Peter Lim's $1.14b Iskandar motorsports hub up by 2016
Singapore billionaire Peter Lim on Tuesday formalised his venture with Malaysian state-owned UEM Land to build an integrated motorsports hub in Johor's Iskandar region.
The project, estimated to cost RM3.5 billion ($1.14 billion), is expected to be up and running by 2016.
It will be operated and managed by Fastrack Autosports, majority-owned by Mr Lim.
The Straits Times first reported last Saturday that Mr Lim is partnering the Johor royal family and Malaysian state investment firm Khazanah Nasional to embark on a multi-billion race circuit project.