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fahrenheit88 tenancy rate at 92%

KUALA LUMPUR: fahrenheit88, the building formerly known as KL Plaza, has achieved 92% tenancy as of today, said Kuala Lumpur Pavilion Sdn Bhd retail chief executive officer (CEO) Joyce Yap on Thursday, Aug 5.

She told reporters after unveiling the mall's tenants that 20% to 30% of fahrenheit88's tenant mix would comprise of food and beverage (F&B) and entertainment outlets, in line with the trend in central business districts (CBD).

"The rest of the mall will contain IT and fashion outlets. This mall will have a statement floor featuring women's wear, the first in the country," she said.

Located on Jalan Bukit Bintang, fahrenheit88 will have a total gross floor area of about 511,000 sq ft as well as a net lettable area of around 300,000 sq ft, comprising about 200 retail areas across five retail floors and two entertainment floors.

Yap said all the retail spaces would have been taken up if not for Pavilion Kuala Lumpur's selective criteria in choosing tenants.

She added that 70% of the future tenants of fahrenheit88 will not be replicated in Pavilion.

Pavilion Kuala Lumpur is in charge of the retail planning and management of Pavilion, and will assume the same responsibilities in the refurbished mall.

Yap, however, declined to reveal the exact range of rental rates for the new shopping complex but said that rent rates would be determined based on a fraction of sales and occupancy costs, with the former also subjected to cost margins.

About half of the mall will comprise shops that are 300 sq ft to 500 sq ft wide, she added.

The anchor tenants are Japanese casual wear brand UNIQLO and Signature IT, a one-stop digital centre. They will occupy 23,305 sq ft and 75,305 sq ft within fahrenheit88 respectively.

UNIQLO's store in the mall marks its first foray in Malaysia, and its performance will help determine the group's further expansion plans into Southeast Asia, said UNIQLO (Malaysia) Sdn Bhd and UNIQLO (Singapore) Pte Ltd managing director Satoshi Onoguchi.

"We believe that our success in Japan and worldwide will reflect strongly in Malaysia as long as we can clearly communicate UNIQLO's stengths, which is providing high-quality clothing at affordable prices and also focusing in individual style," he said,

Meanwhile, Signature IT director Lai Yew Weng said the company had found a suitable location in the new retail centre.

Yap said the mall was positioned at the middle-to-slightly upper-middle income level, and is targeted at the 18-to-35-year-old 'young and fashionable urbanite crowd.

She added that the mall hopes to tap into the approximately 1.2 million to 1.5 million visitors to Jalan Bukit Bintang per month, and is aiming for a mix of 25% tourists and 75% locals, given that tourists typically spend five times more than local customers.

Meanwhile, mall owner Makna Mujur Sdn Bhd's director Datuk Lee Tuck Fook said the company was looking at expanding in China, but declined to go into detail.

The mall, which had undergone a RM100 million makeover, will sport a new glass facade and a skylight above the concourse area.

farenheit88's will be open to the public on Aug 8, with a soft launch ceremony scheduled for Sept 15. Its official launch is expected to be held on Nov 23.
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