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