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Thursday, September 16, 2010

Makna Mujur anticipates new Fahrenheit 88 mall to do well

MAKNA Mujur Sdn Bhd, the owner of Fahrenheit 88, expects the newly-opened shopping mall in Jalan Bukit Bintang, Kuala Lumpur, to generate RM250 million in annual sales.

Its director Datuk Lee Tuck Fook said the opening of Fahrenheit 88 will help boost the company's revenue.

"This would be a profitable venture for us," Lee said, but declined to disclose figures. Makna Mujur is a subsidiary of Pavilion International Development Fund Ltd.

Lee was speaking to reporters after the soft launch of the mall yesterday.

He said Fahrenheit 88 has about 200 shops and is expected to be fully operational by November 23.

"Today about 65 per cent of the shops are operational," he said.

The mall has secured 95 per cent tenancy rate, of which 80 per cent constitute local brands and the remaining 20 per cent international.

Fahrenheit 88 consists of 300,000 sq ft of lettable space spread over five levels of zoned shopping space. Its anchor tenants include Japan's biggest clothes retailer Uniqlo and Signature IT, which comprises shop lots, island kiosks and counter kiosks selling all information technology-related products.

Fahrenheit 88 is managed and leased by Kuala Lumpur Pavilion Sdn Bhd, which manages Pavilion KL.

Earlier in his speech, Lee said Fahrenheit 88 aims to inject added excitement to the Bukit Bintang shopping district.

"This will be the latest shop spot in Bukit Bintang for the young urban shoppers, who are sophisticated, educated and cultured," he said.

Meanwhile, Kuala Lumpur Pavilion retail chief executive officer Joyce Yap said the company is bullish about the growth of the local retail industry.

By Business Times

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