ASEAN KEY DESTINATIONS
More Singapore investments expected in Iskandar
Singaporean investors had now realised that Iskandar Malaysia offered good prospects for them, said Wan Abdullah Wan Ibrahim, UEM managing director and chief executive officer.
He said in the early days of the corridor's inception, many Singaporeans were adopting the “wait and see” attitude as they wanted to see whether the economic growth corridor would take off as planned.
“But six years down the road, their perception has changed and now they are looking at investing in Iskandar Malaysia," Wan Abdullah told a press conference after signing a joint-venture agreement with Singapore's FASTrack Autosports Private Ltd to develop Motorsports City in Gerbang Nusajaya.
The 70:30 joint-venture between FASTrack Autosports and UEM Land, valued at over 3.5 billion ringgit (US$1.148 billion), will see both parties establishing the Motorsports City masterplan as well as the development and marketing strategies of the project.
Wan Abdullah said work on the project would take place within six months and expected to be completed in 2015 or 2016.
“The first phase of Iskandar Malaysia is more on laying the foundation and now is to create more job opportunities and economic spills-over," he said.
The 109.26-hectare Motorsports City located at Gerbang Nusajaya, just metres away from the Second Link crossing, is an integrated mixed commercial development with a proposed 4S (sales, services, systems and spare) facilities.
It will be equipped with a F1-compliant test track, car showrooms, service centres, system enhancements and upgrades, Continental and Asian spare parts hub, bonded warehouses/garages, retail and al fresco spaces with food and beverage outlets and an entertainment hub.
At the heart of development is the 4.5km long test track dubbed the “Nurburgring of Iskandar Malaysia” to be designed by an internationally-acclaimed F1 track designer.
There is also a proposed international race-certified 1.5-kilometre long go-kart track, Asian-based motor sport R&D facilities, office spaces and the project will create 5,000 new job opportunities.
The person behind the multi-billion project is Singapore billionaire Peter Lim, the major shareholder of FASTrack Autosports.
“This project (Motorsports City) is something that I like to do. The cost of doing business in Singapore is higher and Iskandar Malaysia seems attractive to me,'' said Lim.
He said he was looking at developing two more integrated mixed development projects within Iskandar Malaysia.
The time was “right” for to invest in Iskandar Malaysia due to the good growth prospects and opportunities offered by the economic growth corridor, Lim said, adding that one of the property projects was an intergrated mixed development in the Stulang Laut area just few metres away from the Bangunan Sultan Iskandar Customs, Immigration and Quarantine Complex near here.
Separately, UEM Land also signed a Memorandum of Understanding with Chinamall Holdings Pte Ltd to develop China Mall, a trade and exhibition centre in Gerbang Nusajaya.
The 1.4 million square feet gross floor area on a 12.94ha site worth 562 million ringgit will house 3,000 merchants from China offering products such as textiles, gifts, souvenirs, furniture, electrical and household appliances, jewellery and toys. US$1=3.4 ringgit
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