Reports have emerged from across the Causeway that Singaporean billionaire Peter Lim is into a RM3 billion (S$1.2 billion) race track project in Johor’s Iskandar region. The car enthusiast tycoon will partner the Johor royal family and Malaysian state investment firm Khazanah Nasional in the circuit project.

Singapore daily The Straits Times says that the 100-hectare site is just 10 to 15 minutes from the Second Link. Said to be situated to the left of a rest stop after the Malaysian checkpoint, the proposed 4 to 4.5km race track will be able to host GT, go-kart and motorcycle races.

To be certified by FIA, the track will be able to host all kinds of racing outside of single-seat class races. Sources say that “Motorsports City” will be ready in 2015 or 2016.

Well-known duo Hermann Tilke and Clive Bowen have been named as possible designers of the track, which will feature a 1.2 to 1.5 km stretch where cars can top out at 300 km/h, among other things.

The proposed project will also boast resort homes, a car museum, an advanced driving school, workshops, a warehouse and a go-kart factory. A bonded area will provide the rich a place to store their tax-free cars, including left-hand drive models. Sources from Khazanah say that the project is still in the discussion stage.

We reckon that this proposed race track won’t lack business due to its close proximity to Singapore. There are plenty of supercars residing in the island state unable to stretch their legs, and many of them are brought all the way to Sepang for the occssional exercise. A track at their doorstep with good and well-maintained facilities should be a popular playground for the rich. It would be a good location for car launches, too.

The name sounds familiar? Peter Lim, 59, is the eighth richest man in Singapore according to Forbes, has a stake in McLaren and sits on the board of the British supercar maker and F1 contender.