Singapore GP and Singapore Tourism Board have announced that they will continue to host the FIA Formula 1 World Championship for another four years from 2018 to 2021. The announcement has come against the background of a year-to-date 19 per cent increase in ticket sales, with the weekend sales still to be included. In its first decade, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore and about SGD 1.4 billion in tourism receipts. With more than 90 per cent of the race organisation sub-contracted annually to Singapore-based companies, the race also contributes to the local economy, over and above the tourism outcomes. This event has also showcased Singapore as destination to over 780 million international broadcast viewers.
Over the years, the Singapore F1 race has been witnessing a line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city. Lionel Yeo, chief executive, Singapore Tourism Board, said, “The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.”
Singapore GP’s Ong Beng Seng said, “Since 2008 we have enjoyed a close working relationship with Formula 1 and all of its key players. We believe this has been a beneficial partnership for all parties, for our city and for the sport, and we look forward to building on that foundation with F1’s new owners.”
Singapore’s minister for trade and industry, S Iswaran added, “The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the Formula 1 franchise. With its global viewership, the race has reinforced Singapore’s image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community. We look forward to the continued support of all Singaporeans as we work with Formula 1, Singapore GP, and all stakeholders, to ensure the F1 Singapore Grand Prix remains an event that we can all be proud of.”
