It’s a go for the new race track project in Johor – reports confirm that a JV agreement has been inked between Singaporean company FASTrack Autosports and UEM Land for the development of Motorsports City in Gerbang Nusajaya.

FASTrack Autosports – majority-owned by Singaporean billionaire Peter Lim, in partnership with the Johor Royal Family – will own 70% of the JV, with UEM Land holding the remaining stake.

The RM3.5 billion project, located just 10 to 15 minutes from the Second Link at Tuas, will cover 270 acres. Besides the track, which will be a 4.5 km-long Grade 2 GT double loop circuit, there will also be a 1.2 km go-kart track on site.

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. When completed, the track will be the third permanent circuit in the country after Sepang International Circuit and the J Circuit at Pasir Gudang.

The hub will also incorporate showrooms, garages, resort homes, workshops, a driver training school as well as entertainment outlets – the 8.5 million sq ft of gross floor area will be able to accomodate corporate events, conferences and motoring exhibitions.

It is expected that groundwork will begin in three to six months, with Phase 1 of the project expected to be completed in around two and a half years. The target is to get Motorsports City operational by 2016, according to its developers.