Date: 5 December 2012
New Motorsports City fuels Johor's tourism ambitions.
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 that 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.
Copyright TTG Asia Media Pte Ltd © 2012
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