SKS Group and MB World Group Bhd have acquired the hotel block and four residential blocks situated above Capital City Mall in Tampoi, Johor Bahru, for approximately RM50 million, according to a The Edge, citing a press statement.
It is also said that no joint-venture company will be formed for the project, as the hotel and residential components will be undertaken separately under SKS Group and MB World Group.
Comprising RM180 million for the hotel and RM500 million for the serviced flats, the acquired components have a preliminary estimated gross development value (GDV) of RM680 million.
The current retail podium is still owned by its current owner; only the hotel and residential components are included in the transaction.
When the project is finished, it will have four 15- to 18-storey serviced apartment buildings with 1,320 units and built-up spaces ranging from 392 to 1,178 square feet, as well as a 16-storey, four-star, internationally branded hotel with 315 keys.
The development, marketing, construction, and delivery of vacant possession of the residential units will be handled by MB World Group. Selling pricing will be disclosed after the project’s advertising permit and developer’s licence (APDL) are obtained.
The hotel block will be developed under the supervision of SKS Group, which will also maintain ownership of the hotel property and designate a global hotel brand to run it.
“We are pleased to be part of this mixed-use development, which reflects our commitment to serving the community, supporting local economic growth and contributing to the continued development of the surrounding area,” SKS Group Managing Director and MB World Group Executive Director Cindi Sim said.
“Subject to the necessary preparations and approvals progressing smoothly, development planning is expected to commence in the near term, with construction works targeted to commence in the first quarter of 2027 at the earliest, and completion anticipated by the end of 2028,” Sim added.
