Kedah state govt and Open Road Asia sign joint venture agreement
The Kedah state government’s investment and development arm, Permodalan Kedah Berhad has signed a joint venture agreement with Open Road Asia Sdn Bhd to develop a racing-themed integrated resort on Langkawi.
The JV was sealed at a signing ceremony at Wisma Darul Aman between Open Road Asia and PKB, witnessed by YAB Haji Muhammad Sanusi Md. Nor, Menteri Besar of Kedah. Open Road Asia was represented by the Founder and Group Advisor Dato’ David Goh while PKB was represented by Chief Executive Officer Encik Abdul Rahman Haji Din.
The Open Road International Circuit and Intergrated Resorts will be in Bukit Malut, on 183 acres of sea-facing land. It will include an FIA-sanctioned motorsports circuit and a resort consisting of residential properties, high-end retail outlet, five-star hotels, 4S automotive dealerships, a 900-car storage facility, fuel stations as well as tourist attractions and restaurants. The gross development value is estimated at RM1.3billion. Completion of the circuit is targeted for Q2 2023 while the resort is slated for 2026.
The racing circuit is claimed to score a number of “world firsts” in racing circuit designs including one of the longest circuit straights in the world, as well as banked curves or carousels, and down-hill-elevation-drop multiple hairpins. Modelled after the Nurburgring in Germany, this 5.8km-long racing track is poised to be the “Nurburgring of the East”, as personally coined by Dato’ David Goh, Founder and Group Advisor of Open Road Asia.
ORIC will put Langkawi at the forefront of motorsports in Asia and provide a platform to nurture automotive research and development. The track will also be a testing ground and racing destination for major automotive manufacturers, motorsports enthusiasts and racing teams the world over.
