KUALA LUMPUR  (Dec  4 ):  Singapore billionaire Peter Lim is seeking a controlling stake in the RM3.5 billion planned Motorsport City in Johor's Iskandar Malaysia under a strategic collaboration with UEM Land Holdings Bhd.

In a statement on Tuesday, UEM Land said Lim via private vehicle Fastrack Autosports Pte Ltd, is acquiring a 70% in jointly-owned entity Crimson Carnival Sdn Bhd. The remaining 30% in Crimson Carnival will be held by UEM Land, according to the Malaysian firm.

"The joint venture (JV), held 70% by Fastrack Autosports and 30% by UEM Land is valued at over RM3.5 billion and will see both UEM Land and Fastrack Autosports establishing the Motorsports City master plan as well as the development and marketing strategies of the project," UEM Land said.

UEM Land said it had signed the JV agreement with Lim during the 8th World Islamic Economic Forum in Johor on Tuesday.

In a separate statement to the exchange, UEM Land said the planned development of the Motorsport City will be undertaken within an estimated 108 ha (270 acre) tract. The project, upon completion will include a 4.5km test track, retail outlets and warehouses, according to UEM Land.

Under the JV, UEM Land said it is selling the tract to Crimson Carnival for RM223.46 million. UEM Land said the JV agreement and land sale are still subject to regulators' approval.

Meanwhile, UEM Land said the company has also signed a memorandum of understanding with Chinamall Holdings Pte Ltd to assess the feasibility of jointly developing an estimated RM562 million trade mall in Iskandar Malaysia.

In a statement to Bursa Malaysia, UEM Land said the proposed project will see UEM Land retaining ownership of the trade mall known as “China Mall” which will, in turn, be leased to Chinamall Holdings.

"UEM Land will grant a lease of the mall to China Mall to operate the same as a master tenant (and ) China Mall will operate, manage, promote and market the mall, with the operating and management concept to be benchmarked against the Dragon Mart in Dubai, United Arab Emirates," UEM Land said.