GEORGE TOWN, March 24 – The Penang state government owes RM400 million to the Penang Development Corporation (PDC) from the 2011 sale of Bayan Mutiara land, Chief Minister Chow Kon Yeow confirmed. The RM1.07 billion generated from the sale was deposited into the state’s coffers between 2011 and 2018, but a portion of the funds must be returned to PDC to support affordable housing projects.
Chow stated that part of the proceeds has already been allocated to six ongoing housing developments in Batu Kawan, Bayan Lepas, Butterworth, George Town, and Seberang Perai. As PDC’s chairman, Chow assured that the state government is committed to offsetting the outstanding amount, with the final sum to be determined through an agreement between PDC and the government.
The repayment will be based on the original 2011 purchase and development agreement, with further details to be announced once the state executive council finalizes the decision.
