Iskandar Malaysia is set to become a top investment hot spot for Singapore companies as the growth corridor offers good prospects for them, according to Datuk Wan Abdullah Wan Ibrahim, Managing director and Chief Executive Officer of UEM Land Holdings Bhd.
While most of the companies have initially adopted a ‘wait and see’ approach at the early days of Iskandar Malaysia, “their perception has changed and now they are looking at investing,” he said.
“The first phase of Iskandar Malaysia is more on laying the foundation and now is to create more job opportunities and economic spills-over.”
UEM Land has signed a joint-venture agreement with Singapore’s FASTrack Autosports Private Ltd to develop the Motorsports City in Gerbang Nusajaya.
Slated for completion in 2015 or 2016, the 109.26ha Motorsports City will be an integrated commercial development with proposed 4S (sales, services, systems and spare) facilities.
The development will include an F1-compliant test track, service centres, car showrooms, system enhancements and upgrades, Continental and Asian spare parts hub and bonded warehouses/garages. In addition, the development will also have retail and al fresco spaces comprising food and beverage outlets and an entertainment hub.
According to Singapore billionaire Peter Lim, 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.”
Moreover, Lim said he plans to develop two more integrated developments within Iskandar Malaysia.
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