Asked by Anonymous
What should I if I own an apartment referred to in article below in Iskandar Residences Medini?
https://www.theedgesingapore.com/news/singapore-malaysia-ties/revival-johor-singapore-sez-new-era-growth
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).
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.
MIM is home to several ambitious projects developed by various real estate giants. One project within MIM was developed by a joint venture between Temasek Holdings and Khazanah Nasional in 2011. Documents from 2013 revealed that the IIB, an entity established by Khazanah Nasional, the Employees Provident Fund and the Johor state, held a 20% stake in Iskandar Residences’ developer Distinctive Resources.
Tom’s investment, meant to be a lucrative venture, has taken a dramatic turn. A decade later, he and his neighbours received shocking news: Tom does not own the property despite the 2013 sale and purchase agreement. Instead, under a revis
https://www.theedgesingapore.com/news/singapore-malaysia-ties/revival-johor-singapore-sez-new-era-growth
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).
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.
MIM is home to several ambitious projects developed by various real estate giants. One project within MIM was developed by a joint venture between Temasek Holdings and Khazanah Nasional in 2011. Documents from 2013 revealed that the IIB, an entity established by Khazanah Nasional, the Employees Provident Fund and the Johor state, held a 20% stake in Iskandar Residences’ developer Distinctive Resources.
Tom’s investment, meant to be a lucrative venture, has taken a dramatic turn. A decade later, he and his neighbours received shocking news: Tom does not own the property despite the 2013 sale and purchase agreement. Instead, under a revis
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