Property Hunter Magazine Property Hunter Magazine Issue 51 - February 2014 | Page 31

Medini Iskandar As action speaks louder than words, the authorities have taken the extra mile to come up with an unprecedented first of its kind and still remain the only one of its kind in Malaysia with a unique land usage tenure commonly known today as the Medini’s Lease Right Model and this is the strongest evidence of the authorities’ commitment in ensuring IM a sustainable success. The lease right model is a pioneer model in Malaysia, adopted and adapted from the land practices in Australia and Canada. For example, New South Wales utilizes its Strata Schemes (Leasehold Development) Act 1986 to allow original owners to retain a fee simple interest while subsequent owners obtain a leasehold interest of the same land. The common feature of these models are that owner of freehold land can now assign a sizable lease hold tenure for his own land with an additional “title document” that made it more “bankable” with the conventional financial institutions. The interest of the leasehold owner shall cease at the end of the lease hold tenure with all rights reverting to the freehold owner. The concept is similar Ѽ