Johor’s Iskandar region will see a RM3.5 billion (US$1.2 billion) motorsports hub emerge by 2016, according to local newspapers.
The Business Times, The Straits Times and Today reported that Singaporean billionaire Peter Lim has partnered with Malaysia’s UEM Land on a 110 hectare plot near the Tuas Second Link, which connects the two countries.
FasTrack Autosports (majority-owned by Lim) owns 70 per cent of the joint venture while UEM Land owns 30 per cent. The latter is a subsidiary of state-owned investment company Khazanah Nasional. The hub is expected to be fully completed in 10 to 15 years, with the first phase expected to be ready by 2016.
Besides having a 4.5km double-loop circuit, a 1.2km go-kart track and an off-road circuit, the project will also host various kinds of car and motorcycle races.
It will also house car showrooms, a car museum, a driving school, a bonded warehouse where drivers can store tax-free cars and a research and development centre. Additionally, there will also be a clubhouse, weekend homes, F&B and entertainment outlets.
According to The Business Times, the Singapore Sports Council has not ruled out carrying on with its plans to build a similar race circuit in Changi.
-TTG Asia.
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