THE future of Burraga Island, better known as Pig Island, in the middle of the Shoalhaven River just downstream from Nowra, is still up in the air.
Despite the the 122-hectare property just east of the Shoalhaven River bridges, attracting nine expressions of interest, including two from overseas, owners Sydney based Chinese company ASF Group, have withdrawn the property from sale.
Sydney firm JLL listed the island for expressions of interest in June but despite nine offers including seven from around Australia and two from Singapore and Hong Kong the ASX-listed ASF Group, a consortium with links to China, has decided to hold onto the property.
Tom Gibson from JLL said the owners did not gain the offers expected and withdrew the property from the market.
While no exact price has been indicated, it is understood prices estimates ranged from $2.5 million through to $5m.
"ASF will now look to expand on the operations themselves," Mr Gibson said.
"The company will look to explore its options, most likely in the tourism market."
Various developments on the island including a golf course and an aquatic theme park have already been considered, while back in the 1970s a multi-million-dollar country club was even proposed.
But at this stage it is not believed any proposals or plans have been put to Shoalhaven City Council.
The ASF Group, which describes itself as "a creator and facilitator of cross-border investments, trade and technology transfers between China, the UK, Europe" purchased the island from the dairy farming Kennedy family in 2011 for $2.5 million.
That sale ended 34 years of ownership by farming Kennedy family, who purchased the property in 1977 for $105,000 after plans to develop a multi-million-dollar country club on the site fell through.
However, the family actually had links to the property dating back more than 50 years.
It is currently running some cattle.
Adjacent to Terara the island is currently zoned RU1 Rural, and could be turned into an eco-tourism destination or an education facility and includes a single-storey, four-bedroom house and a private cable operated punt with a loading capacity of 48 tonnes which connects the island with the mainland off Terara Road.