Island 88
Shopping mall in George Town, Penang, Malaysia
5°27′02″N 100°18′21″E / 5.45046°N 100.30588°E / 5.45046; 100.30588Island 88, formerly known as Island Plaza, is a shopping mall within George Town in the Malaysian state of Penang. Located at the suburb of Tanjong Tokong, the 500,000 sq ft (46,000 m2) retail complex was opened in 1995, one of the first shopping malls in the city.[1] After facing a decline due to the emergence of newer shopping malls throughout George Town, it was rebranded as Island 88 in 2023 by Hong Kong real estate tycoon Paul Law.[2][3]
History
Island Plaza, one of the oldest shopping malls in George Town after Komtar, was launched in 1995 at a cost of RM200 million.[1] Touted as the most luxurious retail complex in Penang at that time, it was at the forefront of introducing high-end brands like Versace, Fila, Oshkosh B'gosh and Mizuno into Penang.[3][4] In 2005, Metrojaya became Island Plaza's anchor tenant by opening its first department store in Penang within the mall.[5]
The Asian Retail Mall Fund II (ARMF II), a real estate fund managed by Primerica, purchased Island Plaza in 2007 and spent RM40 million on its renovation.[4] However, due to the emergence of numerous shopping malls throughout George Town and the lengthy renovation, Island Plaza began to decline gradually.[1][2][3] Metrojaya's department store was closed in 2011, and ARMF II started looking for investors to sell Island Plaza.[4][5]
In 2020, just before the Movement Control Order caused by the COVID-19 pandemic, Paul Law, a Hong Kong property magnate, acquired Island Plaza for an undisclosed sum.[1][2][4] The mall underwent rebranding in 2023 and was renamed Island 88.[2] The revitalisation of Island 88 will involve the integration of Hong Kong-inspired dining establishments and lifestyle outlets.[1]
Location
Island 88 is situated opposite City Residence, at Jalan Tanjong Tokong, the main thoroughfare running through Tanjong Tokong.
See also
References
- ^ a b c d e Arnold Loh (3 Sep 2022). "New life for Island Plaza". The Star. Retrieved 21 Nov 2023.
- ^ a b c d Kevin Vimal (26 Apr 2023). "Island Plaza on road to new life as 'Island 88'". Buletin Mutiara. Retrieved 21 Nov 2023.
- ^ a b c "Malaysia is blessed, says HK tycoon". The Star. 3 Sep 2022. Retrieved 21 Nov 2023.
- ^ a b c d Kathy B. (28 Apr 2023). "Hong Kong businessman breathes new life into the long-neglected Island Plaza". New Straits Times. Retrieved 21 Nov 2023.
- ^ a b "Penang Metrojaya closing on Feb 20". The Edge. 7 Feb 2011. Retrieved 21 Nov 2023.
External links
- https://island88.com/
