Dubai’s Union Properties (UP) has renewed plans to build a $163m (AED600m) motor racing theme park in Dubailand, it revealed on Wednesday.

The company said that it is currently developing a feasibility study for the project, which was cancelled in 2013, forfeiting a $10m signing-on fee as well as other expenses incurred.

UP would consider financing options once it has received clearance to proceed with the plan, it told the Dubai bourse.

The masterplan will be revised however, making the original theme park designs smaller and more affordable while relocating half the land for mixed-use development.

The developer also said that it is hoping to revive other projects located in Dubai’s Motor City, including a $82m (AED300m) hotel and retail development, the Link Motor City project, and will look at financing options once that feasibility study is completed.

In August, UP agreed with two banks on a $79m (AED290m) loan to build its $122m (AED450m) Greek-inspired Oia Resi­dences project in Motor City, scheduled to be completed by the end of next year.