Iran is reportedly preparing a Formula 1 track construction of which is underway since 2008.

According to Fars News Agency, the place where Iran is building the new track is located 5 km from capital Tehran. Christened as iLand, it is a futuristic city which will have all the necessary amenities along with state of the art service.

The iLand project is being built by TSI Group from Tehran while the circuit is designed by Apex Circuit Design UK-based company. iLand is supposed to feature housing for 50,000, shopping malls, water parks, hotels, an International standard 18 hole golf course, indoor and outdoor fun parks, equestrian facilities, auto mall, motorcycle dirt tracks, an Olympic standard sports complex and an International standard kart circuit designed by Schreiner Consulting in Austria.

The F1 track design of which is still a secret, has been created based on circuits like Nurburgring Nordschleife (Germany), Donington Park (UK) and Spa-Francorchamps (Belgium).

The organizers expect the construction to be completed by 2012 and F1 to arrive in Iran by 2013.