May 12
Ian De Cotta

Singapore's race against time to host a Formula 1 Grand Prix is nearing the chequered flag.

TODAY has learnt that F1 supremo Bernie Ecclestone has been in talks with at least two Singaporean groups to stage a race here as early as next year. It is understood that negotiations will have to be concluded soon to make the tight deadline.

A front-running group in the talks is led by a prominent yet reclusive local business czar, one of Singapore's richest men. He got in touch with Mr Ecclestone last year and told him that he was willing to back the venture.

The cost of hosting this world-class event is thought to be in the range of US$35 million ($54 million). The returns are many times higher. When Bahrain hosted the race in 2005, it not only attracted tourists by the thousands but also netted up to US$100 million from hotel receipts, recreational spending and contracts for local players. Tourism receipts is also a key Singapore consideration.

As negotiations here revved up, Mr Hermann Tilke, the world renowned German architect responsible for designing the Formula 1 circuits in Sepang, Manama, Istanbul and Shanghai, was commissioned to design a street circuit which would see F1 cars racing in downtown Singapore at speeds of up to 300km an hour.

Mr Tilke visited the country last year and his track design has since been approved, in principle. A Formula 1 race on a street circuit in Singapore would inevitably draw comparisons with the legendary Monte Carlo track in Monaco — arguably the most glamorous of the F1 race destinations.

Many race observers say that Singapore's wide roads are ideal for a street circuit. It would also avoid the building of a huge stadium track that would be a white elephant the rest of the year.

But just before Formula 1 could sign on the dotted line, a new player entered the fray.

None of the groups involved are keen to talk at this critical stage of the negotiations.

Speaking from his London office, Mr Ecclestone, 76, would only say: "Yes, we have been talking to various parties about a race in Singapore, but as it is, nothing has been firmed up yet.

"When we have something, you will definitely know about it."

When contacted, both the Ministry of Trade and Industry and the Singapore Tourism Board declined comment. But one source, who is in the loop, told TODAY: "For the sake of transparency, perhaps the second party that has just come in should be given a chance to prove what it is capable of doing.

"But everyone who knows Formula 1 knows that Bernie (Ecclestone) does not give an inch away. He'll only work with those he is comfortable with."

The source said that talks between Formula 1 and the first group, led by the business czar's group, were at an advanced stage when the new party came into the picture.

"We were very close, 99 per cent there with Ecclestone," said the source. "We can't afford to miss the boat again because Singapore may not be given another chance to host Formula 1."

Singapore was offered a Formula 1 race in 1991 but turned it down, in part due to site concerns.

More recently, the drive for Singapore to host one leg of the F1 races, has been gathering momentum since March last year, when Mr Ecclestone revealed exclusively to this newspaper that he was open to the idea of letting Singapore host the event.

If the race does come to Singapore, the region will play host to two F1 circuits for at least the next few years. Sepang's deal with F1 is until 2010. Observers say that the races in Singapore and Sepang could bookend the Formula 1 season.

Formula 1 is not the only proposal that Singapore is considering. Top officials of the A1 Grand Prix series have also approached the Government about the possibility of hosting a race here and have already sent their track designers here.