[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.

[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.

[2] The revitalisation of Island 88 will involve the integration of Hong Kong-inspired dining establishments and lifestyle outlets.