Staging the Formula One Grand Prix will bring one billion dollars worth of "additional value—add" for Singapore’s economy over a 10—year period, says Second Minister for Trade and Industry, Mr S. Iswaran.
In an interview with Channel NewsAsia after sealing a new five—year deal for the Formula One race, Mr Iswaran said the cost of organising the event has squared off against the tourist receipts the country gets over the race weekend.
The Singapore F1 is the only night race in the world. It costs $150 million to organise, with the Singapore government footing 60 per cent of the bill.And with tourist receipts of about $150 million for each race weekend, Mr Iswaran said the cost of the race squares off for Singapore.
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World champion Sebastian Vettel won Singapore Grand Prix
World champion Sebastian Vettel won an incident-packed Singapore Grand Prix tonight to strengthen his chances of claiming a third successive Formula One title.
Vettel inherited the lead from McLaren’s Lewis Hamilton, who retired on the 23rd lap with gearbox failure, and withstood the challenge of Jenson Button through two safety car periods on the way to repeating his victory at the same circuit a year ago.
Championship leader Fernando Alonso took third spot at the floodlit Marina Bay street circuit in his Ferrari but his advantage over Vettel was reduced to 29 points with six rounds remaining
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Singapore Cuts Formula 1 Costs in Extension Deal
Singapore said the Formula One event will cost less to host in the coming five years and draw more visitors after concluding negotiations just as the city-state’s fifth night race weekend began.
The country, the first to stage a night race for the Grand Prix, expects expenses to drop about 15 percent to 20 percent, according to the Ministry of Trade and Industry. The cost of the race is about S$150 million ($122 million), with the government co-funding 60 percent of the amount, said S. Iswaran, Singapore’s second trade minister, who’s responsible for developing the tourism industry.
“Singapore is careful where its spends its money,” Song Seng Wun, an economist at CIMB Research Pte in Singapore, said by phone yesterday. “F1 costs the taxpayers a ton of money. It wants the race to stay but it doesn’t want to be taken to the cleaners by the F1 group.”
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Singapore extends grand prix contract to 2017
Singapore has agreed on a deal with Formula One to extend the country’s grand prix contract for another five years until 2017, following months of hard bargaining for cheaper fees.
No price tag for the new deal to 2017 was revealed, but Formula One commercial rights—holder Bernie Ecclestone said repeatedly that the Singapore government had proven tough negotiators.
"It was difficult for me to negotiate," said Ecclestone, sitting next to Singapore’s Second Minister for Trade and Industry S. Iswaran for the announcement ahead of Sunday’s grand prix. Mr Iswaran is also a Minister in the Prime Minister’s Office and Second Minister for Home Affairs.
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Singapore Night Race Guide 2012
Get revved up as the 2012 Formula One SingTel Singapore Grand Prix comes speeding into town this month. Stay ahead of all the action with inSing.com's Formula One special that covers all the latest news hot off the track, exclusive interviews, and comprehensive guides to all the events, parties you should be at during race weekend, and the race itself. What are you waiting for? Get your engines started, now!
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Rainy weather may pose problems for F1 teams in Singapore
Gloomy skies hover over the Marina Bay street circuit at 4.30pm on 21 September while Jenson Button's Japanese-Argentine model girlfriend Jessica Michibata (inset) arrives at the paddock with an umbrella (Photo of street circuit / Nick Tan) ( Photo of Michibata / Reuters)
It may just be wet and wild Singapore Formula One Grand Prix with the weatherman telling us to expect rainy conditions this weekend.
Already considered a bumpy track with complex turns, rain on the race track will present some interesting challenges to F1 teams who employ high-tech engineering science when it comes to car engines and deciding the amount of fuel needed during a race. Rain can mean the team will have to do further calculations.
Speaking to the media at a press conference on Thursday evening, some F1 drivers weighed in on how wet weather may affect them this weekend.
read moreF1 for freeloaders
If you don't want to splash the cash for a ticket, we've got some cool ideas
As the debate wages on whether Singapore should renew its Formula 1 contract, this weekend’s race is building up to be quite an event, and one that shouldn’t be missed out on - whether you’ve got tickets or not.
Here’s our F1 guide for freeloaders… You’re very welcome.
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SINGAPORE GP UNVEILS MORE WORLD-CLASS ACTS AT THE 2012 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX
The 2012 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX is Singapore’s biggest outdoor entertainment event consisting of 6 stages across the Circuit Park, over 350 global entertainers and a fully packed 87-hour entertainment schedule. With just one ticket, fans can enjoy hours of track action complemented with world-class entertainment, at no additional cost from 21 to 23 September.
Other than the full-scale mega concerts by music heavyweights Katy Perry, Maroon 5, Jay Chou, Noel Gallagher’s High Flying Birds and Bananarama at the Padang main stage in Zone 4, ‘80s iconic actsBananarama, Pretenders and The Proclaimers will also perform full sets at the Esplanade Outdoor Theatre in Zone 4 and Village stage in Zone 1.
In addition to these concerts, there will also be a myriad of theatrical productions, spectacular visual installations, and roving artistes adding to the festive atmosphere at the Circuit Park. Here is a preview of the diverse range of entertainment you can catch over the race weekend.
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Grand Prix Season Singapore 2012
With performances by three-time Grammy Award winner Maroon 5, well-loved Asian R&B superstar Jay Chou, and international pop star Katy Perry, as well as an '80s revival by Bananarama, Pretenders and The Proclaimers, it's going to be a season talked about long after it's over.
While the official 2012 F1 Singapore Grand Prix dates are September 21–23, you can expect a plethora of fashion and shopping deals, plus a host of after-dusk action over 10 days during the Grand Prix Season Singapore. Among the highlights is the exclusive fashion and entertainment-rich party at Amber Lounge on September 22 (voted the top Grand Prix Party by Time Out Singapore).
Other anchor parties will be at The Podium Lounge, while restaurants and bars across the city will be running special promotions. Wherever you look, there's sure to be full-throttle excitement to be found!
Firms race to cash in on F1Other anchor parties will be at The Podium Lounge, while restaurants and bars across the city will be running special promotions. Wherever you look, there's sure to be full-throttle excitement to be found!
The Singapore Grand Prix practice sessions kicked off on Friday night, with the championship race to be held on Sunday evening.
Some corporates are using this opportunity to reach out to high net worth clients in Asia to take in the street race and the off-track entertainment gigs.
LucasFox, a property agent based in Barcelona, aims to tap the affluent crowd gathered in Singapore for the F1 race.
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Singapore GP: How do you turn Marina Bay into an F1 street race?
How do you transform one of the world's most densely populated cities into a twisting street circuit capable of hosting Formula 1's one and only night race?
On Sunday, Singapore will stop in its tracks as it hosts its fifth race around a 5.073km track that straddles the harbour of Marina Bay.
BBC Sport takes a look at what needs to be done to make one of the most glamorous races on the calendar run smoothly.
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The ultimate Singapore F1 party guide
Forget the grandstand. The hottest place to catch the F1 action is from above, sitting in one of Singapore's al-fresco bars.
If you’re not into race cars, wild nights in the club or inflated hotel rates get out of Singapore right now because F1 Grand Prix madness is taking over the city.
Most eyes will be on the track from September 21-23, but when the engines turn off the city turns into one giant party.
Any given Singapore bar is going to be airing the races on big screens or serving up cleverly named race-themed cocktails.
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F1 contenders say Singapore could be turning point
Formula One leader Fernando Alonso and title contender Mark Webber of Red Bull say this weekend's Singapore Grand Prix could be the turning point of the season, ending McLaren's recent dominance.
McLaren has won the past three races, but both Ferrari and Red Bull are hoping the nature of the circuit in Singapore and upcoming races should negate McLaren's advantages.
"It is true McLaren are in very good form and are favorites after the last two or three results, but it is up to us to improve a little bit the pace and let's see what we can do," Alonso said
read moreFormula One in S’pore – to stay or to go?
Don’t hit me. I confess. September is a special month for me. I remember the month because since 2008, when the first ever Formula 1 SingTel Singapore Grand Prix was held here, I have been getting fewer people asking me if Singapore is part of China.
Now, they say, oh, Singapore, where the F1 night race is.
I still recall fondly the first time I heard the F1 cars start up in the paddock. It was like magic and I had goosebumps on my arms. The streets that we take daily suddenly turned into a stage, all pretty and lit up like Christmas came early. When the television camera panned across the city skyline and beamed it to international audiences, I couldn't help grinning – this is my home, my country.
Formula One race in Singapore
F1 is the highest class of automobile racing that is approved by the Fédération Internationale de l'Automobile (FIA), the governing body for world motor sport and the federation of the world's leading motoring organisations. Based in Paris, FIA is a non-profit organisation under whose umbrella are more than 220 national motoring and sporting organisations from 132 countries. FIA administers the rules and regulations for all international four-wheel motor sport, including the FIA Formula One World Championship.
The term 'formula' in F1 refers to a set of rules that all participants and cars have to adhere to. The F1 season is made up of a series of races called Grand Prix, which are usually contested on purpose-built circuits.
With a potential massive global television audience of some 600 million people each season, the F1 event enables Singapore to leverage on the glamour of the world's most-watched motor race to raise its profile as a global city.
read more POP SENSATION KATY PERRY CONFIRMED AS SUNDAY'S 'MAIN STAGE' HEADLINER FOR THE 2012 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX
Musical icon KATY PERRY will draw to a close the three days of racing and entertainment spectacular with a grand finale concert at the Padang stage in Zone 4 on Sunday, 23 September 2012.
After the race champion is crowned at the podium, Katy Perry will bring the heat up a few more notches as she performs her chart-topping songs at the Marina Bay Street Circuit.
Fans can access the Padang concert as well as all entertainment offerings in Zone 4 with any ticket to the night race, priced from S$178 for a three-day Zone 4 Walkabout ticket.
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The women of Formula One
JESSICA MICHIBATA - Jenson Button’s girlfriend, Japanese-Argentine model Jessica Michibata, is simply drop-dead gorgeous.
The model and keen triathlete is said to have met the F1 driver in a Tokyo bar in 2008. Button showed his love for her by dedicating his F1 victory in Brazil to Michibata on live TV in 2009. In the photo above, she's celebrating with Button after he won the Belgian F1 Grand Prix on 2 September 2012.
We can’t think of a better inspiration for a F1 driver to driver faster and better
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