Penang has lost the ownership of Pulau Jerejak entirely after the state through Penang Development Corporation (PDC) sold its 49 percent ownership to Ideal Properties subsidiary, Q Island Development.

State Barisan Nasional (BN) chairman, Teng Chang Yeow said that if the state government had gazetted the island as a state park eight years ago, Penangites would not have lost every inch of the island to a private company.

"In 2013, the DAP-led state government through PDC had cancelled the deal with Ideal Properties and according to PDC sources, if the deal had gone through, the state could make a potential profit of RM220 million," he told a press conference, here, today.

However, Teng said, instead of approving the joint venture in 2013, the state sold the 49 percent island shares for RM156 million this year.

The project to redevelop Pulau Jerejak will be a joint venture between Q Island Development and UDA Holdings, a government-linked company.

On Nov 10, Chief Minister Lim Guan Eng who is also PDC chairman, had urged Gerakan to seek clarification from UDA as the company is under the federal government.

Teng, however, said UDA did not report its deals to BN and the company's dealings were only presented in Parliament.

"What we want now is the state government to come clean about its dealings," he said.

UDA Holdings, in a statement on Nov 8, confirmed undertaking a joint venture with Q Island Development on the project, which is expected to be completed in eight to 10 years. The total cost is yet to be determined.

According to UDA, the redevelopment plans had been approved by the state government. Four five-star hotels, 1,200 units of residential development, a marina, a theme park and a 11.5km bicycle track will be built on the island to promote tourism in the state. - BERNAMA