It is understood that existing registered developers in Medini, for example, have the option to acquire from IIB a freehold interest in their land bank, specifically undeveloped land. Those offered are said to be required to sign a non-disclosure agreement before any further details are released.
Iskandar Investment Bhd (IIB), landowner of the 2,230-acre Medini Iskandar Malaysia in Johor, is said to be issuing offer letters to buyers in Medini with an option to convert their properties, which are currently under a private lease scheme (PLS), to freehold at a premium, according to several sources.
A letter from IIB to one of the buyers sighted by The Edge, stated: “As part of our continued commitment in enhancing Medini’s appeal and fostering growth within the Johor-Singapore Special Economic Zone (JS-SEZ), we are pleased to inform you that freehold development is now possible in Medini.”
