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Motorsports city proposed in Malaysia
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...
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