F1 comes to Singapore

F1 comes to Singapore

By Wilfred Yeo - May 12, 2007
The Straits Times

Formula One's worst-kept secret is out: Singapore will host a leg of the Grand Prix circuit next year, with a race to be held in September or early October. Significantly, the race could well be a first in the 60-year history of F1: It will likely be held at night.

The Singapore Grand Prix will also be one of only three street races on the calendar for next year.

Scarlet Ferraris, sleek silver McLarens and brilliant yellow Renaults will power around a 5.2km street circuit around the Marina Bay area, whizzing by local landmarks such as the Esplanade and City Hall at speeds close to 300kmh.

...

Asiaone conducted an online-poll to check how much one is willing to fork out to pay for a F1-ticket.

This is the poll result:


55% said they are only willing to pay up to $50.
36% said they are willing to pay $100-$500.

Hmm.... I can't say it surprises me. Knowing the climate here, you really can't expected Singaporeans to pay top dollars for races like this. Now, if it's free, that's a totally different story.

But I can see a lot of corporate sponsorship. So the companies will be buying these tickets to give out to their partners and clients which happens in most countries anyway. The companies here are rich. So that should help with ticket sales. Singapore won't lose too much face for unsold tickets.

Personally, I am glad that F1 is coming because my family is a great fan of F1. However, we will not be going to see this race live. Reason is simple. Just 1 very simple reason. THE HEAT!!! Even if it's a night race, it's still way too hot. And with the crowd, the heat can be a killer. We prefer to watch the race in the comfort of our home. With our 40" LCD TV, a good sound system, air-con and snacks. The cheering for Ferrari and Kimi Rakkinonen every race, between myself and my 7 year old is enough to create an atmosphere for an enjoyable family gathering. LOL.

However, we will be going there to buy the souvenirs.

Knowing Singapore's style, security will be exaggerated. You can't do this, you can't do that. You can't have this, you can't bring that. Sorry, I don't care for things like that. If there are too much restriction, I will just stay at home. I can enjoy it on cable without the hassle.

Another things that keep me thinking is this.

From The New Paper:

Minister of State for Trade and Industry SIswaran, revealed that the annual cost of staging a Formula One race here could run up to $150 million.

Singapore Tourism Board will fund 60 per cent of that, amounting to $90m, with Mr Ong footing the rest.

Revenue will come from tourism receipts, estimated at $100m, and a special Formula One cess on hotel room revenues that is expected to bring in $15m to $20m.

This expected revenue would total $120m.

A quick calculation revealed a shortfall of about $30m.

Why would anyone wants to invest into something that's plain clear that you will be losing $30 million? Because of his personal passion for the sport?

It's also mentioned in the same article that:

That means Formula One could potentially mark the transition of Singapore from boring to exciting overnight.

Hmm... for that 2 weeks period, it's vibrant. What about the rest of the year?

Okay, okay, you can say the opening of the Casino will change that. Soon Singapore is going to be vibrant and exciting and ...

But seriously, can F1 sustain the short attention span of Singaporeans? How long can it interest Singaporeans? Look at all the previous projects which died an untimly death. Tang Dynasty? Haw Paw Villa - though it's still around, but does anyone goes there anymore? All I know of that place is ghostly stories now. Remember all those attraction in Sentosa? I can only see the beach as the reason why Singaporean visit Sentosa.

I may be too negative here. Too pragmatic. But I seriously wonder how long can F1 last in Singapore. Can it attract Singaporean to pay more than $100 to watch the race live. I may be wrong.

Update: May 15, 2007

This article was found at AsiaOne.com

It nevertheless is a coup that the people can be glad about. Singaporeans are supportive of well-defined efforts to make the city a more spontaneous, less formulaic place. This newspaper backed the effort from the start as few sports events have such cachet and also bring downstream benefits. But there are bound to be questions raised by some people uncomfortable about excessive use of taxpayers' funds in supporting what essentially is a private business venture headed by hotelier Ong Beng Seng. The Government's undertaking to meet 60 per cent of staging costs - about $90 million of the estimated hosting bill of $150 million - can be justified only as tourism promotion. It is big bucks but cities everywhere are spending as much, and more, to get a bigger slice of the travel market. But the segment of the public that doubts the wisdom of the move needs reassuring that businessmen are not getting a ride in reducing risk. Which investors would risk millions on a losing proposition? Little is known of the financing details, owing to confidentiality clauses. But the Government should disclose as fully as it can the financial arrangements as the F1 contract is to run for five years.

Guess we will never know the answer.