GEORGE TOWN, Dec 16 — Penang Development Corporation (PDC) only recorded a net profit of RM147 million from its RM1.94 billion land sales, chairman and state Chief Minister Lim Guan Eng said today.
Lim denied newspaper reports that claimed PDC earned RM1.7 billion from selling land since 2008.
"From 2008 to 2015, PDC sold RM1.94 billion worth of land for industrial and mixed development purposes.
"The cost involved of RM1.8 billion relates to land acquisition, development costs over the land in providing infrastructure and holding costs," he said in a statement.
He said PDC will use the RM 147 million profits from the land sale for economic development to make Penang as a location of choice for investors, a destination of choice for tourists and a habitat of choice for a livable city.
"PDC has to also lead the charge for Penang to participate actively in the fourth Industrial Revolution of Big Data Analytics, cloud computing, Internet of Things and e-commerce," he said.
He said the state government agency's profits would have been higher if PDC is allowed to sell the land at a higher price.
"However, PDC cannot do so because it has to perform its statutory duty of bringing in new factories to generate job and business opportunities for Penang as well as attract retail outlets like IKEA and premium retail outlets, universities and hospitals to grow the services sector and tourism," he said.