TIRSB believes QID will be able to re-brand the operations at Jerejak Rainforest Resort and turn the loss-making property back to profitability, it added. According to UDA, as at April 30, 2016, TIRSB has registered an accumulated heavy loss since the commencement of Jerejak Rainforest Resort's operations back in 2004. "JRRS (Jerejak Rainforest Resort) has been closed since May this year due to continuous operating losses," said UDA. UDA said that upon completion of a novation agreement, it will have 100% control over TIRSB to ensure the successful redevelopment of Jerejak Rainforest Resort to become a tourist destination, which will also entail other real estate activity. Consequently, it said the operation of Jerejak Rainforest Resort will be handed over to QID within six months after the terms and conditions of the agreement are formalised.

Source: The Edge Markets November 07, 2016 11:57 UTC