May 11 2007
Singapore has won a five-year deal to host a Formula One race starting next year and plans to stage the first ever night grand prix, speeding past skyscrapers, colonial-era buildings and the waterfront. The race may be held in September or early October 2008, and the city-state has the option to extend the deal for another five years after 2012, the government said today.
Minister of State for Trade and Industry Iswaran said hosting an F1 race will bring Singapore closer to its ambition of becoming a “vibrant, global city,” adding that the race is estimated to generate about S$100 million (US$66 million) a year in incremental receipts. Iswaran said the Grand Prix, around the downtown Marina Bay district, could “potentially” be held at night if safety can be 
assured. The F1 race will be on a 4.8 kilometre (three-mile) street route proposed by designer Hermann Tilke.
assured. The F1 race will be on a 4.8 kilometre (three-mile) street route proposed by designer Hermann Tilke.Though Several F1 drivers have spoken against the idea of a night race, citing safety concerns, the sport’s supremo Bernie Ecclestone said he was confident that a night race would be held and that safety conditions would be met. Ecclestone is keen on a night race to boost television audiences in the sport’s European heartland.
Formula One cars do not have headlights, so the track would have to be floodlit to make it safe enough for drivers used to hitting top speeds in excess of 300 kph (190 mph). Australian driver Mark Webber has expressed concern that rainy weather during a night race would mean poor visibility.
The rights to the race have been won by a private company controlled by Singapore property and hotels tycoon Ong Beng Seng. Iswaran said the annual cost of staging an F1 race could be up to S$150 million ($99 million), and that the government would co-fund about 60 percent of the cost of the event. The race is expected to generate tourism receipts of about S$100 million ($66 million) per year. As hotels will be able to raise room rates by up to three times during the event, Singapore will impose a tax of up to 30 percent on hotel rooms for a period of about seven days around the race. The Singapore government wants to boost tourist arrivals to 17 million people by 2015 from nearly 10 million in 2006. Keen to shake off its reputation as being staid, the Southeast Asian city-state is also building two multi-billion-dollar casinos.
Both Singapore officials and Malaysia’s F1 organisers said the Singapore race move was unlikely to pose a threat to the Malaysian Grand Prix. However Malaysia’s sports minister Azalina Othman Said last month said there should only be one F1 race in Southeast Asia, but Mokhzani said the new development would promote the sport. Meantime, Malaysia has won an extension to host F1 by another five years beyond 2010. “Why should I worry about Singapore and Malaysia having F1? Theirs will be at the end of the year and ours will be at the beginning,” said Mokhzani Mahathir, chairman of Sepang International Circuit, which will stage its 10th race next year.
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May 11th, 2007 by financetwitter
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