Motorsports city proposed in Malaysia

By Ubaid Parkar, 5 December 2012
© AP Photo/Mark Baker

The industrial zone of Iskandar in Malaysia has been reserved as the site of a proposed motorsports hub, the development of which will involve a testing facility for Formula 1.

The project, for an undisclosed sum, is a joint venture between Malaysian company UEM Land Bhd and Singapore’s Fastrack Autosports Pte Ltd, in which businessman Peter Lim has a 70 percent stake.

“Both companies will subscribe to a special purpose company called Crimson Carnival Sdn Bhd, with UEM taking a 30 percent stake and Fastrack the balance,” reports Reuters. “Crimson will buy 109 hectares of land from UEM for 223.46 million ringgit, according to a stock exchange filing on Tuesday.”

Lim, a Singapore investor, is a shareholder of McLaren Automotive, the road car division of the British F1 team.

Besides a driving school to cultivate racing talent in the region, the motorsport city is to include showrooms, automotive retail, workshop, a test track and go-kart track, developments for which the costs have not been made public.

 

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