Singapore Grand Prix continues amidst corruption probe involving GP Chairman and Transport Minister Iswaran

Dr Tan expressed confidence that the international standing of the Singapore Grand Prix would remain robust, citing approximately 28 MICE (Meetings, Incentives, Conventions, and Exhibitions) events scheduled in the Republic from the upcoming weekend until the week following the race.

Highlighting Singapore’s legacy of hosting the race since 2008, which has attracted over 550,000 unique foreign visitors and contributed more than S$1.5 billion in tourism revenue, Dr Tan emphasized that this event represents an enduring franchise with significant positive effects on the country’s economy and global image.

“It has brought significant spillover effects in terms of our economy and also raised the profile for our country significantly… we will continue with it.”

“If you look at it, 90 per cent of all of the outsourced work goes to local enterprises.”

“On top of that, I understand that many of the big private equity firms, hedge funds… they are all converging and alongside with the Mice events, there are also many business deals happening, and negotiations are undergoing at the same time. So there’s a lot of spillover effects.”

He also expressed confidence that there would be no shortages of manpower, as support programs and temporary quotas are in place through the Economic Development Board and the Singapore Tourism Board to support hotels and hospitality service businesses.

Last Tuesday (29 Aug), Race promoters Singapore GP announced that 16 out of 23 categories for the night race are sold out, with almost all hospitality packages already taken up.

The anticipated turnout of approximately 250,000 spectators over three days represents a 17% decline from the record-breaking attendance of 302,000 in 2022.

This decrease is attributed to the closure of the 27,000-seat Bay grandstand as part of the redevelopment of The Float @ Marina Bay, with the new site expected to be ready by the end of 2026.

“We were prepared that we would temporarily lose our biggest grandstand when we saw the redevelopment plans for the facility a few years ago and have been hard at work to actively identify potential sites for new viewing opportunities. We were always aware that we will not be able to completely replace the inventory, especially given the limitations of a street circuit,” said Adam Firth, Executive Director of Singapore GP Pte Ltd.