What’s the difference between Iskandar Malaysia and Nusajaya?
Iskandar Malaysia has been defined as 2,217 sq km of land area in south Johor, which comes up to about 12% of Johor’s total land mass. Besides Nusajaya, it includes areas such as Johor Bahru, and other areas within the Pontian district.
Nusajaya, on the other hand, is only one portion of Iskandar Malaysia. It covers about 24,000 acres or about 97 sq km (about 4% of the area of Iskandar Malaysia). Nusajaya is the focus of several recent developments within the Iskandar region.
Who owns the land in Nusajaya?
Of the 23,875 acres in Nusajaya, UEM Land Holdings owns 10,403 acres (about 44%) which are currently undergoing various stages of development (source). Iskandar Investment Bhd, meanwhile, is the commercial investment holding company which oversees and encourages regional development within a 8,900 acre (36 sq km) landbank at the heart of Iskandar (source). Iskandar Investment and UEM Land have a common shareholder in Khazanah Nasional, the Malaysian government’s investment holding arm.
What’s the difference between Iskandar Investment Bhd and Iskandar Regional Development Authority (IRDA)?
Iskandar Investment focuses on investing in selected strategic and catalytic initiatives through shareholding stakes in joint ventures or contribution of land either through sale or lease or granting of a concession or development rights (source). It has federal, state and public shareholders (60% Khazanah, 20% Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) and 20% EPF) (source). Catalytic projects it has developed are Medini Iskandar Malaysia, Legoland Malaysia and EduCity@Iskandar.
IRDA is a regulatory statutory body established by an Act of Parliament in 2007 to coordinate, promote and facilitate the activities undertaken in Iskandar Malaysia by investors, both private and public. IRDA is co-chaired by the Prime Minister of Malaysia and the Chief Minister of Johor. It is also a one stop agency, responsible for planning, promotion and facilitation of economic and social development.
What’s the difference between Medini and Nusajaya?
Medini Iskandar is a flagship development within Nusajaya. With land size of 2,230 acres, it takes up just less than 10% of the size of Nusajaya’s 24,000 acres. Medini features Legoland, the Mall of Medini and a wellness-themed township to be developed by Khazanah Nasional, Temasek Holdings and E&O Bhd, among others. While Nusajaya is master developed by UEM Land, Medini is master developed by Iskandar Investment Bhd.
How can foreigners buy properties in Iskandar?
Foreigners can only buy residential property valued at more than RM500,000 and do not need approval from the Economic Planning Unit, Prime Minister’s Department, according to the Iskandar Regional Development Authority. This condition supersedes the earlier Foreign Investment Committee (FIC) guideline. There are talks on the foreigner’s cap being pegged at RM1 million since 1 year ago, but at present, it remains the same at RM500,000.
While much land within Johor has restrictions on property being purchased by foreigners, certain developments within Iskandar, such as East Ledang and Puteri Harbour have 100% foreign quota allowances, which means all units may be purchased by foreigners.