest.
The stock is trading 0.5 cent lower at 14 cents.
