In some institutions, you can be a lecturer with a relevant Master's Degree. Some requires a Ph.D in a relevant field.

Check with the institution (HR?) to see their requirements.

Experience? Well... I always encourage people to work in the industry first before going for their Master's Degree, but this is not mandatory. It is possible to go straight for your Master's Degree while working as a tutor/research assistant for a couple of years, then be a lecturer upon graduation.

Local research uni require minimum PhD to b lecturer..

Some Private Colleges accept Masters grad. But better get your phd after masters. if you'd like to be a lecturer.

I heard my friends told me that in Taylor's, their lecturer just master. Not sure is it true. Anyone mind to clarify ?

Some lower tiers university lecturers are only master in qualification. In IPTA, such as ex-college university, have high % of masters as lecturers.
In higher tiers university, such as UM, USM, UTM etc minimum need phD to become lecturers. Master only can become tutor.
Double master have advantage in teaching several different courses and employment is higher.
Last time, my secondary school teacher had double masters from Australia.
Don't bother to get, just go with your phD if you want to become lecturer.

In private colleges/universities, you need at least a Master's degree to teach undergraduate and Master's students. (That is under the MQA requirement)

To teach the pre-university/foundation and diploma students, you just need an undergraduate degree. To teach at this level, you do not need a Master's degree.

I also believe that for Private Univ, Masters Degree is sufficient to be a lecturer.

but the Salary Scheme will have a huge gap between a PhD holder vs Masters holder.