Jerejak island resort to be redeveloped in JV

Operations ended: Rainforest Resort & Spa has been closed since May this year.

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.