KUALA LUMPUR: OPen Road Asia Sdn Bhd (ORA) and Permodalan Kedah Bhd (PKB) today inked a joint venture (JV) to develop a premier tourist and motorsports destination in Malaysia, the OPen Road International Circuit (ORIC) & Integrated Resorts (IR) in the resort island of Pulau Langkawi.
The ORIC is set to be developed atop a tract of 183 acres of sea-facing land in Bukit Malut and will encompass a FIA-sanctioned motorsports circuit.
The IR will be a fully-integrated resort consist of luxury residential properties, retail outlets, 5-star hotels, 4S automobile dealerships, 900-cars storage facility, petrol refuelling stations as well as various tourist attractions and restaurants.
ORA founder and group advisor Datuk David Goh said this ORIC integrated project, with a gross development value of RM1.3 billion is expected to provide an immediate high impact economic boost to Pulau Langkawi and the state of Kedah, and Malaysia upon its completion in 5 years' time.
"With a projected increase of high-spending and affluent tourists' arrival both locally and internationally, it is envisioned that this project will help create an endless stream of business and job opportunities for Kedahans via the island's economic expansion.
"It is our hope that this project will further position Malaysia as Southeast Asia's most preferred tourist destination," he said in a statement today.
The JV between ORA and PKB was witnessed by Kedah chief minister Muhammad Sanusi Md. Nor.
ORA was represented by David while PKB was represented by its chief executive officer Abdul Rahman Din.
Further, David said the upcoming racing circuit will score a number of world's first in racing circuit designs.
Upon ORIC's completion by the second quarter (Q2) of 2023, this racing attraction will definitely put Langkawi at the forefront of motorsports in Asia, providing a platform to nurture automotive research and development, testing ground and racing destinations for major automotive manufacturers, motorsports enthusiasts and racing teams the world over.
Muhammad Sanusi said this development will be able to attract more foreign tourists and benefit Langkawi island and its people.
The international racing circuit will definitely be an attraction for tourism in Langkawi in addition to the existing attractions, he said.
"The decision by PKB and ORA to boost tourism in Langkawi island through the development of a world-class racing circuit is very appropriate.
"I would like to invite every agency and department involved to help facilitate this project between PKB and ORA," he said.