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SINGAPORE : Singapore will be hosting the Formula One Grand Prix for five years starting from next September, with an option to extend the deal by another five years.
The race is expected to rev up its tourism sector with a projected revenue of some S$100 million.
Just like the racing circuit, those involved in talks to bring the F1 event to Singapore said negotiations were filled with twists and turns.
But 12 months later, Singapore GP Pte Ltd, led by property tycoon Ong Beng Seng, clinched the rights for the night street race in the heart of the city at the Marina area.
The announcement was made after months of speculation among stakeholders and the media.
S Iswaran, Minister of State for Trade and Industry, said: "Singapore could potentially stage the first-ever F1 night race. A night race will be unique, different and allow the Singapore event to reach out to television audiences in Asia, Europe and the US. Safety is of paramount concern to all of us.
"Therefore, we will proceed with a night race only if the safety and operational requirements of all parties, including the FIA, FOA and Formula 1 teams, are fully met. If not, we will revert to a day race."
But the prospect of having a night race looks bright.
Joining the panel via tele-conference, F1 head Bernie Ecclestone is confident safety would not be an issue.
Bernie Ecclestone, Chief Executive of the Formula One Group, said: "The people who are going to carry this out are more than confident that there will be no problem. There is no problem with lighting today, the way these people carry it out is perfect, we have no doubt."
The F1 race is slated to take place in September or early October next year.
It will take the drivers through a 5.2 kilometre circuit covering many of Singapore's landmarks and heritage sites including the old City Hall, bypassing Suntec Convention Centre, towards Republic Boulevard where the new Singapore Flyer will be located.
Some 80,000 spectators and over 500 million viewers worldwide are expected to watch the event.
Apart from the millions in tourism revenue, the race will generate economic spinoffs in other sectors as well.
The Singapore Tourism Board will fund 60 percent of the S$150 million cost of staging the race with the private sector contributing their share.
Mr Iswaran said: "The Government, therefore, intends to impose a special F1 cess on hotel room revenues to defray some of the cost of staging the F1 race in Singapore. The F1 cess will be for a limited period of about 7 days around the race.
"It will be tiered so that track-side hotels, which will benefit from the highest increases in room rates, will pay a higher rate, and those further away will pay a lower rate."
The cess tax will be no more than 30 percent and it is expected to raise some S$15 million a year.
Industry players have been consulted and the government will release more details later. - CNA/ch
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