Singapore Billionaire Plans to Build New F1 Circuit in Malaysia

December 4, 2012

Singapore billionaire, Peter Lim has revealed plans to build a second circuit capable of hosting an F1 race in Malaysia.

Peter Lim, who owns Singapore’s Fastrack Autosports Pte Ltd has announced that he hopes to build a motorsport-themed development in the Iskandar development region of Johor state in the south of the country following a deal with Malaysia’s UEM Land Bhd.

The development, dubbed Motorsports City, would cover 27 acres and include showrooms, garages, entertainment outlets and a 4.5 kilometre circuit to be designed by an un-named F1 track designer. 

UEM Land did not specify the cost of the venture, although Singapore media have reported the figure at S$1.26 billion

“The region is fast becoming a hub for motor sports,” Lim said in a statement.

Lim’s FASTrack Autosports Pte will take a 70 per cent stake in the joint venture valued at more than $1.2 billion, with the remaining stake being held by developer UEM Land Holding Bhd.

Malaysia has hosted an F1 race at Sepang since 1999.