How Much Does A Formula One Race Car Cost F1 Race Boosts Singapore’s Hotel Industry

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F1 Race Boosts Singapore’s Hotel Industry

The Singapore Grand Prix was only revived in 2008 after almost 30 years of hiatus. It used to be called the Formula Libre event in the 1960s. But after Singapore gained independence in 1965, this race was held at the Thomson Road circuit and was renamed the Singapore Grand Prix. This thing grew for many years, attracting thousands of followers from different parts of the world.

However, this came to an end in 1974 due to co-operation issues which plagued the race management. Fatal accidents in the 1972 and 1973 races raised concerns among many citizens. These accidents have intensified the complaints received from many people criticizing the inconvenience caused by the closure of highways, maintenance of transport routes and traffic jams throughout the race.

However in 2007, a five-year agreement signed by Singapore GP Pte Ltd, the Singapore Tourism Board and Bernie Ecclestone marked the return of the Singapore Grand Prix to racing. The race is funded by the Singapore Government, which has invested S$90million out of the S$150 million total cost. The Singapore Grand Prix, Formula One’s first night race, is currently held at Marina Bay, Singapore. F1 racing cars take to the circuit in Singapore’s downtown area.

When the return of the Singapore Grand Prix was first announced in early 2007, thousands of fans and tourists expressed their excitement for the event. As early as November 2007, the hotel and guest room packages opened for booking and were immediately fully booked. Patrick Fiat, general manager of Royal Plaza in Scotts, said the revival of the Race will provide a huge boost to tourism in Singapore. Fiat also added that this race is one of the things that can happen in this country.

It will provide a new brand for Singapore and will increase its standing in the global market. Fiat was right when he said this as a total of around 110,000 tickets were issued for the first Singapore Formula One race. With the influx of tourists, airlines and hotels are the main beneficiaries of this event. Miss Ng of Pan Pacific Hotel said the race was very encouraging, not only for the hotel but for the outlook of the hospitality industry as a whole.

The hotels in the Marina Bay area are said to be the most convenient because they offer the best view of the race from their rooms. Tourists are quick to book their accommodations up to a year in advance to ensure their stay and get the best room that will provide the perfect view of the race. Other hotels along the route that also offer commanding views of the race are the Ritz-Carlton Millenia, the Fullerton and the Swissotel in Stamford. But even if the tourists fail to get a room in these notable hotels or fail to buy a ticket to the race, they can still try their luck and become a commentator of the race at Suntec City, Esplanade theaters or Padang.

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