Penangites have “lost every inch of land” in Pulau Jerejak, after Penang Development Corporation (PDC) recently sold its stake in Tropical Island Resort Sdn Bhd (TIRSB) - which manages the island - to private firm Ideal Property Development for RM156 million.

In making this accusation, state BN chief Teng Chang Yeow said Chief Minister and PDC chairperson Lim Guan Eng had been presented with a better deal in 2013 – one that would have seen the state agency retain its rights over the island and potentially gain RM220 million in profit.

"Why did the chief minister and PDC opt for RM156 million by selling the 49 percent shares and losing the rights over Pulau Jerejak?" Teng asked.

"Instead, if the chief minister had approved the (2013) joint venture, PDC would stand to have a profit guarantee of potentially RM220 million and the rights over Pulau Jerejak would remain intact," added the state Gerakan chief.

TIRSB is in charge of redeveloping 80 acres of land on Pulau Jerejak. Initially, TIRSB was owned by federal-linked UDA Holdings Bhd (51 percent) and PDC (49 percent).

But PDC agreed this year to sell all its shares to Ideal Property's subsidiary, Q Islands, into which UDA had brought.

Yesterday, Lim had explained in detail that the development in Pulau Jerejak was a federal project and a losing venture before PDC decided to sell its stake in the company.

With the latest deal, Lim said PDC had made a profit of RM140.6 million, saved the venture and would proceed to gazette parts of the island as a forest reserve.

But Teng today charged that Lim had “kept silent" over how he had rejected a December 2013 joint venture agreement between TIRSB and Ideal Property.

Teng claimed that according to PDC sources, the joint venture inked in 2013 had a potential profit guarantee of up to RM450 million, with a gross development value of approximately RM1.5 billion. PDC, he added, stood to make a profit of potentially RM220 million.

He took a swipe at Lim, saying that the chief minister and DAP secretary-general chose to “blame everyone except himself and God” over the 2016 sale.

"Every inch of land in Penang is potentially sold by the DAP-led state government.

"In the buddy deal, not only Pulau Jerejak but other pieces of land have also been sold, making Penangites the ultimate losers," said Teng, who served as a state executive councillor for one term under BN's rule.