Perak will be home to the first modern, integrated motorsport-themed township, which will be built here by Singapore-based companies Goodland Group Ltd and Citrine Capital Pte Ltd.
Bernama reported that the 456-acre project, called the T-City, has a gross development value (GDV) of RM15.1 billion and planned over the past three years.
The international mega project is expected to enhance the state’s status and speed up its economic growth as well as that of the country, said Menteri Besar Datuk Seri Dr Zambry Abd Kadir.
He said the project was supported by the National Economic Council and Prime Minister Datuk Seri Najib Tun Razak wanted it to succeed.
“T-City will embody the smart city concept and involve three development phases with five key components, including the motorsport facilities, entertainment hub, automotive centre, retail and food industry outlets, a hotel and serviced apartments, alongside condominiums,” Zambry said.
He said T-City would be equipped with comprehensive facilities and infrastructure, including a land transport terminal, petrol stations, parks, schools and a hospital.
“The first phase of the project is expected to be completed in 10 years and cover 200 acres, while embracing the first Formula 2 (F2) racing circuit in Malaysia and which is projected to be ready next June,” he said.
Meanwhile, Goodland Group executive chairman Tan Chee Beng hoped that T-City when completed in 15 to 20 years could adapt to the global changes.
“We are targeting to bring together automobile fans, motor racing enthusiasts, as well as car lovers from throughout the region under one roof,” he added.
Goodland Group is a 23-year-old property development company that has extensive holdings in the residential, commercial and industrial segments.
Citrine Capital is a specialised investment company focused on motorsport-themed commercial development.