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Island 88

Island 88
Map
LocationTanjong Tokong, George Town, Penang
Coordinates5°27′02″N 100°18′21″E / 5.45046°N 100.30588°E / 5.45046; 100.30588
Address118, Jalan Tanjong Tokong, 10470 Tanjong Tokong, George Town, Penang, Malaysia
Opening date1995
No. of floors4
Websiteisland88.com

Island 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.[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

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Island Plaza in 2022

Island Plaza 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

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Island 88 is situated opposite City Residence, at Jalan Tanjong Tokong, the main thoroughfare running through Tanjong Tokong.

See also

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References

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  1. ^ a b c d e Arnold Loh (3 Sep 2022). "New life for Island Plaza". The Star. Retrieved 21 Nov 2023.
  2. ^ 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.
  3. ^ a b c "Malaysia is blessed, says HK tycoon". The Star. 3 Sep 2022. Retrieved 21 Nov 2023.
  4. ^ 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.
  5. ^ a b "Penang Metrojaya closing on Feb 20". The Edge. 7 Feb 2011. Retrieved 21 Nov 2023.
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