F1 Pit Building

F1 Singapore Grand Prix *Update *

Singapore breaks ground for Formula One building Singapore broke ground on Friday for a Formula One building that will host what is set to be the world's first street grand prix to be held at night.

The Pit Building along the waterfront will hold 36 garages for 12 racing teams on the ground floor, the race control centre and the winners' podium. The glass-fronted body, tendered at an estimated cost of S$33 million, is scheduled to be ready by end of next May, said the Singapore Tourism Board.

Singapore won a five-year deal in May to host a street grand prix in the heart of its business district with the first race scheduled for Sept 28, 2008.

Speaking at the groundbreaking ceremony for the new pit building, Trade and Industry Minister Lim Hng Khiang said Singapore is confident that its proposal to hold the first ever F1 night grand prix will be approved by the Federation International de L'Automobile (FIA), the world motorsport's governing body.He said Singapore was making efforts to assure the FIA that holding the race at night would be safe."We're committed to doing whatever is necessary - the lighting levels, the road conditions - to make sure it is safe," said the Minister. "The various tests and various assessments have been going on track, so we're fairly confident."

F1 boss Bernie Ecclestone has said he wants several night races on the F1 calendar -- especially in Asia -- to make broadcast times more accessible to European and North American television viewers.The proposal has met with mixed responses from teams and drivers, with safety concerns the main issue as F1 cars do not have headlights and reach speeds of more than 300 km per hour.But Ecclestone has said he is confident safety issues would be resolved to allow the race to take place at night -- a first on the F1 calendar.

Mr Lim Neo Chian said the FIA will confirm soon whether a night race can go ahead."Preliminary lighting trials were conducted in France last month. Another series of trials has been scheduled for next month before the decision is taken by FIA," he said.Confirmation of the final circuit layout is also expected next month from FIA, said Minister Lim."Then it will be all systems go", he said and work will begin on widening of road sections that will form the 5.2 km circuit, which winds along streets lined with high-rise buildings and newly restored, British colonial-era mansions.

Mr Lim said the Singapore F1 mega event is expected to generate incremental tourism receipts of about S$100 million a year and attract an annual turnout of over 80,000 spectators, a large proportion of whom are expected to be visitors."Various sectors of the economy will benefit from the staging of the race and increased visitorship, ranging from hotels, restaurants and airlines to retail and entertainment outlets."

In addition, F1 is not just a sporting event. More importantly, it is a huge leisure event that enthralls more than just motorsport enthusiasts. Our growing private wealth management industry, as well as the MNCs and local companies here can all take advantage of the event to derive benefits for their clients and their businesses, creating more economic spinoffs," added the Minister.

The F1 event is the third mega tourism project to be unveiled in Singapore, after the Integrated Resorts at Marina Bay and Sentosa. The two IRs are each expected to bring in about S$2.7 billion, or approximately 0.8%, in value-add contribution to Singapore's Gross Domestic Product (GDP). They are also expected to generate more than 50,000 jobs combined throughout the economy by 2015.