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Tuesday, January 12, 2010

RM100m facelift for KL Plaza

KL PLAZA, one of Kuala Lumpur's oldest shopping centres on Jalan Bukit Bintang, will undergo over RM100 million facelift and be renamed "fahrenheit 88".

Slated for opening on August 8 this year, the owners of the 511,000 sq ft mall are confident of the performance of fahrenheit 88, which will be positioned as a trendy lifestyle shopping complex offering affordable luxury.

The mall is owned by Makna Mujur Sdn Bhd, which is owned by Pavilion International Development Fund Ltd. The principal of this fund is Qatar Investment Authority (QIA). QIA also owns 49 per cent of the Pavilion KL shopping mall nearby.

KL Plaza was acquired by Makna Mujur for RM470 million and is being developed by Kuala Lumpur Pavilion Sdn Bhd.
"fahrenheit 88 is set to be an iconic shopping destination that will enhance the retail scene along Jalan Bukit Bintang," Makna Mujur's director Datuk Lee Tuck Fook said.

He added that it has thus far received "pretty good" tenancy and expects full occupancy before it opens in August.

When asked about the expected return on investment, Lee said: "It is a long-term holding. We are not particular about how long it will take... (But) are confident about the investment here. We can always, build a mall, but we cannot replicate the location."

In fact, the mall is adding a new entrance from Jalan Imbi.

As such, its strategic location on Jalan Bukit Bintang as well as the new access from Jalan Imbi are expected to lure an annual visitorship of between 24 million and 36 million to fahrenheit 88.

The mall will undergo a total change from its original look, with the addition of a skylight.

Lee also said that Pavilion International is constantly on the look out for more retail mall investments and is in talks with malls both locally and abroad.

However, none is close to signing.

By Business Times (by Vasantha Ganesan)

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