Fahrenheit 88

Fahrenheit 88 is a shopping centre located in Kuala Lumpur’s Bukit Bintang commercial and entertainment district. The property was formerly known as KL Plaza and was historically associated with Berjaya Leisure Berhad, a company within the Berjaya Group. Its earlier retail history included a Malaysian outlet of French department-store chain Printemps and a large flagship store operated by Mun Loong. These earlier occupiers illustrate the building’s role as a conventional urban retail centre before its redevelopment and repositioning. In 2007, Berjaya Group sold the KL Plaza property to the Pavilion Group for RM470 million. The transaction covered the five-storey shopping podium for RM425 million and 59 residential units above the shopping centre for RM45 million. The sale transferred the property into the ownership structure associated with the Pavilion Kuala Lumpur retail ecosystem. Management and leasing of Fahrenheit 88 are handled by the same company that manages Pavilion Kuala Lumpur, linking the centre operationally with one of Kuala Lumpur’s best-known shopping destinations. The property underwent extensive renovation before reopening under the Fahrenheit 88 name in August 2010. A publicity and rebranding programme was launched in early 2010, with the new name referring to Malaysia’s average temperature of approximately 31.1 degrees Celsius, or 88 degrees Fahrenheit. The redevelopment was reported to have a projected cost of RM100 million. Works were intended to substantially modernise both the interior and exterior, including repositioned entrances and new glass façades designed to bring more natural light into the building. Fahrenheit 88’s principal business is the operation and leasing of retail space rather than the manufacture of branded goods. Its offer therefore consists of shopping, dining, leisure and other mall-based services supplied by tenant businesses. The centre benefits from its location on Jalan Bukit Bintang, an area with a dense concentration of retail, hospitality, tourism and entertainment destinations. Its positioning is that of a centrally located, fashion- and lifestyle-oriented urban shopping centre within Kuala Lumpur’s main commercial corridor. The available reference material does not identify a separate publicly listed company, a specific founding date for Fahrenheit 88, an individual founder, or a confirmed current owner distinct from the Pavilion Group structure. It also does not provide a detailed current tenant directory or current financial results. Accordingly, those fields remain unspecified.

Fahrenheit 88 occupies a retail property in Bukit Bintang, Kuala Lumpur, that was previously known as KL Plaza. Before the current identity was introduced, the complex operated as a conventional shopping centre associated with Berjaya Leisure Berhad, part of the wider Berjaya Group. Its historical tenants included a Malaysian outlet of the French department-store chain Printemps. Printemps reportedly sought to discontinue its operations at KL Plaza in September 1986 because the location was not considered viable for the long term. Another significant former tenant was Mun Loong, which opened a flagship outlet at KL Plaza in 1987. The store occupied approximately 90,000 square feet, or about 8,400 square metres. Mun Loong’s outlet later closed in the middle of 1996 after the retailer found the revised terms for renewing its KL Plaza lease unfavourable. These tenant changes form part of the property’s earlier retail history and precede its later transformation into a more contemporary shopping and lifestyle destination. A major ownership change occurred in 2007, when Berjaya Group disposed of the KL Plaza building to the Pavilion Group for a total reported consideration of RM470 million. The transaction separated into RM425 million for the five-storey shopping podium and RM45 million for 59 flats located above the shopping centre. Following the transaction, the property became connected to the Pavilion Group’s Kuala Lumpur retail operations. The Pavilion team subsequently undertook an extensive redevelopment and rebranding exercise. In early 2010, local press coverage publicised the planned change from KL Plaza to Fahrenheit 88. The new name was explained as a reference to Malaysia’s average temperature of about 31.1 degrees Celsius, equivalent to approximately 88 degrees Fahrenheit. Renovation work was reported to have been planned at a cost of RM100 million and was intended to replace the older building’s dated appearance with a substantially refreshed retail environment. The works included changes to both the interior and exterior of the building. Entrances were repositioned, while glass façades were added to increase the amount of natural light entering the shopping centre. The building reopened as Fahrenheit 88 in August 2010. Management and leasing were handled by the same company responsible for Pavilion Kuala Lumpur, giving Fahrenheit 88 an operational relationship with the Pavilion property nearby. As a retail property, Fahrenheit 88 does not primarily sell a single proprietary product. Its commercial model is based on attracting visitors and tenants to a multi-storey shopping centre in one of Kuala Lumpur’s most concentrated retail districts. Its activities include retail leasing, shopping, dining and lifestyle services delivered through tenant businesses. The available reference material does not establish a separate founding year for the Fahrenheit 88 brand, identify an individual founder, or provide a detailed account of its current tenant mix and financial performance.

• 2010

  Rebranding and redevelopment announced

  [1]Fahrenheit 88en.wikipedia.org

  The Pavilion team promoted the conversion of KL Plaza into Fahrenheit 88 as renovation work progressed.

• 2010

  Fahrenheit 88 reopens

  [1]Fahrenheit 88en.wikipedia.org

  The extensively renovated building reopened under the Fahrenheit 88 name in August.

• 2007

  KL Plaza is sold to Pavilion Group

  [1]Fahrenheit 88en.wikipedia.org

  Berjaya Group sold the KL Plaza building to Pavilion Group in a transaction reported at RM470 million.

• 1996

  Mun Loong outlet closes

  [1]Fahrenheit 88en.wikipedia.org

  The Mun Loong flagship outlet closed in the middle of the year after the retailer reportedly found the revised lease-renewal terms unfavourable.

• 1987

  Mun Loong opens a flagship outlet

  [1]Fahrenheit 88en.wikipedia.org

  Mun Loong established a large flagship store at KL Plaza, occupying approximately 90,000 square feet.

• 1986

  Printemps considers ending its KL Plaza operation

  [1]Fahrenheit 88en.wikipedia.org

  A Malaysian outlet of French department-store chain Printemps reportedly intended to discontinue operations at KL Plaza in September because of concerns about long-term viability.

An urban retail and lifestyle shopping centre in Kuala Lumpur’s Bukit Bintang district, positioned around central accessibility, fashion and lifestyle retail, dining, and integration with the wider Pavilion retail portfolio.

• Shopping centre · 2010

  Fahrenheit 88 shopping centre

  The core offering is a multi-storey shopping centre in Bukit Bintang, Kuala Lumpur. Fahrenheit 88 provides premises for retail, food and beverage, lifestyle and leisure tenants, while its operator manages visitor-oriented common areas and commercial leasing. The centre’s identity is tied to its 2010 refurbishment, which introduced redesigned entrances and glass façades to replace the older KL Plaza presentation.

• Property and tenant services

  Commercial retail leasing

  Fahrenheit 88’s commercial proposition includes leasing retail units and supporting tenant operations within a centrally located Kuala Lumpur mall. The available reference material identifies management and leasing as being handled by the same company that manages Pavilion Kuala Lumpur, but does not provide a current tenant list or detailed leasing terms.

• 2010

  Rebrand KL Plaza as Fahrenheit 88Strategy

  Background

  The former KL Plaza building was considered in need of a substantial modernisation after its acquisition by Pavilion Group.

  Action taken

  The Pavilion team renamed the property Fahrenheit 88 and carried out extensive interior and exterior renovation, including repositioned entrances and glass façades.

  Aftermath

  The renovated shopping centre reopened in August 2010 and continued operating as a Pavilion-managed and leased retail property.

  Reported renovation cost. RM100 million planned or reported cost (2010 redevelopment)

  Source

1. 1Fahrenheit 88en.wikipedia.org