Iskandar Malaysia is set to become a top investment hotspot for Singapore companies as the region offers good prospects for them, said Datuk Wan Abdullah Wan Ibrahim, Managing Director and CEO of UEM Land Holdings.

While the majority of companies initially adopted a ‘wait-and-see’ approach during the early days of Iskandar, “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 spill over.”

UEM Land has signed a joint-venture agreement with Singapore’s FASTrack Autosports to develop the Motorsports City in Gerbang Nusajaya.

Slated for completion in 2015 or 2016, the 109.26ha Motorsports City will comprise an integrated commercial development with proposed 4S (sales, services, systems and spare) facilities.

The project 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. It will also have retail and al fresco spaces comprising food and beverage outlets and an entertainment hub.

Singapore billionaire Peter Lim, a major shareholder of FASTrack Autosports, said: “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.”

Lim added that he plans to develop two more integrated developments in Iskandar.

Author                       : Farah Wahida

Source                      : PropertyGuru Singapore