A billionaire Singapore businessman said he plans to build a motorsports-themed development, including a Formula One racing test track, in Malaysia’s southern-most state bordering Singapore.
Peter Lim’s FASTrack Autosports Pte will take a 70% stake in the joint venture valued at more than USD1.5 billion in the Iskandar development region of Johor state.
Malaysian developer UEM Land Holdings Bhd will hold 30% according to a joint statement.
The project, known as Motorsports City, will cover 270 acres and include showrooms, garages and entertainment outlets.
Singapore, which hosts F1 night races in the city’s downtown, agreed in September to continue the annual Grand Prix for another five years.
Neighbour Malaysia has a permanent racetrack at Sepang outside Kuala Lumpur for its annual F1 race. It is a four-hour drive from Singapore.
Lim made his fortune through holdings in palm oil producers and a chain of Manchester United cafes in Asia.
He is also a shareholder of McLaren Automotive, the maker of vehicles for the most successful F1 team after Ferrari.
