According to Edgeprop Malaysia, Iskandar Investment (IIB), which owns the freehold land in Medini, was behind this scheme. Hence, Tom did not buy the property outright. Instead, he had acquired a leasehold interest, meaning he only had the right to use the property for a specified period instead of owning it permanently. The strata title belongs to Distinctive Resources, the developer of the 650-unit Iskandar Residences. Like many Singaporeans then, Tom was initially captivated by Medini’s promise, unaware that he was purchasing a lease rather than outright ownership. “At that time, there was a palpable sense of energy and excitement about these projects,” Tom recalls, having bought Iskandar Residences for RM1 million.
A new attempt to revive the Johor-Singapore Special Economic Zone (JS-SEZ) is underway, aiming to impact the city-state
Over a decade ago, Tom (not his real name) purchased a 1,400 sq ft, three-bedroom apartment at Iskandar Residences in Medini Iskandar Malaysia (MIM), Johor, just a 10-minute drive from Tuas Checkpoint. At that time, he was unaware that the property was subject to a private lease scheme (PLS).
