SINGAPORE: The recent Singapore Formula One Grand Prix may have gone some way in branding Singapore as the Monaco of the East, but one event - no matter how major - certainly will not be enough to sustain the buzz.

Hence, other big events are in store for the rest of the year.

It's the stage from the National Day Parade, but come October 11, the floating platform at Marina Bay will be taken over by party goers gyrating to hip hop music!

For art lovers who cannot get enough of the Singapore Biennale, Asia's largest contemporary art fair will be coming to Suntec City from October 10-13.

For sports enthusiasts, the F1 of the seas - the Volvo Ocean Race - will make its first Singapore stop in December.

And to further promote Singapore as a lifestyle destination, the famous Tuscany Sun Festival will be having its second run in Singapore over 10 days in October.

With over 90 events featuring 350 international artistes, including Hollywood star Robert Redford, Singaporeans and visitors will be spoilt for choice when it comes to entertainment options.

However, with the US financial meltdown and tourism arrivals expected to slow, will there be a market for all the events lined up in Singapore?

Lynette Pang, Singapore Tourism Board's director for events & entertainment cluster development, said: "It is definitely going to be a very challenging year to meet our (target of) 10.8 (million) visitor arrivals. That is why we are shifting our focus.

"Instead of (focusing) on visitor arrivals, we are looking at yield and expenditure. So moving ahead, the focus will definitely be on the high net worth individuals, the premium plus segment, as well as the BT MICE market."

STB believes the premium plus segment, as well as the BT MICE market - which stands for business travellers, meetings, incentives, conventions and exhibitions - are more well cushioned against a slower economy.

Hence, it is confident that events held in the later part of the year will be well supported.

Sustaining the buzz in Singapore is also as much about local establishments, as it is about temporary events. And some local nightspot operators say a slowdown may be a good time to re-look at their business.

Bernard Lim, executive vice-president, LifeBrandz, said: "We will be taking the opportunity to look at how to perhaps trim the operating costs if and when necessary.

"And more importantly, to take a look at how to reinvent ourselves, to perhaps add more value to the entertainment, invest forward perhaps for the next few months and get ourselves ready for the next peak, which will traditionally come in December.

Industry watchers say that while many are tightening their belts in the US and Europe, the party is not quite over for Singapore, which is still basking in the post-F1 glow.

- CNA/ir