PDC recorded a net profit of RM147m

GEORGE TOWN: Penang Development Corporation (PDC) has made a profit of RM147 million out of land sales of about RM2 billion, said the state Chief Minister Lim Guan Eng (pix).
Responding to claims that PDC had earned RM1.7 billion from land deals, Lim said, in a press statement, that the PDC had sold RM1.94 billion of land for industrial and mixed development between 2008 and 2015.
Lim, who is PDC chairman, said of the amount, RM1.8 billion was used to acquire land, development and infrastructure costs.
“PDC’s profits would have been higher if PDC is allowed to sell the land at a higher price.
“But PDC cannot do so as it has to perform its statutory duty of bringing in new factories to generate job and business opportunities in the state.
“PDC will continue to use the RM147 million profits for economic development to make the state as a location of choice for investors,” he said yesterday.
Lim said the PDC has plans to attract retail outlets like furniture giant IKEA and premium retail outlets, universities and hospitals to grow the services and tourism industry.
Over the past month, PDC has been in the spotlight for receiving RM609 million in loans from the Penang government.
The state’s Opposition had asked why the PDC required such a hefty loan when it was doing well by "selling RM1.7 billion in land deals".