F1 race expected to generate tourism receipts of about S$100m

Channel NewsAsia 22 Apr 08;

SINGAPORE: Trade and Industry Minister Lim Hng Kiang on Tuesday said the upcoming F1 race is expected to generate additional tourism receipts of about S$100 million this year alone.

Some 30 to 40 per cent of the spectators at the September event are expected to be from overseas, he said.

Mr Lim was replying to a question from Sembawang MP Lim Wee Kiak about his assessment of the benefits of the F1 race.

He said the exact number of jobs that will be created on a prolonged basis is more difficult to quantify since the F1 race will only be held over three days.

However, the service industry is expected to recruit additional workers to cater to demands during the F1 race period.

Several local companies have also benefited from F1 related contracts, ranging from provision of services - such as security and food and beverage - to the construction of the pit building, grandstands and corporate suites, road works, additional overhead bridges, race circuit barriers, and night lighting system.

Meanwhile, speaking at a separate event, Senior Minister of State for Trade and Industry S Iswaran expressed confidence that hotels in Singapore have announced attractive packages for September.

He said: "If you compare the room rates that I have seen in the media with what the going rates in places like Monaco, even in Melbourne and some of the other circuits, I think our rates are quite comparable.

"It is not uncommon, for example, in Monaco to have a required minimum stay of four or five nights and the rates there, mind you, they are in Euros and they tend to be significantly higher than they are in Singapore."

But for those who do not want to spend money, they can try the simulator for free at SingTel's Comcentre or another one that will be making its rounds all over Singapore.

Other activities planned include a contest to predict the winners of F1 races around the world, starting with the Turkish GP in early May and ending with the Singapore race.

There is also a game developed for mobile phone users which can be played by more than one person.

There are also the SingTel Grid Girls - 48 of them will be selected by the public in a reality show on Channel 5. - CNA/ac/vm