Malaysia is planning to build a "Space City" project that costs up to 13 billion ringgit (3.71 billion U.S. dollars) near Seremban, capitol of its Sembilan State.
Local newspaper The Star reported on Monday that the project, to be financed by a Dubai-based private pension fund from India, would be implemented as early as the end of this year.
It would be similar to Abu Dhabi's 750 billion ringgit (214.29 billion U.S. dollars) Space City project that would be built over the next decade, although not in size, cost and lavishness, added The Star.
The daily quoted the Sembilan State's Mentri Besar (chief executive of the state government) Mohamad Hasan as saying that the local Space City project would cover an area of 400 hectares.
It was close to the Kuala Lumpur International Airport,and Putrajaya,administrative center of the Malaysian Federal Government, added the official.
Mohamad Hasan said the ultra modern project would take shape in phases over 15 years.
He also stressed that the city, built on a totally new concept, would be the nation's most modern city.
Meanwhile, he said the state government had only sold the land to the investor based on set conditions and the later would be financing the project by themselves, without the state government' s forking out any cash.
According to The Star, the Space City, once completed, would also house the Formula One City where competing teams could set up their research and development facilities.
Mohamad Hasan noted that the drivers could also stay near the circuit during the race, without having to commute back and forth between the congested Kuala Lumpur and the Sepang F1 Circuit, which is also near to the Space City.
The first phase of the project consists of a mixed development with residential and commercial properties with the former costing more than 500,000 ringgit (142,857.14 U.S. dollars).
While encouraging locals to park their investments in the city, he said the developers would also be allowed to sell the properties to foreigners.
Mohamad Hasan also said that the Space City project would be carried out at the same time as Sime Darby's Central Vision Valley (CVV) project located some eight kilometers away.
Sime Darby is a Malaysian-based multinational company with core businesses in plantation, property, motors, industrial and energy.