Singapore billionaire Peter Lim is planning to build a motorsports-themed development, including a F1 compliant racing test track, in Malaysia’s southern-most state bordering Singapore.
(Bloomberg) Lim’s FASTrack Autosports Pte will take a 70 percent stake in the joint venture valued at more than 3.5 billion ringgit ($1.2 billion) in the Iskandar development region of Johor state, with Malaysian developer UEM Land Holdings Bhd. (ULHB) holding the rest, according to a joint statement today. The project, known as Motorsports City, will cover 270 acres and include showrooms, garages and entertainment outlets, they said.
Singapore, which hosts F1 night races in the city’s downtown, agreed in September to continue the annual Grand Prix for another five years. Neighbor Malaysia has a permanent race track at Sepang outside Kuala Lumpur for its annual F1 race, which it opens up to amateur drivers during the rest of the year. That’s a four-hour drive from Singapore.
“The region is fast becoming a hub for motor sports,” Lim said in the statement today. The Singaporean, who made his fortune through holdings in palm oil producers and a chain of Manchester United cafes in Asia, is also a shareholder of McLaren Automotive Ltd., the maker of vehicles for the most successful F1 team after Ferrari SpA.
The 4.5 kilometer (2.8 mile) Iskandar test track will be designed by an F1 track designer, according to the statement, which didn’t identify the person. A 1.5 kilometer race-certified go-kart track is also proposed, Lim and UEM Land said.