Chow confirmed that the proceeds from the RM1.07 billion sale of Bayan Mutiara land were initially deposited as state revenue.

He said over the years, RM500 million was allocated back to PDC for a housing project, with various transactions taking place between the state and the development agency.

“I have directed them to prepare a status report on the outstanding balance from both sides so the accounts can be cleared,” he told a press conference at Komtar.

He said discussions are ongoing to reconcile the RM400 million due to PDC, taking into consideration state loans, PDC’s financial contributions, and waived premiums.

Chow was asked about the Bayan Mutiara land sale conducted through the Chief Minister Incorporated (CMI), with PDC apparently entitled to 40% of the proceeds.

According to a report in The Edge, the 102.56-acre site was initially sold to Ivory Properties Group Bhd in 2011 for RM1.07 billion to develop Penang World City, a mixed-use project.

From December 2024, Mutiara Metropolis Sdn Bhd, formerly Tropicana Ivory, is the project developer, while China Communications Construction Company is handling the construction.

Separately, Chow declined to comment on speculation about his possible appointment as DAP national chairman in the party elections this Sunday.

“I am a low-key person. No comment,” he briefly said.