Шаблон:Infobox shopping mallIsland 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 Шаблон:Convert 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]
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.
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