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GEORGE TOWN (Nov 11): The Penang Development Corp (PDC) has accepted an offer by UDA Holdings Bhd (UDA) to sell its stake in Tropical Island Resort Sdn Bhd (TIRSB) to Ideal Property Development Sdn Bhd for RM156 million, Bernama reported today.
PDC general manager Datuk Rosli Jaafar said UDA brought in Ideal to jointly develop their project and also buy out PDC's 49% in accordance with the latter’s conditions.
"Only after these conditions protecting PDC's interests had been fulfilled was the share sale agreement with Ideal's subsidiary company, Q Islands Development Sdn Bhd (QID), signed this year," he said in a statement here today.
TIRSB is a joint-venture company between UDA Holdings Bhd and PDC with percentage equity of 51% and 49% respectively. As the owner of the Jerejak Rainforest Resort & Spa, it had appointed Bestari Hospitality Management to operate the resort since 2004.
The resort is said to be quite popular among local tourists and TIRSB believes QID will be able to re-brand the operations, enhance the value of the development and turn around the loss-making property.
TIRSB said in a statement earlier in the week that the redevelopment master plan, which will consist of a bridge linking Pulau Jerejak to the main island, has been approved by the Penang state government.
The redevelopment plans, which have been approved by the state government, will comprise 1,200 units of residential development, a marina, four- and five-star hotels, theme park, an 11.5km round island cycling track and related infrastructure to promote tourism in the state.
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