The ministry said the funds were invested to attract more investments and create job opportunities for Malaysians, especially in the property development, housing, education and tourism sectors.

“Khazanah’s investment is based on the government’s mandate to develop Iskandar Malaysia as a special economic corridor. This effort has been extended to Desaru Coast in line with broader development efforts in Johor.

“In general, the optimal development of areas such as Medini Iskandar and Desaru Coast requires a long maturity period (30 to 40 years), as well as catalytic investments,” Bernama reported the ministry as saying in a written parliamentary reply.

The ministry was replying to Yeo Bee Yin (PH-Puchong), who had asked about the funds that had been invested in Medini Iskandar and Desaru Coast and their development status.

Launched in 2007, Medini Iskandar is an integrated urban township spanning 902ha.