Jerejak island resort to be redeveloped, joint venture with Ideal Property
Tropical Island Resort Sdn Bhd (TIRSB) has entered into a joint-venture agreement with Q Islands Development Sdn Bhd (QID), a subsidiary of Ideal Property Group, to redevelop the Jerejak Rainforest Resort & Spa and the 80 acres of land owned by TIRSB on the island.
TIRSB is a joint-venture company between UDA Holdings Bhd and Penang Development Corp with percentage equity of 51% and 49% respectively. As the owner of the resort, 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 the loss-making property into profitability.
TIRSB said in a statement today 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 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.
As at April 30, TIRSB has recorded an accumulated heavy loss since it commenced the operation of Jerejak Rainforest Resort & Spa in 2004, which resulted in its closure in May this year.
UDA will have 100% control of TIRSB upon completion of the Novation Agreement.
Consequently and in accordance with the joint-venture agreement between TIRSB and QID, the operation of Jerejak Rainforest Resort & Spa will be handed over to QID within six months after the formalisation of the terms and conditions of the agreement.
Construction of the redevelopment is expected to commence in 4Q2017, with completion slated within eight to ten years.
Read source article: TheEdgeProperty.com.my
Register your interest for future development updates
Ah, another project ? Don’t know Penang’s NGOs will again stage a protest ?
@Kesian
I think NGOs don’t protest for no valid reasons. For Pulau Jerejak, if things are done correctly, it should have a very positive impact, both recreationally, environmentally as well as economically. If they only limit concrete construction to what has been specified in the article, and keep the original greens to the max, it should be fine. As for the bridge, they should limit cars from going onto the island, maybe only electric buses and bicycles are allowed (100% green island).
Ideal is the king now. Everything as long Ideal proposal, Penang Gov will also bow to him.
1200 residential component? A bridge? Wow…
It’s about time they redevelop the place, that island has so much potential to be a tourist hotpot and bring in extra revenue for Penang
@cameltoe
No matter what, Penang has established itself as a state of big-mouths, on both sides of the card.
Judging from the events lately, many things are slowing down but then only – keep flinging saliva ?
There will be a residential project.
The bridge is long over due. Can cycle to Pulau Jerejak soon.
@Kesian
Well, it’s OK to be a “big-mouth” state I guess, that’s a good way in promoting free speech. We should not worry too much about disagreements, as things will finally sort itself out, for the better of the whole society.
Penang state has actually lost in its pursuit in getting vast foreign investments comparing the surrounding states of Malaysia. Maybe the administrations fight shy in securing/negotiating with China which is too huge for Penang to swallow?
@Kenny
With Trump’s win, Penang will suffer big time, as he is going to put in place barriers/tax so that jobs can be moved back to US. To those property speculators who are currently stuck with a few properties and cannot flip, good luck!!! Bye Bye~!
Just imagine the amount of duit sampah that Ideal can collect from those 1200 units of residential housing..
Joke aside, I personally think that it is ok to develop Pulau Jerejak if there is really a demand for it. Just do not let it become a white elephant project.
Goodie…