Ark Resources Holdings Bhd (ARK) is acquiring three adjoining parcels of vacant leasehold land on Pulau Jerejak, for RM28 million cash, marking a strategic landbanking move that could pave the way for a future mixed-use development.
The land, currently owned by Boustead Penang Shipyard Sdn Bhd, spans a combined 26.5 acres, on the southeastern side of Pulau Jerejak. The site sits near the Bayan Lepas coastline, positioned between the Penang Bridge and Sultan Abdul Halim Mu’adzam Shah Bridge (Penang 2nd Bridge), with current access via the Seagate jetty followed by an approximately 4km boat ride.
Historically, the land was used for shipbuilding, ship repair, offshore structure works and warehousing, but has remained vacant since June 2024 after the cessation of shipyard-related activities. The site still carries industrial and shipyard-specific land conditions, which ARK plans to formally convert as part of the acquisition conditions.
According to ARK’s announcement, the acquisition is being undertaken via its wholly owned subsidiary Karya Koperat Sdn Bhd, with the primary objective of expanding its landbank for future development opportunities in Penang. While no specific development concept has been finalised at this stage, the company said it intends to apply for the rezoning of the land from “industrial strictly for shipyard purposes” to residential, commercial and/or industrial use, effectively opening the door for a much broader development potential.
The transaction is expected to be completed by the third quarter of 2027, subject to approvals from shareholders, land authorities, zoning conversion, and state consent for the transfer.
