Someone pointed out to me this ad which appeared in a Chinese-language newspaper a couple of days ago.
Translated, it reads:
Expression of Interest (EOI) to sell
A plot of seashore land located off the coast of Penang Island
- 26.5 acres of premium seashore land
- Only a very short boat ride away from Penang Island
- A clear view of the second Penang Bridge and Seberang Perai on the peninsula
- The island has only three plots of privately owned land, the rest are gazetted as forest reserve
- High development potential, suitable for private use/commercial use/leisure, entertainment etc multiple functions
Expiry date: 6 July 2017, 12 noon
Please contact: Exclusive Sales Agent
If the land has a clear view of the mainland and the second Penang Bridge, it has to be either the East coast or South East coast.
From what I am told, the class of the land in the ad is “industrial”, and it is apparently leasehold land, located somewhere towards the South or South East.
Perhaps the PDC/state government could clarify this latest development. If the land is really for sale, they should consider buying it back.
Last November, the Penang Development Corporation (PDC) announced it sold its 49 per cent stake in Tropical Island Resort Sdn Bhd, which ran a resort at Pulau Jerejak, to Q Islands Development Sdn Bhd, a subsidiary of Ideal Properties Group, for RM156m – netting PDC a surplus of RM140m. QID paid a RM15.6m deposit and is scheduled to settle the remaining sum plus interest over eight years.
Of the 80 acres involved in this deal, plots covering 20 acres lie in the north of the island, the failed resort covers 30 acres along the west coast, and a 30-acre plot lies along the east coast.
The other firm operating on the island is Boustead, which owns a 26-acre shipyard on the eastern coast.