Capital Square
A mixed-use urban development in central Kuala Lumpur comprising a shopping mall, office towers, and a residential condominium.
Last updated August 25, 2026
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Overview
Capital Square, commonly known as Cap Square, is a mixed-use commercial and residential development on Jalan Munshi Abdullah in central Kuala Lumpur, Malaysia. Although it is sometimes treated as a shopping-centre brand, the project encompasses several property types: retail space, office accommodation, and a high-rise residential component. It was developed by Bandar Raya Developments Berhad, whose corporate headquarters occupy Menara Multi-Purpose, the first completed major building in the scheme. The site has a long urban history. During the 1930s, the area was associated with a public park and the Eastern Hotel. After the Second World War, the park was replaced by several cinemas, reflecting the district's transition from an open civic space into a more intensive commercial and entertainment area. The present development represents a later phase of that transformation into a modern, transit-accessible business and retail node. Capital Square's first development phase was centered on Menara Multi-Purpose, a 40-storey office building completed in 1994. The wider project was subsequently disrupted by the Asian financial crisis. From 1997, development was placed on hold, and a second office structure, identified as OT2, remained incomplete for approximately a decade. Menara Multi-Purpose was the only fully completed structure during the prolonged suspension and also served as the developer's corporate base. A significant restructuring of the development took place in January 2008, when Bandar Raya Developments announced a conditional sale and purchase agreement with Union Investment Real Estate AG for the en bloc sale of the 41-storey OT2 office tower for RM439 million. Following the transaction, construction resumed, and OT2 was completed in 2011. The completed residential element consists of one 36-storey condominium tower containing 180 apartment units. Together with the office and retail components, these buildings give Capital Square a mixed-use profile rather than that of a standalone mall. The retail portion has also hosted notable commercial activity. In June 2016, UAE-based LuLu Hypermarket opened its first Malaysian store at the project, adding a major international supermarket operator to the complex's tenant mix. Capital Square has additionally used the development as a venue for community-oriented activities. On 28 March 2009, it held a night charity walk connected with Earth Hour, linking the property to an environmental-awareness initiative. The development benefits from a central Kuala Lumpur location and several public-transport connections. A bus hub opposite Capital Square is served by rapidKL, SJ Bus Selangor Omnibus, and GoKL services. The project is also near Masjid Jamek, Bandaraya, and Dang Wangi LRT stations, KTM Bank Negara, and other city-centre transport links. Its positioning therefore combines office and residential accommodation with retail convenience and access to Kuala Lumpur's established transit network.
History
The area now occupied by Capital Square has passed through several distinct phases of Kuala Lumpur's urban development. In the 1930s, the site was associated with a public park and the Eastern Hotel. After the Second World War, the park was replaced by several cinemas, marking a shift toward commercial and entertainment uses. The location was later redeveloped as part of a large mixed-use project promoted by Bandar Raya Developments Berhad. The first completed phase was Menara Multi-Purpose, a 40-storey office tower finished in 1994. The building became the headquarters of Bandar Raya Developments Berhad and remained the principal completed structure while later portions of Capital Square were delayed. The wider development was placed on hold from 1997 following the Asian financial crisis. A second office tower, known as OT2, was left in a partially completed state for roughly ten years. In January 2008, Bandar Raya Developments announced a conditional sales and purchase agreement with Union Investment Real Estate AG for the en bloc disposal of the 41-storey OT2 building. The reported price was RM439 million. The transaction helped enable construction to restart, and OT2 was completed in 2011. This represented a major turning point in the long-delayed development and returned the project to active completion after a prolonged interruption. The completed Capital Square scheme includes retail areas, the 40-storey Menara Multi-Purpose office building, the 41-storey OT2 office tower, and a 36-storey residential condominium component. The residential building contains 180 apartment units. The resulting project is a combination of commercial, retail, and residential uses rather than a single-purpose shopping centre. Capital Square's retail profile developed further in June 2016, when LuLu Hypermarket opened its first Malaysian store at the project. The development has also hosted public-facing activities, including a night charity walk held on 28 March 2009 in conjunction with Earth Hour. Its location on Jalan Munshi Abdullah places it within Kuala Lumpur's central urban area. Public transport access includes the Jalan Munshi Abdullah bus hub opposite the complex, served by rapidKL, SJ Bus Selangor Omnibus, and GoKL. The project is also close to LRT Masjid Jamek, LRT Bandaraya, KTM Bank Negara, and LRT Dang Wangi. These connections support the development's role as an accessible city-centre destination for office workers, residents, shoppers, and visitors.
- 2016
LuLu Hypermarket entered Malaysia through Capital Square
[1]LuLu Hypermarket opened its first Malaysian store at the project, strengthening the development's retail component.
- 2011
OT2 completed
[1]Construction of the previously stalled 41-storey OT2 office tower was completed after development resumed.
- 2009
Earth Hour charity walk held
[1]Capital Square hosted a night charity walk on 28 March in conjunction with Earth Hour.
- 2008
OT2 en bloc sale announced
[1]Bandar Raya Developments announced a conditional agreement to sell the 41-storey OT2 office tower to Union Investment Real Estate AG for RM439 million.
- 1997
Development suspended after the Asian financial crisis
[1]The wider Capital Square project was put on hold, leaving the partially built OT2 office structure inactive for approximately a decade.
- 1994
Menara Multi-Purpose completed
[1]The 40-storey Menara Multi-Purpose office tower was completed as the first major structure in the Capital Square development and became the headquarters of Bandar Raya Developments Berhad.
Products and positioning
A centrally located Kuala Lumpur mixed-use development combining retail, offices, and high-rise residential accommodation, with an emphasis on urban accessibility and integration with the surrounding public-transport network.
Retail and shopping centre
Capital Square shopping mall
The retail component of the mixed-use Capital Square development provides shopping, food, and everyday consumer services in central Kuala Lumpur. Its tenant mix has included LuLu Hypermarket, which opened its first Malaysian store at the project in 2016. The mall is supported by nearby offices, residences, and public-transport connections.
Office tower · 1994
Menara Multi-Purpose
Menara Multi-Purpose is a 40-storey office tower and the first completed phase of Capital Square. Completed in 1994, it also houses the corporate headquarters of the development's developer, Bandar Raya Developments Berhad.
Office tower · 2011
OT2
OT2 is a 41-storey office building within Capital Square. Its construction was interrupted after the 1997 Asian financial crisis, and the partially completed structure remained stalled for about ten years. Following the 2008 en bloc sale agreement, construction resumed and the tower was completed in 2011.
Residential condominium
Capital Square residential condominium
The residential component is a completed 36-storey condominium building containing 180 apartment units. It forms the housing element of the wider mixed-use project, alongside the retail and office buildings.
Marketing campaigns
- 2009Earth Hour night charity walk
Malaysia
Capital Square held a night charity walk on 28 March 2009 as part of its Earth Hour-related community programming. The event combined a charitable activity with environmental-awareness messaging.
Outcome. The event was reported as a public charity and environmental-awareness activity held at the development.
Brand decisions
2016
LuLu Hypermarket opened its first Malaysian storeProduct launchBackground
The Capital Square retail component was used to host LuLu Hypermarket's entry into the Malaysian market.
Action taken
LuLu Hypermarket opened a store at Capital Square in June 2016.
Aftermath
The opening added an international supermarket operator and a major grocery offer to the development's tenant mix.
2008
En bloc sale of OT2 announcedM&ABackground
OT2 had remained partially completed after the Capital Square project was suspended following the Asian financial crisis. The structure had been inactive for approximately ten years.
Action taken
Bandar Raya Developments announced a conditional sales and purchase agreement with Union Investment Real Estate AG for the en bloc sale of the 41-storey office tower.
Aftermath
Construction resumed after the transaction and OT2 was completed in 2011.
Reported en bloc sale value. RM439 million (Agreement announced in January 2008)
Recent events
- 2016
LuLu Hypermarket opened its first Malaysian store at Capital Square[1]
Product launch
UAE-based LuLu Hypermarket opened its first store in Malaysia within the Capital Square development, expanding the project's retail and grocery offering.
- 2009
Cap Square held a night charity walk for Earth Hour[1]
Campaign
Capital Square organized a night charity walk on 28 March in conjunction with Earth Hour, combining a community event with environmental-awareness messaging.
- 2008
Bandar Raya Developments agreed to sell the OT2 office tower en bloc[1]
M&A · Other
Bandar Raya Developments announced a conditional sales and purchase agreement with Union Investment Real Estate AG for the en bloc sale of the 41-storey OT2 office building at Capital Square. The reported transaction value was RM439 million, and construction subsequently resumed.
Sources3 sources
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