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03-12-12, 16:28
http://www.straitstimes.com/archive/saturday/premium/top-the-news/story/peter-lim-building-12b-race-track-iskandar-20121201
Peter Lim building $1.2b race track in Iskandar
Published on Dec 01, 2012
By Christopher Tan Senior Correspondent
BILLIONAIRE Peter Lim is partnering the Johor royal family and Malaysian state investment firm Khazanah Nasional to embark on a RM3 billion (S$1.2 billion) race circuit project in Johor's Iskandar.
The Straits Times understands the 100ha site is just 10 to 15 minutes from Tuas' Second Link.
Said to be to the left of a rest stop after the Malaysian checkpoint, it will be an integrated facility that boasts a 4km to 4.5km race circuit that can hold GT, go-kart and motorcycle races.
Sources said that when it is ready in 2015 or 2016, the circuit - to be certified by world motor-racing body FIA - will be able to host all types of car races other than single-seat class races.
It will also have a bonded area where well-heeled enthusiasts can keep tax-free cars, including left-hand-drive models.
Sources said Mr Lim, 59, who bought a stake in British sports carmaker McLaren Automotive, has formed a new business unit - to be headed by a well-known Singapore automotive veteran - to spearhead the project.
One source put Mr Lim's stake in the Johor project - dubbed Motorsports City - at 35 per cent.
The track, which will be conceptualised by renowned designers like Hermann Tilke or Clive Bowen, will feature undulating stretches, challenging turns and a 1.2km to 1.5km straight that can accommodate speeds in excess of 300kmh.
Besides the track, a source close to the project said there will be resort homes, a car museum, an advanced driving school, workshops and a warehouse.
There will also be an air-conditioned circuit for radio-controlled cars and a simulator room featuring top-class machines.
The facility will be open to car manufacturers that want to test their vehicles as well as conduct product training for employees and launches for customers.
On top of that, it could have a go-kart manufacturing division.
In essence, the project is similar to Singapore's stalled Changi Motorsports Hub - to be built on a 41ha, 30-year leasehold site near the Singapore Airshow grounds - but much bigger.
"Peter was approached for that (Changi) project," said a source. "But you know, it is not commercially viable with a 30-year lease."
The Johor venture - on freehold land - will also take some shine off the Pasir Gudang circuit in Johor, currently the nearest track Singaporean petrolheads have access to. The other is in Sepang, near Kuala Lumpur.
Mr Lim, who was unavailable for comment yesterday, is known to be a car enthusiast.
He has a garage of exotic machines that he rarely has a chance to drive here. There are many others like him here, including venture capitalist Tommie Goh and entrepreneur Peter Kwee.
Mr Lim mixed business with pleasure last year when he bought into McLaren. He declined to reveal the investment amount, but it is said to be a 20 per cent stake worth US$200 million (S$244 million).
His other recent investments include Thomson Medical Centre, which he bought in 2010, and a multibillion-dollar medical hub in Johor's Iskandar region.
[email protected]
Peter Lim building $1.2b race track in Iskandar
Published on Dec 01, 2012
By Christopher Tan Senior Correspondent
BILLIONAIRE Peter Lim is partnering the Johor royal family and Malaysian state investment firm Khazanah Nasional to embark on a RM3 billion (S$1.2 billion) race circuit project in Johor's Iskandar.
The Straits Times understands the 100ha site is just 10 to 15 minutes from Tuas' Second Link.
Said to be to the left of a rest stop after the Malaysian checkpoint, it will be an integrated facility that boasts a 4km to 4.5km race circuit that can hold GT, go-kart and motorcycle races.
Sources said that when it is ready in 2015 or 2016, the circuit - to be certified by world motor-racing body FIA - will be able to host all types of car races other than single-seat class races.
It will also have a bonded area where well-heeled enthusiasts can keep tax-free cars, including left-hand-drive models.
Sources said Mr Lim, 59, who bought a stake in British sports carmaker McLaren Automotive, has formed a new business unit - to be headed by a well-known Singapore automotive veteran - to spearhead the project.
One source put Mr Lim's stake in the Johor project - dubbed Motorsports City - at 35 per cent.
The track, which will be conceptualised by renowned designers like Hermann Tilke or Clive Bowen, will feature undulating stretches, challenging turns and a 1.2km to 1.5km straight that can accommodate speeds in excess of 300kmh.
Besides the track, a source close to the project said there will be resort homes, a car museum, an advanced driving school, workshops and a warehouse.
There will also be an air-conditioned circuit for radio-controlled cars and a simulator room featuring top-class machines.
The facility will be open to car manufacturers that want to test their vehicles as well as conduct product training for employees and launches for customers.
On top of that, it could have a go-kart manufacturing division.
In essence, the project is similar to Singapore's stalled Changi Motorsports Hub - to be built on a 41ha, 30-year leasehold site near the Singapore Airshow grounds - but much bigger.
"Peter was approached for that (Changi) project," said a source. "But you know, it is not commercially viable with a 30-year lease."
The Johor venture - on freehold land - will also take some shine off the Pasir Gudang circuit in Johor, currently the nearest track Singaporean petrolheads have access to. The other is in Sepang, near Kuala Lumpur.
Mr Lim, who was unavailable for comment yesterday, is known to be a car enthusiast.
He has a garage of exotic machines that he rarely has a chance to drive here. There are many others like him here, including venture capitalist Tommie Goh and entrepreneur Peter Kwee.
Mr Lim mixed business with pleasure last year when he bought into McLaren. He declined to reveal the investment amount, but it is said to be a 20 per cent stake worth US$200 million (S$244 million).
His other recent investments include Thomson Medical Centre, which he bought in 2010, and a multibillion-dollar medical hub in Johor's Iskandar region.
[email protected]