Just a very popular cinema when i was younger. Just ask the older uncles of this forums, Im sure this was the prime location of many hot dates.
More detailed infor ripped right off google:
The Capitol Cinema (Shaws Building) in Stamford Road was built in 1931 by the Namazie family to host live shows. It was built by the architect Keys & Dowdeswell. The style of the building is eclectic neo-Classicism, characterised by somewhat ponderous detailing.
Capitol was later bought by the Shaw from the Namaze Brothers in 1946. Capitol then became the premiere picture palace of the Shaw group until the nearby Lido was built. The Capitol was home to the greatest movies and live events. The theater's live acts continued, along with movies, until the 1980s.
With its capacity of 1688, the Capitol was Singapore’s premiere blockbuster hall until Lido was built. During the 1950s and early 1960s, Hollywood was king of the box-office.