PETALING JAYA: The loss-making Jerejak Rainforest Resort & Spa (JRRS), owned by Tropical Island Resort Sdn Bhd (TIRSB) whose shareholders are UDA Holdings Bhd and the Penang government, will be redeveloped in a joint venture (JV) with Penang-based Ideal Property Group.
UDA Holdings Bhd said in a statement that TIRSB, which will ultimately be 100% controlled by UDA following a novation agreement, had inked a JV agreement with Ideal’s subsidiary Q Islands Development Sdn Bhd to redevelop the resort and the 80-acre land owned by TIRSB.
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