Mirage77

Thanks Tyc my bro for bringing this news to the table, I was about to post it.

In case you guys haven't seen the track...

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Mirage77

Official press release from F1:



Singapore confirms 2008 night race
11 May 2007

Singapore will host a round of the 2008 FIA Formula One World Championship, it was confirmed on Friday. The race, to be held on a new street circuit, will be the first night-time event in Formula One history.

The announcement follows the agreement of a five-year deal between FOM CEO Bernie Ecclestone, Singapore entrepreneur Mr Ong Beng Seng, and the Singapore Tourism Board.

“I am very pleased to welcome Singapore to the Formula One family and we look forward to this exotic addition to the championship,” said Ecclestone. “This will be the first fully lit street race in Formula One.

“As a night race we anticipate it will quickly establish itself as one of the most dramatic and atmospheric races on our calendar. I know the Formula One drivers, teams and fans are all looking forward to coming to Singapore next year.”

The new race is scheduled to take place towards the end of the calendar in September or October. The timing of the night event means it can be broadcast at a convenient time for European TV audiences as well as thrilling local fans. It is also expected to have a hugely positive economic impact on the region.

"We are delighted to have reached a deal to bring this landmark event to Singapore, and look forward to working with F1, the Singapore Tourism Board and the business community to deliver a great race and vibrant support events together with the very best of Singapore’s famed hospitality and cuisine.” Ong added.

The Singapore Grand Prix will take place on public roads around the Marina Bay area. The design proposal includes powerful lighting systems that will replicate daylight conditions and the most stringent safety protocols will be applied to ensure driver and spectator safety.

Grandstand seating and hospitality areas lining the track will be able to accommodate more than 80,000 spectators, while a permanent pit area with deluxe paddock facilities will be built adjacent to the existing Singapore Flyer complex.

“It will be more than just a motor race,” commented Singapore’s Minister of State for Trade and Industry, Mr S Iswaran. “We envision it to be a national festival, and one that presents many opportunities for participation for everyone, both visitors and Singaporeans alike.

“Singaporeans are excited about the race coming to Singapore and I share their enthusiasm. Singapore looks forward to welcoming the Formula One drivers, teams and fans to Singapore next year.”

The Singapore Grand Prix will be managed by Singapore GP Pte Ltd, a newly incorporated race promotion company formed between Komoco Motors and regional events company Lushington Entertainments, via its parent company Reef Enterprises.

astonmartin

Another View.
But i must say, our city looks much nicer than seen above

Mirage77

Lol yeah.

Mirage77

F1-driven rush for rooms begins

By Vincent Wee - May 12, 2007
The Business Times

Even with no definite date for the Singapore Grand Prix, hotels on the proposed F1 route are already reporting a huge number of requests for room bookings for likely weeks.

The phones started ringing within minutes of the official announcement that Singapore will be hosting the race from 2008, hoteliers said.

Industry sources also told BT that corporates like Daimler-Chrysler and some of the banks had made big block bookings for their premium clients at Swissotel The Stamford, one of the hotels along the route, while other hotels have reported heavy corporate bookings even though there is no word on when the motor race will he held.

At the Pan Pacific, public relations manager Cheryl Ng said: 'The hotel began receiving inquiries for accommodation shortly after the announcement was made.' Other hotels along the route include Marina Mandarin, The Oriental, Ritz-Carlton, Conrad, Raffles Hotel, and The Fullerton.

The money will not all be flowing one way. The hotel trade will, however, be expected to help stump up some of the $150 million the event is expected to cost - but reactions to the F1 cess announced yesterday were generally positive. 'We're supportive of it,' said Ritz-Carlton's director of public relations Evelyn Yo.

Marina Mandarin's general manager Tony Cousens said: 'F1 will be a great event for Singapore, fantastic international positioning for Singapore and, as such, as with other destinations for events, a levy to support it will be understandable.'

Likewise at Pan Pacific, where Ms Ng said: 'The confirmation of this event is extremely encouraging, not only for the hotel but for the outlook for the hospitality industry on the whole and with this news, the hotel will be starting a committee to begin preparations for this event.'

The general manager of Royal Plaza on Scotts, Patrick Fiat, said: 'It's definitely a big boost for tourism in Singapore and one of the best things that can happen for the branding of the country.'

Hoteliers were, however, unwilling to comment immediately on how room rates will be affected by the levy and by the race it is intended to help pay for. While acknowledging that the Grand Prix will be an excellent opportunity to boost business, most said they would need more time to assess the supply and demand situation at the time.

'Although it is too early to predict the rate changes at this stage, we expect an increase,' said Ms Ng.

'This will become clearer once we have an idea of the final concept - day or night - which will generate the expected tourist arrival numbers and subsequently, the demand. This is encouraging for local hotel rates in general, which are still behind other Asian cities like Shanghai and Hong Kong.'

Even without this new attraction, hoteliers were already looking forward to a 20 per cent year-on-year rise in room rates.

Clearly, with the addition of the race cess, they can be seen to rise by at least 50 per cent - although the experience in other F1 cities like Monaco and Melbourne suggests that rates could be at least 2-3 times the normal charges during the race period.

Mirage77

What do you F1 purists think about a race in Singapore?

Personally, I'm cautiously optimistic... We are a country with many petrolheads, but I don't think a large number follows F1. Unlike Monaco, we're a very different society... We are just starting to be a choice location for the rich, but for the famous? Not yet I think. We're still lacking a vibrant night-life scene, or the 'atmosphere' of the good life.

Monaco has the tradition and the whole population interested in F1 which makes its street races so successful. I've seen pictures, reports and all where the whole country literally prepares and anticipates for F1. I doubt this would ever happen in Singapore. Most of the audiences and viewers are likely to be foreign... Would the spirit of F1 still be retained? Can it be sparked off? It remains to be seen. There are many viewpoints on this, one of which is that this race will be a one-off thing, simply because we aren't a glamorous location enough for F1.

Mirage77

F1: Is the pulse racing among sponsors?

Corporates weigh the costs and benefits of a major Singapore event

By VINCENT WEE

(SINGAPORE) Malaysia has the Petronas Malaysian Grand Prix and Australia has the ING Australian Grand Prix. But what are the odds that Singaporeans will be able to stand proudly behind a DBS Singapore GP or a SingTel Singapore GP when the international television cameras focus on the city next year?

Details of sponsorship packages are not available yet. Race promoter Singapore GP says it is finalising various packages including title sponsorship. 'We are in discussions with them (Formula One Administration) for us to help secure the title sponsorship and to jointly offer some trackside advertising packages for local companies,' said a spokesman. And Singapore GP is 'receiving a large number of requests for information on marketing opportunities'.

As the GP race heats up, companies BT spoke to were lukewarm at best to the prospect of sponsorship. Of the three biggest capitalised companies on the local bourse - who would presumably have the resources to consider the $7-15 million title sponsorship bill - top local banks DBS and UOB declined to comment. But with their history of sponsorship being mainly in education and the arts, it appears unlikely they are interested in burning rubber.

Singapore's biggest company Singapore Telecommunications had a more positive response. 'We are open to sponsoring a world-class event like F1,' said corporate communications director Peter Heng. 'In evaluating a sponsorship, we look for brand synergy with SingTel's vision to be Asia-Pacific's best communications group and our aim to set the pace.'

Singapore Airlines is also open to the idea of race sponsorship. 'Of course we will look at the merits of any proposal but if we are approached, we will consider it,' said a spokesman.

Lifestyle company OSIM is also prepared to consider options when they became available. 'We are open to talk. We believe there is international exposure if the price is right,' said chief financial officer Peter Lee.

Property players have different views of sponsorship. CapitaLand recognises the high-profile international nature of the event and the 'endless possibilities for advertisers, including new ways of collaboration and corporate client-servicing activities' it offers. 'Companies like CapitaLand that have not previously associated themselves with sports sponsorship will now have an excellent reason to evaluate the branding effectiveness of such high-profile, high-exposure events,' said a spokesman.

Sentosa Leisure Group, on the other hand, feels the GP does not really match its objectives. 'Although the F1 will no doubt be a most exciting event in Singapore, there is no natural synergy between racing and Sentosa, or co-branding opportunities for both parties,' said a spokesman. Instead, he highlighted Sentosa Cove's sponsorship of the Singapore entry in the Clipper 05-06 Round the World Yacht Race as an example of effective sponsorship, serving to showcase the new One Degree 15 marina there as well. Big foreign players also seemed strangely reticent about GP sponsorship. Aviva, which has been active in sponsoring sports events here like the badminton championship and F1 powerboat race two years ago, declined to comment, as did Swiss financial giant UBS.

Citibank seemed slightly more upbeat, though comments by Citi Singapore's country corporate affairs director Adam Rahman seem to suggest any sponsorship would be restricted to corporate hospitality. 'Citi is always open to such unique and interesting sponsorship ideas,' he said. 'While it is too early to commit on sponsorship, we will definitely be interested in hosting corporate hospitality events for our top clients at the F1.'

Ironically, the smallest local bank, OCBC, is the only one to have given a positive reaction. 'Like all Singaporeans, we are excited at the prospects of having the F1 race in Singapore (and) are open to opportunities to work with the relevant parties to make it an exciting and unforgettable event,' said head of corporate communications Koh Ching Ching.

The issue boils down to branding and scale. While the F1 offers a great chance to showcase a brand to a global audience, many local companies say their brands are too small or do not have sufficient global appeal to benefit from it. This poses a chicken-and-egg question of whether the race can be an effective vehicle for them to get the global reach they now lack.

Another commonly cited reason for not getting involved in F1 is hesitation to spend large amounts without any tangible way to gauge returns. 'What is being offered in return for spending megabucks?' asked an industry player. In fact, the cost-benefit equation was the main deciding factor alluded to by many of the local companies that BT spoke to.

While they are waiting for detailed proposals before making up their minds, all of them say they will analyse the value involved before making a decision.

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