March 3
Ian De Cotta

Singapore's bid to host a Formula 1 (F1) Grand Prix race may clear the chequered flag as early as next week.

Sources told Today that the Republic is expected to host an F1 race — either in April or August next year.

One scenario is for an update on this hugely-anticipated event to be made in Parliament during the Committee of Supply debate on the budget for the Ministry of Trade and Industry, which oversees Singapore's new tourism initiatives.

Speaking on condition of anonymity on Friday, a source close to the negotiations said: "I can confirm that Singapore is on the calendar next year and it could either be the third race of the season, or towards the end of the season in August."

Everyone involved in the deal is bound by non-disclosure rules.

The race, if it happens, may be a night race on a street circuit in downtown Singapore.

Revving up interest in the final lap of this race to host one of the world's most prestigious sporting events, Today was told that F1 supremo Bernie Ecclestone, who holds the rights to the race, may be passing through Singapore soon. This would coincide with his planned trip to the first race of the season in Melbourne on March 18.

It was Mr Ecclestone himself who first revealed exclusively to Today, in January, that he was in negotiations with businessmen and authorities in Singapore to stage a race here.

Two prominent businessmen — hotel and property tycoon Ong Beng Seng and luxury marina club developer Arthur Tay — have been battling for the rights to the race here. Even at this stage, it is unclear if there will be a clear winner or if both men might eventually cross the finish line as partners in this venture.

Speculation that the F1 deal had been sealed reached a peak on Friday, after shares in Mr Ong's flagship firm, Hotel Properties Limited, jumped more than 9 per cent, bucking an overall slump in the stock market.

Analysts, however, attributed the surge to interest by a major property developer in purchasing HPL shares owned by Mr Ong's in-laws. HPL, they pointed out, was not involved in talks to secure the Formula 1 deal. That deal, if it comes to fruition, is likely to be a personal business venture for Mr Ong.