Singapore GP and Singapore Tourism Board (STB) have announced that the FIA Formula 1 World Championship will be hosted in Singapore for four more years from 2018 to 2021.
This announcement comes off the back of a year-to-date 19 per cent increase in ticket sales, with the weekend sales yet to be included.
In its first decade, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore and about S$1.4 billion (US$1.04 billion) in tourism receipts
Minister for trade and industry (Industry), S Iswaran, said: “The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the FORMULA 1 franchise. With its global viewership and media coverage, the race has reinforced Singapore’s image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community.”
With more than 90 per cent of the race organisation sub-contracted annually to Singapore-based companies, the race also contributes to the local economy, over and above the tourism outcomes.
Lionel Yeo, STB’s chief executive, said: “The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.”