|© 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.