S'pore F1 on the starting grid

[mr funny]

Thursday, May 10, 2007

A corporate step closer to F1 in S'pore

Cubby Leong

[email protected]


PROPERTY tycoon Ong Beng Seng's dream to see Ferrari and McLaren cars roaring past the Padang is close to becoming a reality.

Last Thursday, a company called Singapore GP Pte Ltd was registered with the Accounting & Corporate Regulatory Authority (Acra). The new company's registered address is the HPL House at Cuscaden Road.

With Mr Ong being the managing director of HPL — and the key player in efforts to bring a Formula 1 Grand Prix race to Singapore — the company's registration is seen as a signal that the much-waited announcement on the high-profile event is imminent.

According to Acra, Mr Ong is one of three directors of Singapore GP, which describes its business as "event promotion". The company is reported to have an issued capital of 20 million shares at $1 each.

The other two directors are Mr Teo Hock Seng and Mr Colin Syn.

Mr Teo, who is the managing director of Komoco Motors, is also chairman of S-League powerhouse Tampines Rovers. Mr Syn is president of Hard Rock Café.

The sports fraternity has welcomed the creation of Mr Ong's new company.

Mr Teo Ser Luck, Parliamentary Secretary for the Ministry of Community Development, Youth and Sports, is encouraged that businessmen are now finding sport a worthy investment.

He said: "There are many successful businessmen locally and, hopefully, this will encourage more people like Ong to step forward to help elevate Singapore sport in a big way."

Singapore Sports Council's chief executive officer Ooi Jin Teik added: "Mr Ong is a shrewd and visionary businessman. He obviously understands the sports business model and its return on investment potential."

Mr Ong has been in negotiations with Formula One Management since January to bring a Formula 1 race to Singapore. With this latest development, some sources have suggested that an announcement could come as early as this Sunday, at the Spanish GP at the Circuit de Catalunya in Barcelona.

The Singapore race is scheduled to be a Monaco-styled street circuit, possibly the first to ever be held at night. A 4.8-km route, which will showcase the Marina and Esplanade area, has already been designed by renowned German architect Hermann Tilke.

[Singapore GP Pte Ltd]

Singapore will announce F1 decision at 5pm on 11 May 2007.

[Hard Rock Café]

Reuters
Singapore
Friday, May 11, 3:05pm

An aide to Singapore tycoon Ong Beng Seng has confirmed that he will be attending a government press conference to announce its decision on hosting a Formula One (F1) race in the city-state.

The office of Colin Syn, who heads the Hard Rock Cafe franchise of Ong's Hotel Properties Ltd., said Syn would be attending the briefing at 0900 GMT or 5pm local time.

Hotel Properties had earlier said that any investment by Ong in the F1 race would be in his private capacity.

[AsiaOne]

Julian Lim
AsiaOne
11 May 2007

The Ministry of Trade & Industry (MTI) has called a media conference at 5 pm today to announce its decision on hosting a Formula One race in Singapore.

Sent at 2.20pm this afternoon, the media release from MTI requested journalists to arrive latest by 4.30pm, which is significantly shorter notice than usual for press conferences, signalling the possibility of the long-awaited confirmation of what Singapore motorists have been longing for.

Earlier this week, the media reported that a company named 'Singapore GP Pte Ltd' had been registered with the Accounting & Corporate Regulatory Authority on May 3, with an issued capital of 20 million shares of $1 each. Under one of the pre-requisite fields, the company's activity has been described as 'event promotion'.

Two of its three directors are closely tied with property tycoon, Ong Beng Seng, who has been leading the charge to bring Formula One. Ong is the top man at hotel and resorts developer, Hotel Properties Ltd.

F1 supremo, Bernie Ecclestone, also stopped over in Singapore en route to the Australian Grand Prix earlier this year for talks with Ong and some government officials.

Senior officials from MTI and the Ministry of Community Development, Youth & Sports (MCYS), in comments made, also showed their support for staging the F1 here, but also made clear that they would leave the private sector to spearhead the effort. A government entourage also went to Melbourne for the opening race of the season, fuelling further speculation that an announcement was due then.

Motorsports Asia, a forum, has been abuzz with chats on hosting the race. And recent stopovers by Red Bull Racing's Mark Webber and Team AT&T Williams' Alex Wurtz got those watching the scene intently even more excited.

The media has in the past week been focusing on the operational details of the race, such as the proposed street circuit and the new 'night racing' concept, which threw up many practical issues that would have to be addressed, such as the massive task of lighting the track with power-sapping floodlights. And still, we waited.

Will the 5 pm announcement put the months of behind-the-scenes wrangling and media speculation behind us? We will know soon.

[CNA]

ChannelNewsAsia
Singapore
11 May 2007

Singapore will hold a Formula One race in 2008.

This was announced at a press conference on Friday afternoon.

Formula One head Bernie Ecclestone had earlier met property tycoon Ong Beng Seng to discuss the possibility of holding the race in the Republic.

Singapore is keen to host an F1 race and the government has given its blessing to the negotiations between Mr Ong and Mr Ecclestone.

However financial and logistical hurdles have recently slowed progress on a deal.

The government said it was "willing to support such a venture up to a level commensurate with the broader benefits to the economy".

The cost of hosting a race is estimated to be US$70 million.

Aside from the costs, the task of working out logistics, particularly maximising public safety and minimising disruptions to local businesses in the area earmarked for the race, was also proving to be a challenge.

A senior member of Mr Ong's team has previously said a decision needed to be made by April this year if they were to be ready for a 2008 race.

[Supporter]

ChannelNewsAsia
Singapore
11 May 2007

Singapore will hold a Formula One race in 2008.

This was announced at a press conference on Friday afternoon.

Formula One head Bernie Ecclestone had earlier met property tycoon Ong Beng Seng to discuss the possibility of holding the race in the Republic.

Singapore is keen to host an F1 race and the government has given its blessing to the negotiations between Mr Ong and Mr Ecclestone.

However financial and logistical hurdles have recently slowed progress on a deal.

The government said it was "willing to support such a venture up to a level commensurate with the broader benefits to the economy".

The cost of hosting a race is estimated to be US$70 million.

Aside from the costs, the task of working out logistics, particularly maximising public safety and minimising disruptions to local businesses in the area earmarked for the race, was also proving to be a challenge.

A senior member of Mr Ong's team has previously said a decision needed to be made by April this year if they were to be ready for a 2008 race.

Wah liao!
How can the property prices not go up?
Cheong ah!

[Reuters]

Reuters
Singapore
11 May 2007

Singapore will host a Formula One race in 2008, a government minister said on Friday.

S. Iswaran, Minister of State for Trade and Industry, told a press briefing that a first race could be held in September or October next year and might be a night race.

A Formula One night race would be the first in the world, although several Grand Prix drivers have spoken against it, citing safety concerns.

Singapore wants to host the Formula One race to attract more tourists and raise its profile abroad.

[joe]

Singapore wins right to host F1 race next year
Posted: 11 May 2007 1715 hrs

SINGAPORE : Singapore has won the right to host a Formula One Grand Prix next year, an official said Friday.

The race will be held either in September or early October on a street circuit around the downtown Marina Bay district, Minister of State for Trade and Industry S. Iswaran told a news briefing.

Iswaran said it could "potentially" be the world's first night race, but organisers are still looking at safety issues.

"Safety is of paramount importance to all of us. Therefore we will proceed with a night race only if the safety and operational requirements of all parties... are fully met," he said.

"If not we will revert to a day race."

Singapore has an option to host for a further five years and expects annual tourism receipts from the event of about S$100 million.

Formula One head Bernie Ecclestone had earlier met property tycoon Ong Beng Seng to discuss the possibility of holding the race in the Republic.

Singapore is keen to host an F1 race and the government had given its blessing to the negotiations between Mr Ong and Mr Ecclestone.

However financial and logistical hurdles have recently slowed progress on a deal.

The government has said that it was "willing to support such a venture up to a level commensurate with the broader benefits to the economy".

Aside from the costs, the task of working out logistics, particularly maximising public safety and minimising disruptions to local businesses in the area earmarked for the race, was also proving to be a challenge.

A senior member of Mr Ong's team has previously said a decision needed to be made by April this year if they were to be ready for a 2008 race. - CNA/ch

[Formula One]

Formula One
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.

[mr funny]

Published May 12, 2007

S'pore F1 on the starting grid

Ong Beng Seng, STB, hotels to jointly foot the bill; F1 cess of not more than 30% to be levied on room rates

By SAMUEL EE


(SINGAPORE) After months of intense speculation, it was finally announced yesterday - Singapore will host the Formula One Grand Prix from 2008 for five years, with the tab to be picked up by the race promoter Ong Beng Seng, the Singapore Tourism Board, and the hotels in the vicinity of the proposed route.

The cost of staging an F1 race can be up to $150 million, said Minister of State for Trade and Industry S Iswaran at a press conference yesterday.

'Given the broader economic benefits from an F1 race that do not accrue to the race promoter, there is a case for commensurate support from public funds,' said Mr Iswaran. 'STB will therefore co-fund about 60 per cent of the cost of the event from the Tourism Development Fund.'

Flanked by Mr Ong and STB chief executive Lim Neo Chian, he added that since such an event also benefits Singapore hotels, which can double or treble their room rates, they will contribute via a special F1 cess on room revenues.

'The F1 cess will be for a limited period of around seven days around the race,' explained Mr Iswaran. '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 farther away will pay a lower rate.'

The cess will not be more than 30 per cent and is expected to raise an average of $15 million to $20 million a year.

Mr Ong's newly-registered company, Singapore GP Pte Ltd, secured the rights from the Formula One Group after 12 months of negotiations. The first race will be held next year in September or early October and it will take place at night - an F1 first - if all safety requirements are met. The 5.2-kilometre street circuit will wind its way around the Singapore Flyer ferris wheel, past the Esplanade theatre, Fullerton Hotel and Padang, before turning into Raffles Boulevard and looping back by Republic Boulevard.

The government's aim is for a world class event like the F1 race to help make Singapore a vibrant global city filled with high quality entertainment and events. The race will also give the tourism sector a strong boost, generating incremental tourism receipts of $100 million a year. But Mr Iswaran said the benefits of F1 go beyond tourism.

As for Mr Ong, he is 'elated by the prospect of doing this and I hope I can do a good job of it'. The 60-year-old property tycoon was motivated by personal interest to bring F1 here as well as his love of sports.

'I believe it's good for Singapore and it's good for F1 to be in Singapore,' said the normally media-shy hotelier. 'It's a good marriage and win-win for all parties.'

F1 supremo Bernie Ecclestone, speaking via teleconference, said there would not have been a race if not for his friendship with Mr Ong.

'It's not been too easy, without being rude to government officials,' Mr Ecclestone said drily, referring to the talks. 'But you've done a good job and it's all gone through fine.'

Mr Ong also called the discussions trying and challenging, saying: 'It's tough in all aspects but well-supported by all government agencies.'

One source close to the negotiations claimed the deal almost fell through about a couple of weeks ago because the race owner had 'walked away from the table'.

'The government agencies wanted justification for things like the sanction costs and viewership numbers and the discussions had gone on for so long that the F1 management was going to give up on Singapore,' he said. But he added that there was pressure for a second F1 bid to succeed and the deal was salvaged. In 1989, Mr Ong had proposed building an F1 track but it was turned down by the government.

At yesterday's press conference, Mr Ong hinted at the possible difficulties, saying that up till last week, he didn't know whether a deal would happen or not.

He said problems related to 'the money part', the street circuit and leakages from buildings around the route. Leakages refer to the problem of people who don't buy a ticket but instead watch the race from a hotel room.

Questions were asked about the possible shortfall in revenue that Mr Ong's company would bear, but he replied by saying it was 'premature to go into financial details because the exact costing will depend on specifics'.

[mr funny]

[mr funny]

Experts list technical challenges ahead of F1 race

By Patwant Singh, Channel NewsAsia | Posted: 11 May 2007 2315 hrs


SINGAPORE : Although Singapore has received the green light for the F1 race, it is still a long road ahead before the chequered flag.

Experts Channel NewsAsia spoke to listed some technical challenges to overcome, like testing the circuit and getting personnel to man the race.

Now that the paper work is done, the legwork begins to get the race off the ground.

The next 16 months will be spent solving a host of technical challenges.

These include resurfacing of roads, setting up pit areas and barricades, and other logistical requirements.

But one area of importance is the safety of drivers and fans, as the event is likely to be held at night.

Steve Slater, F1 TV Commentator, said, "There have been concerns...about power supply, about what happens if it rains...those are all things that drivers (are concerned with) and safety obviously is paramount; the drivers will work out, they will do tests at another track sometime through the later stages of this year..."

Manpower is another area Singapore will have to boost, especially marshals and safety officers.

Tan Teng Lip, President, Singapore Motor Sports Association, said, "We are doing it for the first time, an event like this, we would need marshals and officials and all of them have to be trained and also licensed."

The Association will also engage the help of other race organisers to train the local manpower.

Medical staff will also have to trained, to deal with motor sports-related injuries, like burns and trauma.

All these may make for a bumpy road ahead, but everyone is gearing up for the ride of their lives come 2008. - CNA/ms

[mr funny]

S'poreans, tourists welcome F1 race in Singapore

By Valarie Tan, Channel NewsAsia | Posted: 11 May 2007 2252 hrs


SINGAPORE : Singaporeans and tourists have said they are excited to have an F1 Grand Prix here.

Many say a Grand Prix street race through the city will further boost Singapore as a key holiday destination in Asia.

Shopping and other attractions already draw in millions of tourists to Singapore.

But all eyes will be on the F1 Grand Prix street race to be held in the heart of the city in 2008.

One visitor said, "Yeah that's what we're waiting for, because we've got a couple of years in Singapore so we hope to go when it comes here."

Another tourist added, "...two years (ago), it was in Turkey. But we couldn't go. Maybe next year we can come here to Singapore to watch it."

A third commented, "It's an exciting place to be, Singapore, and to have F1 here would make it even more exciting. "

Yet another said, "It's close to Brunei I can fly over here."

The last time Singapore had a Grand Prix was in the 1960s.

It was held in a street circuit at Upper Thomson, away from the business district.

With one to be held in the heart of the city at the Marina Bay area, all eyes will be on the organisers to see how the F1 race will be a smooth and unforgettable one for both the racers and the audience.

Many Singaporeans are also looking forward to seeing world-renowned racers and their hot wheels in the flesh in Singapore.

One Singaporean said, "I would hope to attend an F1 race and attend a winning team party."

Commenting on its attraction, another said, "I think it's the crowd, the people, the racers, especially the F1 cars."

A third commented, "I used to go up to Sepang in Malaysia to see (the race). But it's just too tedious to keep going up there. So it's good that they're having it here."

And they will not have to wait too long; the F1 race is expected to take place in Singapore later next year. - CNA/ms

[mr funny]

May 12, 2007

Singapore GP will be a stunning spectacle

F1 race will earn the Republic recognition as one of the world's great sporting locations

By Steve Slater



NO CONFINES LIKE MONACO: The Singapore Grand Prix circuit is likely to have flat-out sections that will allow the cars to reach speeds close to 300kmh. -- ALBERT SIM


IT HAS been a long time coming but, in the words of Formula One boss Bernie Ecclestone himself, the Singapore Grand Prix is a 'win-win' event.

Formula One wins because it gains a spectacular new venue.

And, if everything drops into place, it will have an even more spectacular new night-race format.

It is a real boost to the F1 calendar.

Singapore wins too.

Hosting a Formula One Grand Prix places it on the map as one of the world's great sporting locations.

Given Singapore's ability to add yet more value, I will happily bet that it will be one of the world's 'must watch' sporting events of 2008.

And that is before we get to the estimated $100 million in revenue that visitors are set to bring in.

Yes, I speak as a died-in-the-wool motorsports enthusiast.

But I really think that this event will make Singapore leap in global recognition.

Imagine the cost of placing an advertisement on every major TV network in the world showing how great Singapore looks. It would be prohibitively expensive.

Yet, the global coverage of the Singapore Grand Prix will effectively be a TV commercial, lasting two hours.

Singapore has already set the sporting world buzzing with its announcement that the race could be held at night.

It is, of course, subject to a further series of tests.

Quite rightly, the Grand Prix organisers and Formula One will demand the highest levels of safety and security before they commit to the new format.

Even if the race is held during the day, it will look and sound fantastic.

Imagine the shriek of the V8 engines, along with the reflections, bouncing off the glass walls of the buildings along Raffles Boulevard.

Then there is the dash across the bridge on Esplanade Drive, followed by the near-hairpin bend at the Fullerton Hotel and the squeeze across the Anderson Bridge.

What a track!

The Singapore circuit is going to be very different to most people's perceptions of a street circuit, which are based on the very tight confines of the Monaco track.

Do not forget that it was first developed in the 1920s. While it has got a great atmosphere, as a race track, it is hopeless.

In contrast, Singapore is going to have some really quick, flat-out sections, such as the Raffles Boulevard, which will see the cars getting close to 300kmh.

There are likely to be some great overtaking opportunities, such as at the end of Republic Boulevard.

And the first corner of the lap will be right in front of the Singapore Flyer. Now, that is a great place to watch the race.

It all sounds great, then imagine watching it at night - with the shining backdrop of the city.

If anything, it will be twice the spectacle, complete with red-hot glowing brake discs and flashes of flame from the exhaust pipes.

It will be a stunning spectacle.

Most importantly, the track is right in the heart of the city. And, assuming that tickets are priced at the right level, it has more potential than any other race to become a 'people's Grand Prix'.

While we cannot all aspire to be on one of the millionaires' yachts in the Marina, the track has the potential to offer lots of viewing opportunities.

I'm sure too that the event will turn into a week-long festival, ensuring that the Singapore Grand Prix becomes 'the Singaporean's Grand Prix'.

Let us make it happen.

[email protected]

Steve Slater is the expert half of the popular F1 commentary duo on STAR Sports. He has been involved in the sport at many levels including as journalist, race-organiser, radio broadcaster and now, commentator.

[mr funny]

May 12, 2007

ECONOMIC BOOST

Good news for economy

But analysts divided on whether special F1 Cess on hotels is good way to reap benefits

By Terrence Voon


SINGAPORE'S economy will likely get a turbo-charged boost from the new Formula One race in September or October next year.

But the future is less rosy for hotels hoping to reap maximum revenue from the Grand Prix.

For the government's plans to impose a special F1 Cess tax of up to 30 per cent to defray the cost of staging the event may dampen their spirit somewhat.

The proposed Cess will be structured such that hotels which offer good views of the street circuit will be taxed more, compared to those further away from the action.

It is expected to boost the government's coffers by an average of between $15 million and $20million each year.

Announcing the move yesterday, Minister of State for Trade and Industry S. Iswaran described hosting an F1 race as 'a major financial undertaking'.

'The annual cost of staging an F1 race can be up to $150 million,' he said. 'STB will, therefore, co-fund about 60 per cent of the cost of the event from the Tourism Development Fund.'

Hotels in Melbourne and Monaco typically raise their room rates by up to three times when the F1 carnival comes to town.

CIMB-GK Research economist Song Seng Wun says that is why hotels should be more than happy to chip in their fair share of the revenue.

'It is not unexpected, seeing what has happened to hotel room prices in other F1 cities during the race. They do make quite a profit.'

Mr Iswaran said local hoteliers have been consulted on the proposed Cess, and that 'feedback has been positive'.

But Song feels the tax would need to be tweaked in the coming years, saying: 'We'll have to see how hotels perform next year. If the Cess does not work, they should go back to the government and ask for a review.'

Kevin Scully, managing director of NRA Capital, feels that the government should reconsider the F1 tax.

'I'm not sure if there is a need for this. The government should not be rushing to get a payback from the event so quickly, seeing how it will have much wider benefits for the economy.

'What they could have done is to buy an equity stake in the private company started by the race promoters, and make their money back from there.'

Mr Iswaran said the event is likely to boost Singapore's tourism receipts by about $100 million a year.

The Singapore Tourism Board's deputy chairman and chief executive Lim Neo Chian added that a large proportion of the expected 80,000 F1 fans for the race will be visitors.

But Jimmy Koh, head of economics treasury research at UOB, says it is difficult to predict how much the F1 cash cow can bring in.

'This is uncharted territory for Singapore, and we cannot say for certain how consumers will react.'

But the experts agree that the race is unlikely to be a loss-making venture.

Said Koh: 'It's a new paradigm, but maybe after the first few years, the race will be self-funding.'

Scully added: 'I think the event will easily pay for itself. The after-effects and the spin-offs from an F1 race will more than make up for the cost.'

Song believes that the economic windfall from F1, while significant, will not be dramatic.

'I don't expect next year's GDP to jump by a whole percentage point because of the race - maybe a decimal point or two.'

Lessons learnt from the International Monetary Fund (IMF)-World Bank meetings last year may prove to be useful.

Back then, retailers expected to see an upsurge in business, but were instead greeted by few customers during the event.

Said Koh: 'The IMF was a business event, people were cooped up in meetings all day. The F1 is different - it's a lifestyle event, and the people involved are expected to shop hard and party hard.'

Businesses on a whole, not just those in the hospitality and retail industries, are expected to enjoy the benefits of a Grand Prix held here.

'It's going to have a much wider influence,' said Song.

'The satay stall at Lau Pa Sat will sell more satay. Even public transport operators will benefit, because the roads are closed and people have to take the MRT.'

On the whole, experts agree that Singapore has done the right thing by laying its bets on F1.

Said Song: 'Despite the higher risks involved, this is a good sign that Singapore is looking beyond the usual things like manufacturing, multi-national companies and so on.'

Koh added: 'The whole economic dynamics of Singapore will change in a few years' time and the F1 is just part of it.

'It's going to make the whole concept of Singapore as a global city more complete.'

[email protected]

[mr funny]

May 12, 2007

RACE ROUTE

Get set for high speeds, tight turns, close fights

By Leonard Lim


HIGH speeds, tight corners, modern skyscrapers, colonial-era buildings and the iconic Marina Bay waterfront.

What more can a Formula One spectator ask for?

Along with showcasing Singapore's best sights, the race route unveiled yesterday boasts long straights with tight hairpins.

Fans will be salivating at the prospect of Fernando Alonso and Kimi Raikonnen attempting overtaking manoeuvres as they whizz past the Esplanade, the Swissotel the Stamford and the Singapore Flyer.

The 5.26km circuit, designed by German Hermann Tilke, in the heart of the city, which is still subject to safety checks and certification, differs slightly from the previous one proposed by him.

First, a new road under the Benjamin Sheares Bridge which runs parallel to the shoreline will be built for the start/finish line.

A permanent pit area with paddock facilities will also be constructed there, instead of along Raffles Avenue as previously proposed.

Second, the 60-lap circuit will no longer go along North Bridge Road and around Suntec City's Fountain of Wealth.

And third, there are two new long straights along Republic Boulevard and the road to be built.

It is believed safety concerns at the Fountain of Wealth, where crashes may cause congestion, led to the route being re-jigged.

Zooming down the new road, cars will turn left near the Singapore Flyer, then left again towards the seating gallery in front of the Marina Bay pontoon and then return to Raffles Avenue.

After the Esplanade, the circuit makes a left turn onto Esplanade Drive.

It then approaches a sharp right onto Anderson Bridge, passes the Singapore Cricket Club and turns right at City Hall.

High speeds and overtaking are likely along St Andrews Road, which is four lanes wide.

Going past the Padang and St Andrew's Cathedral, drivers then turn right at the Singapore Recreation Club.

The old route had a left turn towards North Bridge Road.

Moving onto Stamford Road before turning left at the War Memorial Park, the route then turns right onto Raffles Boulevard towards Suntec City.

And, instead of turning left into Temasek Boulevard, the new circuit will see the cars pass Marina Square and the Ritz Carlton Millenia Hotel.

They will then make a turn towards Republic Boulevard and back to the new road.

[mr funny]

May 12, 2007

RETAIL JOY

Businesses near circuit expect a fillip


BUSINESSES surrounding the proposed Formula One route were clapping their hands in glee, upon yesterday's announcement.

Most expect business to pick up because many F1 fans have deep pockets.

Said Sooria Kafi, 62, marketing manager of Outback Steakhouse at Millenia Walk: 'I used to work at Pan-Pacific Hotel in Sepang, and I know the number of people F1 will attract.

'When it comes, we will come up with special set meals and do up the place in line with the F1 theme.'

The manager of watch store Precious Time, Jeff Lee, 28, agreed.

'We don't usually have many tourists frequenting Millenia Walk, but F1 may change that,' he said.

'The store will come up with promotions or liaise with F1 sponsors.'

At the Esplanade, Ichiban Boshi store manager Sophia Lim, 25, is hopeful that F1 will bring in more diners because 'most people will come for their meals before or after the race'.

Last September's International Monetary Fund and World Bank meetings caused many businesses in the Suntec City area to lose money because of the inconvenience caused by the tight security.

Said Cal Ng, 30, store manager at Kenny Rogers Roasters in Marina Square: 'The IMF required a lot of security. But this won't be the case for F1, so we're not expecting a bad turn in business.'

Furniture store Barang Barang, also located at Marina Square, is eagerly awaiting F1's arrival.

Supervisor Jonathan Lim, 44, exclaimed: 'F1's a great event and it'll create a big hoo-ha because Singapore hasn't hosted such an event since the 70s. We're expecting a boom in business.'

Although some acknowledge that the road closures will cause inconvenience, Giordano's CityLink store manager Simon Chook, 28, insisted that it is just a minor issue.

'Sales will soar because there'll be people who will go the extra mile just to come into the area to watch the race,' he said.

However, some are not that optimistic.

Bernard Lee, 33, store manager at Aesop Millenia Walk, said: 'Things will remain the same for regular shoppers. The only people who will be affected are the F1 fanatics because they are the majority who will be down to watch the race.'

Outside Singapore, tour operators are already gearing up to bring in tourists for the event.

Johan van Veelen, the managing director of F1 Grand Prix Tour in South Africa, believes that the Singapore race will attract at least 40.000 tourists.

'We'll certainly organise tours to Singapore for the F1 race. Our clients will stay a day or two after the grand prix to allow for additional sightseeing time. We're expecting about 500 locals going over.'

Diane Simons, manager at Grandstand Motor Sports in England, views the night race as an added incentive for tourists.

'There'll be a high demand for the first year, but it's up to Singapore to put up a good show for the demand to stay,' she said.

'Sadly, the problem is that people start to become greedy when F1 is in town. Hotel and transportation prices start to rise, and people become disillusioned.

'However, we're expecting quite a number of Britons going over because Louis Hamilton's doing very well and this will bring in the numbers. When Michael Schumacher was winning, there were a lot of German tourists!'

CARISSA KANG

[mr funny]

DON'T FORGET THE COMMON MAN

Leonard Thomas

Sports editor

[email protected]


ON THE roads are million-dollar machines roaring along at mind-boggling speed, challenging each other; talent, skill and strategy tapped to the extreme to overtake and get ahead.

Off them is the glitz and glamour, rich and beautiful people who are invited to the exclusive events surrounding the race. They mingle at parties where champagne flows, and on race day watch the duel on the track from the best and most sought-after vantage points.

It is a high-octane mix synonymous with Formula 1 much more than any other sport in the world.

As the country ramps up for a historic Singapore Grand Prix next year under the stars, the main aim of the organisers is to cash in on tourism receipts and showcase a modern city with buzz to an audience of millions around the world.

The other must-do for the likes of Singapore GP Pte Ltd and the Singapore Tourism Board is to pull out all the stops and ensure the local populace does not miss out on what is the third-most watched sporting event in the world.

The biggest concern will be the price of tickets for the race. While the Malaysian Grand Prix attracts many Singaporeans, I cannot remember ever seeing the stands and other vantage points full.

Besides the logistics of getting to the Sepang circuit, ticket prices are an issue with Malaysians.

Right now, organisers foresee the capacity for the Singapore Grand Prix to be at least 80,000.

Only football, the No 1 sport here, has the ability to attract such a large audience in this country.

To fill the stands, it is vital the Singapore Grand Prix is made affordable to the common man — perhaps on race day, the mass-selling tickets can go for $50 each. Those who want a season ticket — including Friday's practice, Saturday's qualifying session and the race on Sunday — could be charged $100 each.

Keeping ticket prices affordable is not enough. While the Formula 1 bug is biting more and more Singaporeans, it is hardly as popular as football, so a buzz must be generated to draw locals out.

Minister of State for Trade and Industry S Iswaran has described Formula 1 as more than just a sports event. It is part lifestyle as well, he says.

The cars will be an attraction, as well as the world-class technology used. And style and fashion are all part of the Formula 1 circus.

Perhaps if we emphasise the battle between the drivers and the teams, as well as the style and smarts of Formula 1, that will woo even more Singaporeans and get them hooked for the weekend.

Throw in a huge party at the Padang on Friday night where superstar drivers such as Fernando Alonso, Lewis Hamilton, Felipe Massa and Kimi Raikkonen put in appearances to thrill the fans 48 hours before they fit themselves into their supercars and get down to racing, and the atmosphere may be right for the common man in Singapore to support the race when it hits town.

As much as the emphasis will be on the tourists — who are expected to crowd restaurants, clubs, pubs and hotels — the marketing strategy that will kick in from now must also include the common man in Singapore.

If not, the worldwide television audience may well catch Alonso, Hamilton, Massa and Raikkonen doing battle with great swathes of empty stands as a backdrop during the Singapore Grand Prix.

[2.4 V8]

If at the speed of 300 km/h, the Singapore sconomy cannot be transformed and continue its growth, and the property market continue its boom, I don't see how they can in other ways.

[joe]

Just $40 to watch S'pore F1?

By Jose Raymond, TODAY | Posted: 14 May 2007 1028 hrs


SINGAPORE : The price of a ticket to watch million-dollar cars speed down Singapore's downtown streets during next year's Formula 1 Grand Prix could be as low as $40 to $50.

This, however, is likely to be the price for standing-room-only tickets along the 5.26-km street circuit on race day.

Having set their sights on 100,000 ticketed spectators, with 60 to 70 per cent of them based here, Singapore GP, set up by hotel and property tycoon Ong Beng Seng to oversee for the Singapore F1 race, is expected to keep a substantial chunk of the tickets affordable — even as it woos the world's elite.

ON Sunday, 48 hours after it was announced that Singapore had successfully clinched hosting rights for the race, Mr Colin Syn, a director at Singapore GP, told TODAY: "We have yet to decide on the ticket pricing, but a large number will be affordable and (the prices will be) on par with all other Grand Prix races on the circuit."

Added fellow director Teo Hock Seng: "Ticket prices will have to be of international standard. The tickets will be tiered; the price for a three-day pass will be different from a single-day pass."

However, both men are confident that the final ticket prices will be competitive enough to ensure a massive turnout. Mr Teo, who is also the managing director of Hyundai vehicle distributors, Komoco Motors, noted: "Formula 1 is very much an elite event, but we expect that there will be a big rush for tickets when they go on sale.

"We are very confident that we will be able to get close to 100,000 fans for Singapore's first race."

A three-day pass at other F1 races in Asia can cost between $44 and $1,391 (see box). Across the Causeway, the cheapest tickets at the Malaysian Grand Prix cost RM50 ($22.40) for a single day Hillstand pass, which lets you sit in the open, exposed to the elements, on a grassy knoll overlooking the Sepang course.

At the other end of the spectrum, the organisers of the Singapore Grand Prix are likely to reserve between 10,000 and 15,000 tickets for the VVIPs, VIPs, corporate sponsors and guests of the organisers and racing teams — as is done at other F1 races.

Add to this some 20,000 diehard F1 fans from around the world, who are expected to pour into Singapore for the race, which is likely to be in September or early October next year.

This leaves an estimated 65,000 tickets for local enthusiasts. But just where will they be seated?

As far as seating arrangements go, Mr Syn told TODAY that it would only be finalised once the street circuit was confirmed. But well aware of the island's scorching days and sudden downpours, he added: "Wherever possible, we will try to get stands in for the fans. The only problem we could have now is that there are too many trees along the circuit. Even if we have to fit stands between the trees, we will.

"The race circuit has yet to be finalised and once we get that done, we will be able to seek permission from the Land Transport Authority on issues like how many lanes we will be able to close at certain areas. Only then will be able to finally decide where the stands will go up."

Based on the working plan, which may change, there is likely to be a permanent seating stand at the Start/Finish line along the Marina Channel – with the best view of the chequered flag. After the first turn, cars will race down Marina Promenade Park, zipping between the fans' stand and the floating platform.

The floating platform is the venue for this year's National Day Parade and when completed the stand facing the platform should seat about 27,000 people – however with minor alterations to the structure for the Singapore F1 race, the stand is expected to seat about 23,000 people.

Stands are also expected to be built around the Marina Centre Gardens area, along Esplanade Drive and St Andrews Road, depending on the number of lanes of road which will be closed for the race.

By using a street circuit, Singapore GP organisers acknowledge that there is a likelihood of leakage – essentially people watching the race for free from public vantage points. For example, anyone who stands along the Benjamin Sheares Bridge should be able to catch a very good view of the race.

Mr Teo said they were aware of such loopholes and the authorities would be roped in to plug them. Among them, the former Assistant Chief of General Staff (Training), Brigadier General (Retired) Lawrence Leong, who recently joined the Singapore Tourism Board, and will now sit on the Singapore Grand Prix working committee. Mr Teo said: "One of his roles will be to help us liase with all the government agencies involved in the F1, like the police and Land Transport Authority, to help sort out all logistical woes." - TODAY/ra

[joe]

[F1]

Property, airline, hotels get boost from S'pore F1 race: analysts
By Jeana Wong, Channel NewsAsia | Posted: 14 May 2007 1931 hrs



SINGAPORE: Property and tourism-related counters, as well as hotel REITs, perked up on news that Singapore is hosting a Formula One Grand Prix next year.

While the race is expected to bring some economic spin-offs, some market-watchers said they do not expect the glow effect to last throughout the entire franchise tenure.

Property players like Singapore Land, UOL Group and CDL hospitality REIT are seen as the biggest beneficiaries on news that Singapore has won the rights to host an F1 race for five years starting in 2008.

But analysts said blue chips in the banking and tourism sectors would also stand to gain.

Leslie Phang, Head of Investments (Asia), Commonwealth Private Bank, said: "Cathay Pacific benefited from the Olympics and we're going to see the same effects on Singapore Airlines and the tourism sector. That's going to be very, very positive.

"Other than the hotels, this has a spill-over effect on the general economy in terms of overall confidence of the consumers, of the people and of spending."

Some 100,000 tourists are expected to visit Singapore during the race season.

And hoteliers are expected to be able to charge two or even three times their usual room rates.

That is why some analysts see UOL and Singapore Land, which own the most hotels and properties around the F1 route, as benefiting the most.

They said properties near the track often get re-evaluated upwards, albeit temporarily, during the racing period.

But market watchers warned that the banquet may not last the entire period of the franchise.

Mr Phang said: "If we look at Malaysia's experience, it has benefited from the first or even the second race, but starting from the third race, the attendance has actually tapered off. So we wouldn't be so confident as to say that this is a sustainable long-term effect. But it is certainly so for the first couple of years."

Stocks seen as beneficiaries of having the F1 race in Singapore closed mostly higher on Monday, with UOL up 5 percent. Both Singapore Land and Singapore Airlines advanced nearly 2 percent.

However, Hotel Properties Limited (HPL) and Overseas Union Enterprise ended down. HPL had been surging ahead of the F1 announcement.


- CNA/so

[Property Cashier]

Property, airline, hotels get boost from S'pore F1 race: analysts
Jeana Wong
Channel NewsAsia
14 May 2007 1931 hrs

SINGAPORE: Property and tourism-related counters, as well as hotel REITs, perked up on news that Singapore is hosting a Formula One Grand Prix next year.

....................

However, Hotel Properties Limited (HPL) and Overseas Union Enterprise ended down. HPL had been surging ahead of the F1 announcement.

The economy and the property market have been given a turbocharge! Yes!
Time for the market to reach a new high! Yes!

[Team Renault]

The economy and the property market have been given a turbocharge! Yes!
Time for the market to reach a new high! Yes!

28 June 2007

First Phase of The Marq Fully Sold
Units sold at an average S$4,137 psf, with a highest price of S$5,100 psf

Singapore, 28 June 2007 - SC Global Developments Ltd, one of Singapore’s leading developers of exclusive luxury residences, is pleased to announce that it received overwhelming response to the first phase of private previews for its ultra luxurious residential development, The Marq On Paterson Hill (‘The Marq’). Previews were by invitation only.

The first phase – about a third of all available apartments – comprising 21 units from the two blocks, Premier Tower and Signature Tower – have been fully sold. The average selling price achieved was $4,137 per square foot. Of the 21 units sold, eight apartments were within The Signature Tower, highly coveted for its signature 15-metre private lap pool in every unit. Prices for the entire development ranged from approximately S$11 million to S$31 million, with a unit in the Signature Tower achieving S$5,100 psf.

The Marq on Paterson Hill is 24 storeys high; the 3 penthouses which occupy the top two floors of the building and apartments on the higher floors were not released in the first phase of private previews. The Signature Tower will be home to 21 ultra spacious 5 –bedroom apartments averaging 6,195 sq ft, beside it will stand the Premier Tower with 42 luxuriously appointed 4 –bedroom apartments averaging 3,000 sq ft.

SC Global Developments has no confirmed date for the release of the second phase of units at this point.

Well! You are right!
The turbocharged market has just reached a new high!